Date: Sat, Nov 02, 2024, 04:23 AM GMT
In the cryptocurrency market, memecoins are the hot topic, as investor interest has fueled a massive surge in liquidity. According to CoinMarketCap, the total market cap for memecoins has risen from $44.56 billion to $59.05 billion in just the past 30 days, underscoring a strong interest in these high-risk, high-reward assets.
Source: Coinmarketcap
Amid this trend, Raydium (RAY), the top decentralized exchange (DEX) on Solana, has seen impressive growth in on-chain metrics. As a leading platform for trading new memecoins on Solana through tools like Pump.fun and Dexscreener, Raydium has gained traction among investors. In the past 30 days, RAY has surged by an impressive 115%, with a 15% increase in just the last 24 hours, outperforming many other top altcoins.
Source: Coinmarketcap
Solana continues to dominate the Layer 1 space in terms of trading activity, with DEXes on the network thriving as trading volumes and user activity soar. Among Solana DEXes, Raydium stands out as it captures 67.4% of the total trading volume, crossing the $58 billion mark in the last month alone. This high trading volume is partly due to the popularity of memecoins on the platform and Raydium’s extensive liquidity, making it the go-to choice for memecoin traders.
Source: @ilemi/Solana DEX Metrics
Source: analytics.topledger.xyz
One factor driving Raydium's success is its strong connection to PumpFun, a memecoin launchpad on Solana. Tokens launched on Pump.fun automatically gain liquidity on Raydium once they reach a certain market cap threshold, making Raydium the most liquid platform for memecoin trading on Solana. Recent data from Dune Analytics shows Raydium leading the way with $13.84 billion in trading volume on Pump.fun, highlighting its dominant position in the market.
Source: hashed_em/dex-volume-distribution
Looking at the daily chart for RAY/USDT, Raydium appears to be in a strong bullish trend, breaking out of a consolidation phase. The current price has reached the $3.61 level, pushing toward a key resistance zone marked in red around. A successful breakout above this resistance level could trigger further upside momentum, with the next major target in the $8 to $12 range.
The trading volume and momentum indicators also support a potential rally. The volume is rising steadily, indicating strong buyer interest. Meanwhile, the Relative Strength Index (RSI) has recently moved above the 80 mark, suggesting that momentum is still bullish but approaching overbought conditions. If Raydium can sustain this momentum and break above resistance, a move toward $8 or even higher levels is plausible.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
Also Read: Big Day For XRP: 21Shares Files For a Spot ETF While Grayscale Opens XRP Trust Fund to Qualified Investors.
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