Raydium [RAY] recently made waves in the cryptocurrency world as it briefly outperformed Ethereum in terms of generated fees within a 24-hour period. This surge in activity on Raydium’s Solana-based decentralized exchange (DEX) underscores a growing trend in network utilization, with its native token experiencing positive price movements in recent days.
Rapid Rise: Raydium Outperforms Ethereum in Daily Fees
Raydium managed to surpass Ethereum in the fees generated over a 24-hour period, a significant achievement given Ethereum’s expansive ecosystem and market dominance.
According to data from DefiLlama, Raydium’s 24-hour fee transactions peaked at around $3.4 million, superseding Ethereum’s $3.3 million during that timeframe.
Presently, Ethereum has regained the lead, accumulating $3.7 million in fees compared to Raydium’s $2.8 million. Nevertheless, the fact that Raydium momentarily outshone Ethereum in this aspect is noteworthy.
An examination of their 7-day fee trends shows Ethereum still in the lead, accumulating $34 million, while Raydium stands at $18.2 million. Despite this, Raydium’s ascendancy is significant, considering the overall size and Total Value Locked (TVL) of both platforms.
Raydium’s Trading Volume and TVL on the Rise
An analysis of Raydium’s fee trends reveals a noticeable uptick in recent days, indicative of heightened transactional activity on the platform. A closer look at its trading volume corroborates this observation, showing substantial growth.
Raydium’s trading volume had remained below $1 billion since August but began to surge around the 10th of October. By the 13th of October, it had surpassed $1 billion, reaching close to $1.5 billion by the 20th of October.
Currently, Raydium’s trading volume stands at approximately $1.2 billion. Moreover, its TVL has also witnessed a remarkable surge, hitting $1.7 billion on the 21st of October, the highest in almost three years, before slightly decreasing to $1.6 billion at the time of writing.
RAY Token’s Bullish Trajectory
Raydium’s token (RAY) has been on a strong bullish trend in recent weeks, currently trading at $2.587 with a minor pullback of 1.45%.
Despite this pullback, the token remains above both its 50-day and 200-day moving averages, signaling a sustainable bullish momentum.
The Chaikin Money Flow (CMF) indicator stands positive at 0.24, indicating robust buying pressure and positive capital inflows. This accumulation has been a driving force behind RAY’s recent price upswings.
The token has also broken through a critical resistance level around $1.75, further supported by a “golden cross” where the 50-day and 200-day moving averages intersected, providing additional bullish confirmation.
In conclusion, Raydium demonstrates strong momentum, although the minor pullback observed today may hint at a consolidation phase before a potential upward movement.