In the face of market uncertainty, Raydium [RAY] has experienced significant turbulence following rumors about Pump.fun launching its Automated Market Maker (AMM) liquidity pool, triggering a wave of investor sell-offs.<\/p>\n
The introduction of the initial test token, $CRACK, on Pump.fun’s AMM pool has sparked concerns among RAY investors regarding its future within the Solana ecosystem.<\/p>\n
As per data from CoinMarketCap, RAY has witnessed a decline below the crucial $4.20 support level, resulting in a 21.04% price plunge. Notably, the trading volume has surged by 65.74% within the past 24 hours as of the time of this report.<\/p>\n
RAY has broken down from its right-angled ascending broadening pattern on the daily chart and was priced at $2.41 at the time of reporting.<\/p>\n
Following the news about Pump.fun’s AMM, the token slid below the key $4.20 support level, witnessing a loss of over 27% of its market value.<\/p>\n
Given the prevailing market concerns surrounding Raydium, renowned analyst Ali Martinez, formerly of Twitter, has identified the next significant support level at $2.20.<\/p>\n
Going forward, the $4.00-$4.20 range is expected to serve as the new resistance zone for RAY.<\/p>\n
Despite the price dip, RAY’s trading volume has shown a notable uptick of 65.74% over the past 24 hours, indicating heightened market participation.<\/p>\n
Based on data from TradingView, the Relative Strength Index (RSI) was recorded at 26 at the time of reporting, while the MACD(12,26) stood at -0.6569, suggesting oversold conditions and strong bearish momentum.<\/p>\n
Moreover, Raydium’s Open Interest has witnessed a decline of 33.85%, and the Funding Rate has turned negative after several months of positive readings.<\/p>\n
Figures from DefiLlama indicate that Raydium’s Total Value Locked (TVL) has been steadily decreasing, reaching $1.213B as of the latest update.<\/p>\n
An unexpected surge in active network addresses implies substantial panic selling by investors in response to market developments.<\/p>\n
At present, Raydium’s Long-Short Ratio stands at 0.93, indicating a slightly negative neutral sentiment zone per Coinglass data, suggestive of more sellers than buyers in the market.<\/p>\n
With short-term, mid-term, and long-term moving averages signaling a strong “Sell” sentiment, the fears and uncertainties among traders might carry legitimacy.<\/p>\n
Should buyers successfully uphold the $2.70 level with robust volume, disregarding the prevailing FUD, a potential trend reversal towards the key $3.50-$4.00 zone could materialize for Raydium.<\/p>\n
Conversely, if sellers maintain dominance, RAY could experience a further decline towards $2.20.<\/p>\n","protected":false},"excerpt":{"rendered":"
In the face of market uncertainty, Raydium [RAY] has experienced significant turbulence following rumors about Pump.fun launching its Automated Market Maker (AMM) liquidity pool, triggering a wave of investor sell-offs. The introduction of the initial test token, $CRACK, on Pump.fun’s AMM pool has sparked concerns among RAY investors regarding its future within the Solana ecosystem.<\/p>\n","protected":false},"author":1,"featured_media":41648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-41647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=41647"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41647\/revisions"}],"predecessor-version":[{"id":41650,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41647\/revisions\/41650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/41648"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=41647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=41647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=41647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}