Raydium rose 65% last week, making it the biggest gainer among the top 100 cryptocurrencies.
Raydium (RAY), the largest decentralized exchange on the Solana Blockchain, rose for four consecutive days, reaching a 34-month high of $5.97 on November 9.
The altcoin was the best-performing asset last month, gaining over 262%, pushing its market capitalization to over $1.51 billion and providing significant returns to its holders. One trader reported more than 28.5x earnings since July 2023.
Raydium’s rise comes after crypto exchange Coinbase announced that it will add RAY perpetual futures to its Coinbase International Exchange and Coinbase Advanced platforms next week, scheduled to launch on November 14.
Typically, a listing announcement on a tier-1 exchange such as Coinbase reignites significant interest among investors and leads to an appreciation in the price of the relevant token in the following days.
The rise in altcoin prices is in line with the protocol’s growing presence in the Solana ecosystem, where it has received daily fees averaging between $2 million and $3.5 million since mid-October.
Raydium surpasses Uniswap, Solana and Tron
Raydium is currently ahead of many popular blockchain platforms; It surpasses Uniswap, Solana, and Tron in daily gains and is right behind giants like Ethereum, Tether, and Circle, according to data from DeFi Llama.
Additionally, Raydium’s share of global DEX volume exceeded 10%, up over 130% from the previous quarter, and according to the Messari report, it became the third largest DEX by volume in the third quarter, right behind PancakeSwap and Uniswap, surpassing Orca.
All the recent bullish developments surrounding RAY and the growing interest from the crypto community have pushed it to become the top trending altcoin on CoinGecko.
Community sentiment remains very positive, with over 91% of the 5,571 investors on CoinMarketCap bullish on the altcoin.
Trend strength remains strong
According to market observers, the altcoin’s monthly upward trend of over 250% shows no signs of slowing down.
RAY price, MACD and ADX chart — November 9 | Source: crypto.news
On the one-day RAY/USDT price chart, the Moving Average Convergence Divergence indicator shows a widening gap between the MACD line and the signal line, indicating that trend strength remains strong.
The Average Direction Index at 60 also confirms that the trend continues.
RAY MFI chart — November 9 | Source: crypto.news
Meanwhile, the Money Flow Index, which tracks buying and selling activity, shows that strong buying pressure still remains, while the altcoin-weighted funding rate is rising towards positive territory, increasing demand from leveraged long positions and strengthening bullish sentiment.
With strong technical indicators supporting the rise, analysts are increasingly optimistic about the altcoin’s potential to reach double-digit prices.
Analyst World Of Charts noted in a post dated November 9 that RAY has broken out of the symmetrical triangle formation and has the potential to rise over 150% from current levels.
On a similar note, another analyst noted that RAY is in Wave 3, typically the strongest phase of the Elliott Wave cycle, implying that the uptrend still has plenty of room to continue, with double-digit prices potentially looming on the horizon.
At press time, Raydium was changing hands at $5.8, still down 66.1% from the all-time high of $16.83 seen on September 12, 2021.