Strong fundamentals support RAY’s short-term bullish momentum.
Raydium (RAY) has become one of the top gainers in the crypto market this week after a major listing announcement by South Korea’s largest exchange, Upbit.
The listing has caused a sudden surge in interest, pushing RAY’s price significantly higher, sparking speculation among traders and investors about its short-term and long-term trajectory.
Although the listing announcement gave Raydium a strong boost, the question now is whether the rally can hold and translate into a sustained upward trend.
As market volatility remains high, price action, trading volume, and technical indicators all point to a critical phase ahead for RAY.
On June 19, Upbit announced that it would list Raydium trading pairs in both KRW and USDT markets.
The listing news instantly fueled a surge in trading activity, with RAY climbing nearly 45% to an intraday high of $2.64, according to CoinMarketCap data.
Notably, the listing not only marked Raydium’s entry into one of Asia’s largest crypto markets but also helped end a 35-day downward trend.
However, the initial breakout above resistance was short-lived as sellers quickly stepped in, leading to a long upper wick on the daily chart.
Even though the price has fallen back below the resistance at $2.28, market interest remains strong, suggesting that the rally may not be over yet.
Traders are now watching closely for signs of consolidation or further breakout.
Beyond the excitement of the Upbit listing, Raydium’s fundamentals have played a critical role in its recent revival.
According to DefiLlama data, the project currently holds a total value locked (TVL) of $1.764 billion, reflecting significant user activity on its decentralised platform.
Its annual revenue of $655.9 million stands out in the DeFi sector and contributes to a high revenue-to-market cap ratio of 19.2%.
This metric, combined with a TVL-to-market cap ratio of 2.84, underlines the project’s strong capital efficiency.
Additionally, investor conviction appears robust, with $67.2 million worth of RAY tokens staked, representing roughly 11.9% of the circulating supply.
This indicates that a meaningful portion of holders remain confident in the asset’s long-term value.
Trading volume has been another major factor in the recent rally.
In just 24 hours, Raydium’s volume exploded by over 600%, climbing to $401.19 million.
This sharp increase in liquidity helped push the token above immediate resistance levels, triggering short covering and fresh buying.
Despite the strong move, volatility has begun to compress, as seen in the narrowing of the Bollinger Bands.
This typically suggests the market is gearing up for another significant directional move, with the next breakout likely to be decisive.
From a technical standpoint, RAY’s price is attempting to recover after finding support near the psychological $2 level.
The 50-day exponential moving average (EMA) now sits near $2.54, a key level that bulls must reclaim to maintain upward momentum.
A daily close above this line could open the door to the next resistance near $2.96 and possibly $3.40.
On the daily chart, the formation of a double-bottom pattern, combined with bullish signals from both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), support the possibility of further gains.
In addition, the RSI currently hovers around 45, way below the overbought zone, which leaves room for further upside while also signalling caution in case of renewed selling pressure.
However, the wave count suggests that the current move may be part of a corrective phase, with the next key zone located between $2.90 and $3.12.
If RAY fails to sustain above these levels, a return toward the $2.10 support remains likely, potentially confirming the bearish wave C pattern in development.
