Raydium Rises 50% in a Week: What’s Driving the DEX Rally?

• Raydium is delivering spectacular value motion, pushed by strong ecosystem demand.
• Raydium quantity units a brand new document and TVL rises near its ATH.

Raydium [RAY] has flown underneath the radar, however lots has occurred underneath the hood. The Solana DEX is gaining reputation and that is mirrored in a number of efficiency metrics, together with its native token, RAY.

RAY peaked at $3.19 prior to now 24 hours after a powerful bullish efficiency. It rose 51% prior to now 7 days, incomes a spot within the listing of prime weekly gainers amongst mainstream cryptocurrencies.

This benefit allowed it to put up a acquire of 1,637% yr over yr.

Supply: TradingView

RAY returned to a press-time value of $2.85, indicating aggressive profit-taking. An unsurprising consequence, as the value peaked near the present 2024 excessive, the place it’s now experiencing a resistance zone.

It was additionally deeply overbought and subsequently due for a retracement.

Aggressive Raydium firm behind RAY’s demand?

RAY’s bullish efficiency confirms strong demand, and most of it was pushed by the expansion of the Raydium ecosystem. It has held the title for the perfect DEX since April. It at present controls over 50% of the overall DEX quantity within the Solana ecosystem.

The rise in Raydium quantity and ATH highlights the aggressive revival of exercise inside the DEX.

Supply: Dune Evaluation

Raydium’s rising market share within the Solana ecosystem displays the volumes it has processed this yr. The market is heating up and this prompted a resurgence of Solana’s DeFi ecosystem, simply as was the case within the first half of 2024.

The most recent market pleasure generated massive volumes inside Raydium. Each day quantity just lately hit a brand new document excessive of $1.81 billion on October 23. From perspective, this was a 1,083.66% enhance in day by day quantity in comparison with a two-month low in mid-September.

Supply: DeFiLlama

The current day by day quantity spike wasn’t the one new excessive Raydium celebrated this week. The TVL additionally rose to a brand new 2024 excessive of $1.93 billion on October 25.

Nonetheless, this was not the historic excessive, however the newest enhance was shut. Raydium’s TVL achieved an ATH of $2.21 billion on November 15.

Lifelike or not, right here is RAY’s market cap in BTC phrases

However what does this all imply for Raydium, its native token, going ahead? A dominant place means it will possibly safe extra demand and utility within the coming months because the bull run beneficial properties momentum.

Thus, RAY may very well be due for extra of a restoration as its press-time value was nonetheless buying and selling at a reduction to its all-time excessive.