Raydium

Date: Thu, Nov 07, 2024, 05:23 AM GMTThe cryptocurrency market has turned bullish, especially as Bitcoin (BTC) recently hit a new all-time high of $76,000. This impressive rally was fueled by Donald Trump’s victory in the U.S. elections, with his vocal support of cryptocurrencies sparking optimism. Meanwhile, the memecoin market has also seen explosive growth, with its total market cap soaring from $48 billion to $67 billion in just the past 30 days.Amid this, Raydium (RAY), the leading decentralized exchange (DEX) on Solana, is making headlines with significant <a href="https://coinsprobe.com/top-solana-dex-raydium-ray-leading-in-on-chain-metrics-more-rally-ahead/" rel="noopener noreferrer nofollow">on-chain</a> growth. Known for facilitating memecoin trading on Solana with platforms like Pump.fun and Dexscreener, Raydium is drawing substantial interest from investors. Over the last month, RAY has surged an impressive 163%, and it’s up another 26% in just the past 24 hours, surpassing many other altcoins.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/720e2aa14e7f484791705e6067ffc695.png" />Source: Coinmarketcap<h2 id="header-0">Raydium’s Rise as the Dominant Solana DEX</h2>Solana’s Layer 1 ecosystem has been bustling with activity, and DEXes on this network are flourishing with strong trading volumes and heightened user engagement. Among these, Raydium is standing out as it commands 52.6% of Solana’s total DEX trading volume, crossing $88.8 billion in trading activity over the past 30 days. The surge in volume is fueled in part by the memecoin trend, with Raydium’s robust liquidity positioning it as the top platform for memecoin enthusiasts on Solana.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ef3585bfeef34060b74e695d29f9c688.png" />Source: <a href="https://dune.com/hashed_em/dex-volume-distribution" rel="noopener noreferrer nofollow">hashed_em/dex-volume-distribution</a><h2 id="header-1">Is the Rally Started?</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/c77d67971ebc427ead4ce731bb26565c.png" />Analyzing the RAY/USDT daily chart reveals a strong bullish trend for Raydium. The token recently broke through a key resistance level at $4.37, suggesting more upward movement could be on the horizon. If this level is retested and holds, Raydium could push towards the next resistance levels at $8.23 (&#43;77% from the current price) and $11.83 (&#43;150% potential upside).With the positive sentiment in the crypto market, bolstered by Trump’s pro-crypto stance, Raydium could continue its upward momentum as a top Solana DEX. The combination of on-chain growth, active trading volumes, and favorable market conditions point to a promising rally ahead for RAY and the broader crypto market.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/arkham-arkm-surges-higher-after-perpetuals-exchange-launch-is-more-rally-ahead/" rel="noopener noreferrer nofollow">Arkham (ARKM) Surges Higher After Perpetuals Exchange Launch—Is More Rally Ahead?</a>

Top Solana DEX Raydium (RAY) Surging Higher Following On-Chain Growth and Breakout: Is the Rally Started?

Table of Contents

CoinsProbe

Other articles published on Nov 7, 2024

Crypto Capital In the Making: Will Donald Trump Launch the U.S. Bitcoin Act?

‘It Will Melt Faces,’ Says Cardano Analyst Expecting the ADA Price to Touch $10 in 2025, Rival Fo...

Ethereum Price Hits Three-Month Peak

Spark launches on-chain order book for Ethereum

France Moves to Block Polymarket Over Gambling Concerns

Ethereum Price Hits $2.9K as ETH Spot ETFs Drive Record Inflows – Grab It While You Still Can!

Join our free newsletter for daily crypto updates!