Raydium weekly gains over 65%, analysts expect double-digit rally

Raydium jumped 65% over the past week, making it the top gainer among the 100 largest cryptocurrencies.

Typically, a listing announcement on a tier-1 exchange such as Coinbase reignites significant interest among traders and leads to price appreciation for the related token in the following days.

The altcoin price surge aligns with its growing presence within the Solana ecosystem, where the protocol has averaged daily fees between $2 million and $3.5 million since mid-October. 

Raydium jumps ahead of Uniswap, Solana and Tron

All the recent bullish developments surrounding RAY and the rising interest from the crypto community have propelled it to become a top-trending altcoin on CoinGecko.

Community sentiment remains highly favorable, with over 91% of 5,571 traders on CoinMarketCap bullish on the altcoin.

Trend strength remains strong

Riding on monthly gains over 250%, the altcoin’s upward trend shows no signs of slowing, according to market observers.

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 the trend strength remains strong.

The Average Direction Index at 60 further confirms the continuation of the trend.

Meanwhile, the Money Flow Index, which tracks buying and selling activity, shows strong buying pressure is still in play, while the altcoin’s weighted funding rate has moved higher into the positive zone, indicating increased demand from leveraged long positions and reinforcing the bullish sentiment.

With strong technical indicators backing the rally, analysts are increasingly optimistic about the altcoin’s potential to reach double-digit prices.

At press time, Raydium was exchanging hands at $5.8 still down 66.1% from its all-time high of $16.83 seen on Sep. 12, 2021.