Raydium Price Outlook Following the Upbit Listing

Raydium (RAY) has emerged as one of the standout performers in the cryptocurrency market this week, primarily due to a significant listing announcement from Upbit, South Korea’s largest cryptocurrency exchange.

Key Takeaways

Raydium (RAY) has seen a significant price increase due to a major listing on Upbit, South Korea’s largest exchange.
The listing ended a 35-day downward trend and boosted trading activity substantially.
Raydium's strong fundamentals, including a TVL of $1.764 billion and an annual revenue of $655.9 million, support investor confidence.
There has been a 600% surge in trading volume recently, reflecting heightened market interest.
The technical analysis suggests that while RAY is attempting to rebound, it faces critical levels of support and resistance, with the potential for further growth or correction depending on market conditions.

Raydium price forecast after the Upbit listing

This listing has sparked a surge in interest, leading to a notable increase in RAY’s price and igniting speculation among traders and investors regarding its path in both the short and long term. While the listing has provided a substantial boost to Raydium, the critical question remains: can this rally sustain itself and evolve into a lasting upward trend?

As the market remains volatile, key indicators—including price action, trading volume, and technical indicators—are signaling an important period ahead for RAY.

Major Listing Announcement by Upbit

On June 19, Upbit revealed that it would incorporate Raydium trading pairs for both KRW and USDT markets. This announcement led to a dramatic increase in trading activity, with RAY's price soaring by nearly 45%, reaching an intraday high of $2.64, based on data from CoinMarketCap.

Raydium price chart

This listing not only marked Raydium's entry into one of Asia’s largest cryptocurrency markets but also helped halt a 35-day downward trend. However, the initial surge past resistance didn't last long, as sellers quickly re-entered the market, resulting in a long upper wick on the daily chart.

Although the price has dipped back below the resistance level of $2.28, considerable market interest persists, suggesting the rally might not be over yet. Traders are closely monitoring for signs of consolidation or an additional breakout.

Fundamental Strength Behind Raydium

In addition to the excitement surrounding the Upbit listing, Raydium's fundamental aspects have been vital in its recent resurgence. According to DefiLlama, the project boasts a total value locked (TVL) of $1.764 billion, indicating significant user engagement on its decentralized platform.

Raydium’s annual revenue of $655.9 million is notable within the DeFi sector and contributes to a remarkable revenue-to-market cap ratio of 19.2%. Combined with a TVL-to-market cap ratio of 2.84, these metrics underscore the project’s impressive capital efficiency.

Investor confidence also appears to be strong, with approximately $67.2 million worth of RAY tokens staked, representing around 11.9% of the circulating supply. This indicates that a significant number of holders believe in the asset's long-term potential.

Trading Volume Surge and Market Trends

Another significant factor in the recent rally has been the surge in trading volume. Within a single day, Raydium’s trading volume skyrocketed over 600%, reaching $401.19 million. This rapid increase in liquidity allowed the token to surpass immediate resistance levels, triggering a wave of short covering and new buying.

Despite this substantial movement, volatility has started to compress, indicated by the narrowing of Bollinger Bands. This typically implies that the market is preparing for another major directional move, with the next breakout likely to be pivotal.

Technical Analysis of RAY’s Price

From a technical perspective, RAY's price is attempting to rebound after finding support near the psychologically significant $2 level. The 50-day exponential moving average (EMA) currently resides around $2.54, a crucial level that bulls must reclaim to maintain upward momentum. A daily close above this threshold could lead to the next resistance levels of $2.96 and potentially $3.40.

The daily chart shows the formation of a double-bottom pattern, which, combined with bullish signals from the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), supports the possibility of further gains.

RAY price analysis

Currently, the RSI hovers around 45, well below the overbought zone, suggesting there is still room for growth, while also signaling caution in light of any potential renewed selling pressure. However, the wave count indicates that the ongoing move might be part of a corrective phase, with the next significant range found between $2.90 and $3.12. If RAY cannot maintain above these levels, a retreat towards the $2.10 support level is probable, which may validate the developing bearish wave C pattern.