The post Raydium surges 50% in a week: What’s driving the DEX’s rally? appeared on BitcoinEthereumNews.com.

Raydium delivers impressive price action driven by robust ecosystem demand. Raydium volume sets new record high and TVL soars close to its ATH. Raydium [RAY] has been flying under the radar, but a lot has happened under the hood. The Solana DEX has been gaining popularity and that is evident in various performance metrics, including Its native token, RAY. RAY peaked at $3.19 in the last 24 hours after achieving an impressive bullish performance. It rallied by 51% in the last 7 days, earning it a spot in the list of top weekly gainers among the mainstream cryptocurrencies. This upside also allowed it to achieve a 1,637% gain year over year. Source: TradingView RAY retraced to a $2.85 press time price at press time, indicating some aggressive profit-taking. An unsurprising outcome because the price peaked close to its current 2024 high where it is now experiencing a resistance zone. It was also deeply overbought, hence was due for a retracement. Aggressive Raydium utility behind RAY’s demand? RAY’s bullish performance confirms robust demand, and most of it was driven by the Raydium ecosystem growth. It has been holding down the title for the top DEX since April. It currently controls over 50% of the total DEX volume in the Solana ecosystem. The surge in Raydium volume and ATH emphasize the aggressive resurgence of activity within the DEX. Source: Dune analytics Raydium’s growing market share in the Solana ecosystem reflects in it the volumes that it has been handling this year. The market has been heating up and this brought forth a revival in Solana’s DeFi ecosystem, just as was the case in the first half of 2024. The latest excitement in the market yielded heavy volumes within Raydium.  Its daily volume recently achieved a new record high at $1.81 billion on…

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Filed under: News - @ October 25, 2024 6:20 pm