The post Raydium delivers better gains than Bitcoin as RAY soars to 2024 high appeared on BitcoinEthereumNews.com.

RAY hits 2-year high as its price goes parabolic since September. Assessing the link between RAY’s price action and Raydium’s performance on key metrics. RAY, the native token on the Raydium DEX on Solana [SOL], just hit a new 2-year high. Its performance so far, especially in the last two months, has delivered better gains than Bitcoin [BTC], which also achieved a new high on the 6th of November. A look at RAY’s price action revealed a parabolic performance that had its roots in September accumulation. The token traded as low as $1.35 in September, but by October, it was clear that the bulls were fully in charge. RAY soared as high as $5.06 in the last 24 hours, which was equivalent to a 276% rally from Its lowest price point in September. For context, Bitcoin only achieved a 45% upside from its lowest price point in September to its recent new local high. Source: TradingView Despite this performance, RAY still has a substantial amount of room for growth before reaching its all-time high. The token peaked at $17.80 in August 2021. Nevertheless, short term pullbacks are likely to occur now that RAY is extremely overbought. The token demonstrated bearish divergence with the RSI’s lower high. Also, the MFI has been dipping lower, indicating that profit-taking has been taking place. Reflection of Raydium’s performance? The Solana blockchain has been enjoying robust utility in 2024 and Raydium has been benefiting as one of the top DEXes. Raydium’s TVL had less than $40 million and less than $10,000 in token liquidity exactly 12 months ago. Both metrics registered impressive growth recently, with TVL peaking at $2.08 billion in October but has since pulled back to $1.50 billion. Meanwhile, RAY token liquidity has since soared to $597 million. Source: DeFiLlama This TVL and…

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Filed under: News - @ November 7, 2024 11:22 pm