Raydium (RAY) is witnessing notable selling pressure as investor confidence weakens across the crypto market. Over the last 24 hours, the token has dropped by almost 2.69%, reflecting a brief pause in its recent rally. Despite the decline, Raydium has managed a weekly gain of 10.64% signaling that underlying buying interest remains intact.
At press time, the token is trading at $2.87, supported by a 24-hour trading volume of $49.19 million, marking a 28.04% drop from the previous day. The market capitalization stands at $771.92 million, slightly down by 2.68%. The decline in trading activity suggests traders are waiting for a clearer direction before taking new positions.
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From a technical standpoint, the token chart highlights an ascending triangle pattern supported by a rising trendline that has persisted since April. The token consistently forms higher lows while meeting resistance near the $3.80 to $3.90 range. This pattern often signals accumulation, where buyers gradually build positions in anticipation of a breakout.
Currently, RAY oscillates around the 0.618 Fibonacci support area at $2.71, which has acted as a prominent support area. Keeping this area intact is critical for sustaining the bullish configuration.
The first significant resistance area remains at $3.26, corresponding with the 0.786 Fibonacci resistance area that will act as the first brake point on the upside before it hits the upper side of the triangle area. A move above this area will probably finalize the bullish formation and unlock the way towards targets at $4.11, $5.53, and $6.46.
A fall below $2.70 might alleviate the trendline support, which might trigger a fall towards $2.39 or $2.10. A further pullback might bring out $1.79, but as long as the $2.70 area remains in place, the overall perspective remains optimistically cautious.
Raydium’s open interest is at $43.65 million with a 0.25% daily increase. This is a slow increase showing increased trader engagement, but leverage remains modest. This is evidence of cautious optimism, with market players keeping exposure but no aggressive speculative long positions.
Meanwhile, the OI-weighted funding rate is at 0.0103%, which indicates a weak long bias from the traders. This measured sentiment is a clue towards stability and not over-leverage, lessening the chances of a long squeeze at short notice. In total, Raydium’s market is consolidating, with the players keeping up for stronger indications before assuming aggressive stances.
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