Raydium (RAY) Jumps 65% Weekly, Becoming the Top Gainer Among the 100 Largest Cryptocurrencies

Raydium (RAY), the largest decentralized exchange on the Solana Blockchain rose for four consecutive days, to reach a 34-month high of $5.97 on Nov. 9.

Raydium (RAY) price surged over 65% in the past week, making it the top gainer among the 100 largest cryptocurrencies.

The altcoin’s rally follows an announcement from crypto exchange Coinbase that it will be listing RAY perpetual futures on its Coinbase International Exchange and Coinbase Advanced platforms.

Raydium's presence within the Solana ecosystem has grown significantly, with the protocol generating daily fees ranging from $2 million to $3.5 million since mid-October.

Data from DeFi Llama shows that Raydium is currently outpacing several popular blockchain platforms, including Uniswap, Solana, and Tron, in terms of daily earnings.

According to a Messari report, Raydium's share of global DEX volume jumped over 130% quarter-over-quarter to surpass 10%, making it the third-largest DEX by volume in Q3.

CoinGecko data reveals that RAY is a top-trending altcoin, attracting attention from the crypto community.

Over 91% of 5,571 traders on CoinMarketCap are bullish on the altcoin.

Technical indicators on the one-day RAY/USDT price chart suggest a strong trend strength, with the MACD line pulling away from the signal line and the Average Direction Index at 60.

The Money Flow Index indicates strong buying pressure, while the altcoin's weighted funding rate has moved into the positive zone, suggesting increased demand for leverage long positions.

Analysts are optimistic about the altcoin's potential to reach double-digit prices, with one analyst noting that RAY is in Wave 3, which is typically the strongest phase in an Elliott Wave cycle.

At press time, Raydium is trading at $5.8, still down 66.1% from its all-time high of $16.83 set on Sep. 12, 2021.