Raydium [RAY] spent most of the summer going nowhere. Then in early September, it finally woke up.
Why does that matter today? Here’s the rundown.
Raydium crypto jumps 14% in a day!
Most of the market had a bad week, but Raydium clearly did not get the memo.
RAY traded around $0.90 before its September breakout and climbed as high as $2.56 on 7 October, an increase of roughly 184%. Even after retreating to $2.31, the token remained more than 150% above its early-September level.
That hardly makes a difference if you think of the bigger picture. Before its breakout on September 5, RAY was around $0.90.
It has more than doubled in the past month alone.
The pace is still there, but the tiredness is obvious. RSI was at 66; back in September, it was running above 80.
Chaikin Money Flow is positive at 0.06, but well off its September highs.
But here’s where it gets interesting.
OI went from about $13 million to over $20 million during today’s rally. At the same time, funding went deep into the red, close to -0.20%.
A lot of traders opened short positions, betting the pump wouldn’t last. OI has since dropped to about $16.3 million, and funding is still negative at -0.08%.
The bears are still here, but in fewer numbers.
Why is RAY running when everything else isn’t?
Token Terminal data shows $12.4 billion in DEX volume for tokenized stocks on Solana this year. About $6.1 billion of it went through Raydium’s pools.
Meteora handled $2.3 billion, and Orca $1.2 billion. Those two together still don’t match Raydium.
September is when things really picked up. According to Blockworks, Raydium’s tokenized equity volume hit about $260 million last month. In August, it was under $40 million.
The most traded ticker? NVDAx, the tokenized version of NVIDIA. There were 115 others, but AI names were clearly what people came for.
So while most of the market sat this week out, RAY had actual trading volume behind it.
Final Summary
- Raydium (RAY) jumped 14% in a day; more than doubled in the past month.
- Raydium handled about $6.1 billion of Solana’s $12.4 billion tokenized stock DEX volume this year.
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