Raydium (RAY) bounced off the support level of $2.57, with a strong bullish momentum aimed at the level of $4.95, triggered by a breakout on the 4-hour chart.
A sharp increase in volume and rising moving averages confirm the strength of the RAY uptrend, showing solid market confidence in further growth.
The RSI overbought level signals short-term consolidation but confirms strong bullish momentum, with RAY targeting higher price targets.
Raydium (RAY) is rapidly growing in the cryptocurrency space, demonstrating a sharp rise with increased trading activity on the Solana blockchain and favorable technical indicators. At the time of writing, it reached $3.46, increasing by 44.85% over the past seven days and by 4.51% over the past 24 hours.
Strong technical structure supporting the RAY uptrend
A recent tweet from Decilizer highlighted RAY's recent bounce from the support zone of $1.49, which has now turned into a solid base after previously acting as resistance. This bullish reversal was confirmed by a decisive breakout candle on the 4-hour chart, pushing the price to $1.95, which is 8% higher in one session.
Momentum indicators show sustained strength. The 50-period moving average is now trending upward, offering dynamic support. Trading volume surged during the breakout, indicating strong market participation. The RSI reached an overbought level of 70, hinting at a short-term cooling but indicating strong bullish momentum.
The resistance zone of $2.57 is viewed as the next obstacle. If broken, the price could reach $4.95, supported by broader bullish sentiment in the market, especially the movement of Bitcoin. Monitoring the RSI and volume trends remains crucial for assessing the sustainability of the breakout.
#CryptoRoundTableRemarks