After the launch of the Korean transaction, the market's positive sentiment has been digested, leading to a continuous decline.
$RAY , viewed from three dimensions, shows the underlying logic of its fall is collapsing: Raydium is highly dependent on the Serum order book to maintain operations; however, its core partner team has disbanded, and the system has stopped updating.
This series of events has caused Raydium's liquidity foundation to collapse directly, resulting in a severe fracture in the underlying logic.
From a technical perspective, the trading volume of $RAY surged by 370% within 24 hours, peaking at 2.78U, after which the moving averages showed a bearish arrangement.
Meanwhile, the major addresses significantly reduced their holdings by 45%, and there are obvious signs of retail investors unloading, indicating a risk of being harvested in the market.
The ecosystem has suffered a heavy blow: in terms of ecology, the Jupiter aggregator has diverted about 45% of the trading volume, and the total locked value (TVL) of Solana DeFi has drastically shrunk, nearly halving.
As a result, $RAY , as a platform token, has seen a significant decline in transaction fee income and staking demand, plunging its development into difficulties.
