Positive news drives short-term RAY surge, trading volume increases simultaneously
Driven by #Solana rebound, improved market sentiment, and declining Bitcoin dominance, Raydium (#RAY) based on Solana
surged 21% on August 13th, reaching a price of $3.60. Along with the price increase, its trading volume surged 24% in 90 hours, significantly increasing market participation. However, as the price approached
the key level of $3.65, investors began to exercise caution - this level has triggered sell-offs four times since May of this year, with significant pullbacks occurring after each touch.
Technical aspects show divergence: Break through resistance to reach $5.67, otherwise, it may pull back again
Technical analysis shows that RAY is currently in an upward trend, and the Supertrend indicator is green and below the price, indicating strong buying support. The Relative Strength Index (RSI) is 66, which is not in the overbought zone, but is close to the pressure level.
Analysts point out that if the closing price breaks through the $3.66 resistance, it may start a parabolic market: In the short term, it may rise 30% to $4.75, and if the momentum continues, it is expected to reach $5.67 in the long term.
However, risk signals have emerged: In the past 24 hours, $2.58 million of RAY has flowed into exchanges, suggesting that some investors may be taking profits near historical resistance levels. The market is concerned that if it cannot break through $3.65, RAY may repeat the previous "top-out pullback" trend and return to the bottom of the channel.
The current focus of the long-short game is on the ability to break through key resistance levels.
