Solana-based Raydium (RAY) is making waves in the cryptocurrency market again with its impressive price performance. On August 13, 2025, thanks to the corresponding rise of Solana (SOL), a shift in market sentiment, and a decline in Bitcoin's dominance, this altcoin surged by 21%.
As of the time of writing, RAY's price reached $3.60 following the aforementioned surge. Unsurprisingly, this spurred participation from traders and investors, with the cryptocurrency's trading volume soaring by 90% within just 24 hours.
However, as Bitcoin's price approaches the critical level of $3.65, investors and traders remain cautious. In fact, a well-known cryptocurrency expert shared a post on X.
"RAY was rejected at the top of the channel and may next enter the bottom."
RAY's price action and technical analysis.
AMBCrypto's technical analysis shows that while RAY is undoubtedly in an upward trend, there has historically been strong selling pressure at the above level. Since May 2025, RAY's price has touched this level more than four times. Each time faced selling pressure, it resulted in significant drops on the chart.
With altcoins returning to this level, there are now concerns about whether it will repeat history or ultimately break its long-term resistance.
If RAY breaks through the resistance level of $3.66 and closes above it, it may pave the way for a parabolic trend.
If this happens, the cryptocurrency is likely to surge by 30% to $4.75. Meanwhile, if this momentum continues, RAY may extend its upward trend and could potentially reach $5.67 in the future.
However, it is worth noting that the latest price increase has turned the super trend indicator green and positioned it below RAY's price - indicating that the altcoin is in an upward trend under strong buying pressure.
$2.58 million RAY entered the exchange.
The Relative Strength Index (RSI) is 66 - indicating that while the asset may be approaching overbought territory, there is still room for further upward movement.
Given the current market sentiment, investors may rely on RAY's previous performance, as there has been a significant sell-off before. In fact, on-chain analytics platform Coinglass shows that the inflow of funds to exchanges reached $2.58 million in the past 24 hours.
This suggests that as the altcoin approaches historical levels on the price chart, a sell-off may occur.
