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RAYDIUM PRICE ANALYSIS & PREDICTION (January 6) – Ray Nears $6 In A Fresh Three-Week Bounce, Potential Breakout Ahead
January 6, 2025 0
Market Analysis Since Raydium’s Ray bounced back from a month retracement phase in mid-December, the price continued to increase daily as it formed a new bullish pattern. However, buying pressure appears low at the moment.
Like many other assets, Ray posted significant gains during the last bullish rally as the adoption rate increased. Unfortunately, it lost steam in late November 2024 after reaching a peak of $6.5, a new all-time high—ATH. This fallout caused a major setback for the bulls, and the price dropped to the $3.8 level after a month. A sharp rejection from that level brought the bulls back into action, and the price recovered with a strong close in December. This fueled a surge this month, and the price increased.
Right now, it trades at resistance following a slight rejection from $5.9. A surge through this level could trigger a huge rally to the $10 level in no time. The new bullish formation (double-bottom) is a key indicator for this rally. The price must break above the previous monthly high to confirm bullish.
Regarding the adoption rate and growth in the last two years, Raydium is still considered the best-performing liquidity provider platform in the Solana ecosystem in terms of gain.
Source: nulltx.com
