Raydium price predictions soar following Upbit’s stock market debut

This week, Raydium (RAY) surged in the cryptocurrency market following its recent listing on Upbit, South Korea’s largest exchange. The sudden interest from traders has sparked speculations about its short- and long-term price trends. Key resistance levels have emerged, as market volatility remains heightened.

Upbit’s Listing Triggers Significant Price Surge

On June 19, Upbit announced the listing of Raydium trading pairs for KRW and USDT, leading to a dramatic increase in trading activity. RAY’s price jumped nearly 45%, reaching an intraday high of $2.64, according to CoinMarketCap data.

This listing not only marked Raydium’s entry into one of Asia’s largest cryptocurrency markets but also ended a 35-day downward trend. However, the initial breakout above the resistance level was short-lived, as sellers quickly intervened, resulting in a long wick on the daily chart.

Despite falling back below the resistance level of $2.28, market interest remains strong, suggesting that the rally might not be over. Traders are now closely monitoring for signs of consolidation or a new breakout.

Strong Fundamentals Support Upward Momentum

Beyond the excitement surrounding the Upbit listing, Raydium’s fundamentals have played a crucial role in its recent resurgence. As per DefiLlama data, the project currently holds a Total Value Locked (TVL) of $1.764 billion, indicating significant user activity on its decentralized platform.

Its annual revenue of $655.9 million stands out in the DeFi sector, contributing to a high market capitalization ratio of 19.2%. This metric, combined with a TVL-to-market-cap ratio of 2.84, highlights the project’s capital efficiency.

Moreover, investor confidence appears robust, with $67.2 million worth of RAY tokens staked, accounting for about 11.9% of the circulating supply. This indicates that a substantial number of holders remain optimistic about the asset’s long-term value.

Increased Volume Signals Short-Term Strength

Transaction volume has been another key factor in this recent recovery. Over the span of just 24 hours, Raydium’s volume skyrocketed by over 600%, reaching $401.19 million. This surge in liquidity has helped push the token above immediate resistance levels, triggering short-covering and new purchases.

Despite this significant movement, volatility has begun to compress, as evidenced by the narrowing Bollinger Bands. This typically indicates that the market is preparing for another major directional move, with the next breakout potentially being decisive.

Technical Indicators Present Mixed Prospects

From a technical standpoint, RAY’s price is attempting to recover after finding support near the psychological level of $2. The 50-day Exponential Moving Average (EMA) currently hovers around $2.54, a critical level that bulls must reclaim to sustain momentum.

A daily close above this line could pave the way for the next resistance near $2.96 and possibly $3.40. The formation of a double bottom pattern, combined with bullish signals from the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), supports the potential for further gains.

Currently, the RSI is around 45, well below the overbought zone, allowing for further upside while signaling caution against potential selling pressure. However, wave counts suggest that the current movement may be part of a corrective phase, with the next key area being between $2.90 and $3.12. If RAY fails to hold above these levels, a retreat to the $2.10 support remains plausible, potentially confirming a developing bearish wave pattern.