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The Raydium price dropped 4% in the last 24 hours to trade at $4.96 as of 11:14 p.m. EST on trading volume that surged 10% to $129 million.
Raydium Price Indicators Suggest A Sustained Bearish Trend
The RAY price, as shown on the 4-hour chart, has been trading in a choppy, sideways range for the past few months.
Recently, the price attempted a rally toward the $6.0 mark but was rejected, forming a rounded top pattern, which is a bearish reversal signal.
After failing to sustain the upward momentum, the price broke below the 50-day Simple Moving Average (SMA) and now hovers near $4.96, according to GeckoTerminal data.
Initially, the Raydium price held above both SMAs, but it has since fallen below the 50-day SMA and is approaching the 200-day SMA.
The “Death Cross” around $4.9, seen earlier, where the short-term moving average (50-day) crossed below the long-term moving average (200-day), reinforced bearish sentiment.
The Relative Strength Index (RSI) is at 38.92, which indicates weak momentum and places the asset near the oversold region (below 30).
While the RSI suggests that sellers are in control, there is potential for a short-term bounce if the RSI trends upward from these levels.
Can RAY Recover From The Bearish Trend?
Given the current technical setup, RAY appears to be in a bearish consolidation phase. There is a risk of further downside unless bulls reclaim the 50-day and 200-day SMAs.
If the Raydium price decisively breaks below the $4.90 level, the next major support could be at $4.50, with a further downside target around $4.00.
Conversely, a break above $5.40 (the 50-day SMA) could lead to a short-term recovery. $5.80 and $6.00 are key resistance levels and the main targets from this level.
As RAY plunges, investors continue buying a new Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 721K subscribers, SOLX has the potential to soar 100X post-launch.
Solaxy Presale Surges Towards $10 Million
Solaxy is an emerging cryptocurrency project that has successfully raised $9.5 million during its presale.
The project is centered on advancing Layer 2 technology to improve the Solana blockchain by addressing transaction holdups through the implementation of roll-up technology.
Solaxy aims to deliver faster, smoother, and more cost-effective transactions, appealing to users across the Ethereum and Solana ecosystems.
The project has captured attention due to its strong visual branding and market appeal, and many recognize its potential to mitigate congestion and failed transactions on Solana.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Solaxy’s solution relies on three key features: off-chain processing to handle the heavy work, transaction bundling to cut costs, and secure settlement back on the main Solana chain.
Solaxy also offers holders who stake their SOLX tokens a huge annual yield of 368%. Over 3.1 billion SOLX have been staked so far.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001596 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in slightly more than a day to secure the best deal.
Visit SOLX’s website here.
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