Raydium Price Plunges 22% As This SOL L2 ICO Goes Parabolic

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The Raydium price plunged more than 22% in the last 24 hours to trade at $3.32 as of 10:03 p.m. EST as investors sell off their holdings in the altcoin.

This steep drop in the RAY price comes after news that Solana meme coin launchpad Pump.fun is testing an in-house AMM, which could replace Raydium as their third-party provider.

TLDR on $RAY
–@pumpdotfun is currently working on their own automated market maker liquidity pool
– $RAY bullish thesis has always been that pumpfun is dependent on raydium (now potentially not the case)
– If this AMM LP comes into fruition, tokens created on pumpfun will… pic.twitter.com/SU5gC8A7mP
— Binaso (@Binaso8) February 24, 2025

Raydium Price Resting On Support

4-hour chart for RAY/USD (Source: GeckoTerminal)

The Raydium price is resting on a key support level at $3.2966, GeckoTerminal data shows. A drop below this technical crutch could lead to the altcoin plunging even further in the following 24 hours.

Conversely, the Raydium price managing to close the next 2 4-hour candles above $3.2966 could lead to a bullish rebound, In this alternative scenario, traders might identify RAY’s current levels as a buy opportunity.

The potential buy pressure might then boost the Raydium price up to the $3.9698 mark. A 4-hour candle close above this barrier could then lead to a rise to $4.5949 and potentially $5.2441.

Technicals Suggest The Raydium Price Might Drop Even More

From a technical standpoint, indicators on RAY’s 4-hour chart suggest the Raydium price might still be at risk of dropping in the coming few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.

In the last couple of hours, RSI readings have plummeted from the mid-40s to low 20s. This steep drop in RSI values suggest a sudden drop in buyer strength, with the latest reading below 30 indicating that the Raydium price is in oversold territory.

Although the latest RSI reading below 30 suggests that RAY’s upside potential is greater than its downside potential and might subsequently be seen as a buy signal, it is not unusual for RSI values to remain low for a sustained period of time when a crypto is being dumped.

Meanwhile, the MACD line has plunged below the MACD Signal line. The current alignment of the two technical indicators with the MACD below the MACD Signal line suggests that RAY is currently in a negative trend. Additionally, the growing gap between the two MACD lines warns that RAY’s bearish momentum is picking up steam.

As the Raydium price remains at the mercy of sellers, investors are piling into the presale for a new Solana layer-2 project called Solaxy (SOLX) for gains. 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says that SOLX has the potential to surge 10X after its launch.

Solana About To Get A Major Upgrade

Solana is facing high levels of congestion due to the investor frenzy that has erupted around SOL-based meme coins in recent months. This network traffic has resulted in failed transactions, processing delays, and could eventually lead to another outage for the popular layer-1 if something does not change soon.

Solaxy, with its native layer-2 side chain and scaling technologies, aims to reduce congestion levels on Solana. Running in parallel to the Solana mainnet, Solaxy’s network will process SOL transactions off of the layer-1 infrastructure, bundle them, and then send the batches of transactions to the Solana blockchain for final validation.

This approach to transaction processing has already been proven to be a successful way to scale a network, as seen with Arbitrum and Optimism within the Ethereum ecosystem.

However, Solaxy strives to become more than just another layer-2 project, as the team behind the scaling solution will try to bridge the Ethereum and Solana blockchains as well.

This connection could unlock a super Web3 infrastructure that is capable of meeting the growing demands of meme coin and decentralized application developers. Solaxy’s native SOLX token will then be positioned as a primary transaction layer between two of the most prominent blockchains in the crypto space, which will give it high levels of utility.

Solaxy Raises Over $23.2 Million In Blockbuster Presale

Solaxy has raised over $23.2 million through its ongoing presale, as investors take a big bet on the project’s future at this early stage. With the bullish predictions by experts like 99Bitcoins and the project’s positioning as the first Solana scaling solution, it’s easy to see why Solaxy’s ICO is doing so well.

Anyone that wants to participate in the presale can do so by acquiring some SOLX through the simple widget embedded on the project’s website. Selling for $0.001644, SOLX can be bought with either crypto or bank card. After acquiring some SOLX, investors can also stake their tokens for the 175% APY on offer to presale buyers.

Buy SOLX here before a presale price hike in 17 hours to lock in the best deal.

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