Raydium, serves as an automated market maker (AMM) and liquidity provider built on Solana’s blockchain for decentralized exchange (DEX) Serum.
Started in development in 2017, AlphaRay is the overall leader in strategy, operations, product direction and business development for Raydium.
Raydium offers several key advantages, one of which is to leverage Solana’s blockchain efficiencies to achieve transactions faster than Ethereum.
Started listing on Binance on August 10, 2021 and has produced a consistent jump of over 360% recording the latest all -time high (ATH) of $ 17.80 on August 28, 2021.
Raydium now has a market capitalization of over $ 766 million with a trading volume of over $ 152 million in 24 hours.
More interestingly, Raydium managed to climb the 107th chart position in the crypto market.
Next, let’s look at the current movement chart of the RAY/USDT price.
It can be noted RAY has produced almost 70% jumps reaching the latest high of $ 16.95 in the September trading session.
After that, RAY was unable to maintain a consistent price movement until it slipped back to a low of $ 10.78 in today’s trading session.
The decline has been influenced by Bitcoin price movements that are being hit by the red ocean.
For further expectations, if RAY remains with a downtrend, the $ 10.50 suppport zone will be the next focus to test before continuing the decline to lower levels.
The zone will also be the next observation by investors.
Meanwhile, if RAY returns to show an uptrend, the SBR (support become resistance) $ 12.50 zone will be the next focus to be tested before making a higher jump.
At the time of writing, RAY is trading at the $ 11 price level down over 15% in the last 24 hours.
