Raydium token falls 6.2% as its strong monthly run cools off

Raydium’s token trades at $1.90 as of 1:37 p.m. ET on Oct. 1, down 6.2% in 24 hours after a 133% gain over the past 30 days.

The quick take

Price: $RAY at $1.90, down 6.2% in 24 hours and 10% over seven days (CoinGecko, 1:37 p.m. ET).
Trigger: No cause is confirmed; the drop follows a 133% gain over 30 days.
Watch: Daily trading on Raydium’s pools, now $251.4 million, and the buy-sell mix on its main RAY-SOL pool.

What happened

Raydium ($RAY) is lower on Thursday: the Raydium token falls 6.2% in 24 hours to $1.90, according to CoinGecko data as of 1:37 p.m. ET. Over seven days it is down 10%.

The day’s range ran from $2.04 down to $1.86, per CoinGecko. Jupiter’s price feed showed $1.90 at the same time, within 0.2% of CoinGecko.

$RAY has a market value of about $511 million. Across all markets, $42.6 million worth of the token traded in 24 hours.

Why it moved

No cause is confirmed. The drop comes after a strong month: $RAY is still up 133% over 30 days, CoinGecko data shows.

The wider market did not drag it down. Bitcoin ($BTC) rose 1.3% and Ether ($ETH) 1.1% over 24 hours, per LiveCoinWatch. Solana ($SOL) slipped 0.4% to $118.51, per CoinGecko.

On Binance’s RAY/USDT pair, the slide was slow rather than sudden. Hourly closes eased from $2.08 at 1 p.m. ET Wednesday to $1.86 at 1 p.m. ET Thursday.

Who’s buying and selling

Trading on the exchange itself held up. Raydium’s AMM pools handled $251.4 million in 24-hour volume, per DefiLlama. That puts it third among Solana exchanges, behind Orca DEX at $322.8 million and BisonFi at $285.0 million.

That is about 9.8% of Solana’s $2.57 billion in daily DEX volume. Raydium AMM also holds $1.33 billion in deposits, DefiLlama data shows.

On the largest RAY-SOL pool tracked by DexScreener, buys outnumbered sells: 20,885 buys against 12,253 sells in 24 hours. The pool holds $3.77 million in liquidity. Many small buys can still be outweighed by fewer, larger sells, so the count alone does not show direction.

What to watch next

Watch whether daily volume on Raydium stays near $250 million while the token cools. Its record high was $16.83 in September 2021, per CoinGecko, so $RAY still trades about 89% below that peak.

Bottom line: The Raydium token gives back part of a sharp monthly gain on a day when Bitcoin and Ether edged higher, with no confirmed trigger.

Price data: CoinGecko (cross-checked with Jupiter).