Raydium token slides 9.6% even as buy trades lead its pools

Raydium token slides 9.6% even as buy trades lead its top pools

Raydium ($RAY) fell 9.6% in 24 hours to $2.22 as of 3:40 p.m. ET on Oct. 12, per CoinGecko, the steepest drop among the 10 Solana-ecosystem tokens we track.

The Raydium token slides 9.6% over 24 hours to $2.22 as of 3:40 p.m. ET (19:40 UTC) on Monday, according to CoinGecko. Raydium ($RAY) posted the steepest drop among the 10 Solana-ecosystem tokens we track, though it is still up 3.5% over seven days.

The quick take

Price: $RAY traded at $2.22, down 9.6% in 24 hours, with a market value near $599 million (CoinGecko, 19:40 UTC).
Trigger: The slide began around 6 a.m. ET as Solana DeFi tokens fell together; no Raydium-specific cause is confirmed.
Watch: Whether buy trades keep leading in its main pools, and the 24-hour low of $2.17.

What happened

$RAY moved between $2.17 and $2.51 over the past 24 hours, per CoinGecko at 19:41 UTC. On Binance’s RAY/USDT pair, hourly closes held between $2.41 and $2.47 overnight. Selling picked up from 10:00 UTC, and the lowest hourly close, $2.18, came at 17:00 UTC.

Jupiter’s price of $2.22 matched CoinGecko within 0.1%. Trading volume reached $56.2 million over 24 hours, per CoinGecko. The token is still up 46% over 30 days, but it sits 87% below its record of $16.83 from Sept. 12, 2021.

Why it moved

The drop came as most Solana DeFi tokens fell on Monday. Pump.fun ($PUMP) lost 9.4%, Orca DEX ($ORCA) 8.7% and Jito ($JTO) 8.5% in 24 hours, per CoinGecko. Solana ($SOL) fell a milder 2.9%.

The wider market moved less. Bitcoin ($BTC) slipped 1.1% in 24 hours, according to LiveCoinWatch at 19:41 UTC. No Raydium-specific cause for the drop is confirmed.

Who’s buying and selling

Pool data leaned toward buyers, by trade count. In the largest $RAY pool listed by DexScreener, a Raydium pool against $SOL with $3.99 million in liquidity, buys outnumbered sells 23,300 to 18,666 over 24 hours.

GeckoTerminal’s top pool, a Raydium pool against USDC with $7.17 million in liquidity, showed the same lean: 3,581 buys against 3,296 sells. Trade counts do not show trade size, so the counts alone do not show who drove the price.

What to watch next

The exchange itself stayed busy. Raydium AMM handled $160.8 million in trading volume in DefiLlama’s latest 24-hour reading at 19:41 UTC, and it held $1.24 billion in total value locked.

Readers can watch whether that activity holds while the token cools after its 30-day run. The 24-hour low of $2.17 is the nearest level to watch.

Bottom line: $RAY fell more than three times as hard as $SOL on Monday, even as buy trades kept leading in its main pools.

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