Raydium evening sell-off drags its token down 6.6% on Sunday

Raydium ($RAY) was down 6.6% at $1.68 in 24 hours as of 6:40 p.m. ET Sunday, after a slide of 5.0% between 4 p.m. and 6 p.m. ET.

The quick take

Price: $RAY at $1.68, down 6.6% in 24 hours (CoinGecko, 6:40 p.m. ET).
Trigger: a late Sunday slide of 5.0% in two hours; the cause is not confirmed.
Watch: whether the token holds above its 24-hour low of $1.65.

What happened

A Raydium evening sell-off pulled the token lower on Sunday. Raydium ($RAY) traded at $1.68 as of 6:40 p.m. ET, down 6.6% in 24 hours, according to CoinGecko. Its 24-hour range ran from $1.82 to $1.65.

For most of the day the token barely moved. On Binance’s RAY/USDT pair, hourly closes stayed between $1.78 and $1.83 from 7 p.m. ET Saturday to 8 a.m. ET Sunday. The price then eased to about $1.74 by 4 p.m. ET.

The sharp part came late. Between 4 p.m. and 6 p.m. ET, $RAY fell 5.0% on Binance, from $1.74 to $1.66. It then recovered a little, to $1.69 at 6:40 p.m. ET.

Why it moved

The cause is not confirmed. No Raydium announcement in the past day points to one.

The wider market was soft too, though most large coins fell less. Solana ($SOL) slipped 2.6% in 24 hours, per CoinGecko. LiveCoinWatch showed Ether ($ETH) down 4.1% and Bitcoin ($BTC) down 0.8% over the same span.

Who’s buying and selling

Trade counts on the main pools leaned toward buyers despite the drop. Raydium’s top RAY/SOL pool logged 17,484 buys and 10,941 sells in 24 hours, according to DEX Screener. GeckoTerminal showed 1,939 buys and 1,581 sells in the RAY/USDC pool.

Those are counts of trades, not their size. Many small buys can sit next to fewer, larger sells. CoinGecko put total 24-hour trading volume at $23.8 million and the token’s market value at about $455 million.

What to watch next

The first level is the 24-hour low of $1.65. Traders will also watch $1.74, where the token sat before the late slide. Any Raydium statement on the timing of the drop would be the next piece of news.

Bottom line: Raydium spent most of Sunday flat, then lost most of its daily ground in a short evening slide with no confirmed cause.