Raydium token drop reaches 6.2% as selling runs into Tuesday

Raydium ($RAY) fell 6.2% in 24 hours to $2.05 as of 1:40 p.m. ET on Oct. 13, per CoinGecko, the steepest drop among the 10 Solana-ecosystem tokens we track.

The Raydium token drop reaches 6.2% over 24 hours, leaving the price at $2.05 as of 1:40 p.m. ET (17:40 UTC) on Tuesday, according to CoinGecko. Raydium ($RAY) fell for a second day after the 9.6% slide we covered on Monday, and it posted the steepest loss among the 10 Solana-ecosystem tokens we track.

The quick take

Price: $RAY traded at $2.05, down 6.2% in 24 hours, with a market value near $552 million (CoinGecko, 17:40 UTC).
Trigger: A steady slide that sped up on Monday evening; no Raydium-specific cause is confirmed.
Watch: Whether buy trades keep leading in its main pool, and the 24-hour low of $2.02.

What happened

$RAY moved between $2.02 and $2.24 over the past 24 hours, per CoinGecko at 17:44 UTC. On Binance’s RAY/USDT pair, the highest hourly close was $2.23 at 20:00 UTC on Monday. The sharpest hourly drops followed between 23:00 and 01:00 UTC, and the lowest close, $2.03, came at 16:00 UTC on Tuesday.

Jupiter’s price of $2.04 matched CoinGecko within 0.4%. Trading volume reached $53.9 million over 24 hours, per CoinGecko. The token is down 7.0% over seven days but still up 41% over 30 days, and it sits 88% below its record of $16.83 from Sept. 12, 2021.

Why it moved

No Raydium-specific cause for the drop is confirmed. Several tokens we track also fell: Ondo Finance ($ONDO) lost 4.9%, Orca DEX ($ORCA) 4.5% and Pump.fun ($PUMP) 4.2% in 24 hours, per CoinGecko.

Others rose. Jito ($JTO) gained 4.8% and Kamino Finance ($KMNO) 3.8%, while Solana ($SOL) was nearly flat at +0.1%. Bitcoin ($BTC) rose 0.9% in 24 hours, according to LiveCoinWatch at 17:41 UTC.

Who’s buying and selling

Trade counts leaned toward buyers again. In the largest $RAY pool listed by DexScreener, a Raydium pool against $SOL with $3.83 million in liquidity, buys outnumbered sells 19,972 to 17,364 over 24 hours.

Trade counts do not show trade size. So the counts alone do not show who drove the price lower.

What to watch next

The exchange itself stayed busy. Raydium AMM handled $162.8 million in trading volume in DefiLlama’s latest 24-hour reading at 17:41 UTC, fifth among Solana exchanges on that list. It held $1.21 billion in total value locked.

Readers can watch whether that activity holds as the token gives back part of its 30-day gain. The 24-hour low of $2.02 is the nearest level to watch.

Bottom line: $RAY fell for a second day and led the tracked tokens lower, even as $SOL held flat and buy trades kept the lead in its main pool.

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