Raydium token jumps 11% as a midday climb bucks the market

Raydium token jumps 11% as a midday climb bucks a falling market

Raydium ($RAY) traded at $2.45 at 1:39 p.m. ET on Oct. 7, up 11% in 24 hours as Solana and Bitcoin fell.

The quick take

Price: $RAY at $2.45, +11% ↑ in 24 hours and +19% ↑ in seven days (CoinGecko, 1:39 p.m. ET).
Trigger: a three-hour climb from about $2.24 to $2.49 on Binance’s RAY/USDT pair, between 7 and 10 a.m. ET.
Watch: $207 million in 24-hour trading, close to a third of the token’s $662 million market value.

The Raydium token jumps 11% on Wednesday, Oct. 7, as most of the crypto market moves lower. Raydium ($RAY) traded at $2.45 at 1:39 p.m. ET, up 11% in 24 hours, according to CoinGecko.

What happened

$RAY moved between $2.11 and $2.55 over the past 24 hours, CoinGecko data show. Jupiter’s price matched CoinGecko within 0.02%. The token is up 19% in seven days and 108% in 30 days.

Most of the day’s gain came in a short window. On Binance’s RAY/USDT pair, hourly prices rose from about $2.24 at 7 a.m. ET to $2.49 at 10 a.m. ET. The price has held near $2.45 since then.

Why it moved

Raydium has not posted an announcement that explains the jump, so the cause is not confirmed. The move stands out against a weaker market.

Solana ($SOL) fell 3.4% in 24 hours to $116.35, per CoinGecko. Bitcoin ($BTC) slipped 2.7% and Ether ($ETH) lost 5.0%, according to LiveCoinWatch.

Who’s buying and selling

Trading picked up with the price. CoinGecko lists $207 million in 24-hour $RAY volume, about 31% of its $662 million market value.

In the token’s largest Solana pool, a RAY/SOL pair on Raydium, DexScreener counted 50,653 buys and 51,992 sells over 24 hours. The pool traded $28.3 million and holds $4.5 million in liquidity. The near-even trade counts do not show a rush of small buyers.

The exchange itself stays busy. Raydium’s AMM handled $218.8 million in DEX volume over 24 hours, fourth among Solana exchanges, DefiLlama data show. Its pools hold $1.30 billion in deposits.

What to watch next

$RAY still trades about 86% below its record high of $16.83 from September 2021, per CoinGecko. One signal to watch is whether trading volume stays near today’s level after the midday burst.

A statement from Raydium would also help explain the move. Until then, the rally rests on market data alone.

Bottom line: $RAY gained 11% in a day when Solana and Bitcoin fell, but the reason behind the climb is not yet confirmed.

Price data: CoinGecko, cross-checked with Jupiter.