Raydium’s [$RAY] strong September rally has now entered a pullback, bringing a key support level back into focus. On the 17th of August, Raydium’s price rose from about $0.60 to $0.85 by the 5th of September before momentum accelerated.
The breakout then pushed the token above $1.10. Volume spiked along with the price, confirming stronger buying activity. From there, $RAY formed higher lows and advanced toward $1.80 on the 11th of September.
However, sellers rejected that level, pulling $RAY down about 17% to $1.50.
The decline has also cooled momentum, with RSI falling from above 80 to 53.95. Meanwhile, volume has eased from its breakout highs, suggesting selling pressure is losing strength.
$RAY now sits near the $1.4583 pivot, making this level important for the next move. At the same time, trading volume has dropped off significantly since the breakout, which indicates decreasing sales pressure.
If $RAY can hold onto this level, a bounce or rebound may begin to form as high as $1.60 and $1.80. Conversely, if $RAY breaks through this level downward, the decline may continue lower than that until reaching approximately $1.10.
Raydium leads Solana’s tokenized-equity market
Raydium’s recent price strength also comes as the protocol expands its role in Solana’s tokenized-equity market. Since June, it has dominated the market by generating over 63% of all volume of trading in tokenized stocks on Solana’s DEX.
This dominance includes being the primary platform for all the largest tokenized security exchanges. Raydium represents 75% of xStocks’ total trading volume and 60% of BackPack’s total trading volume.
Also, the xStocks that were traded on Raydium totaled $1.63 billion in Q2, indicating the scale of the activity.
Solana recorded roughly $5.8 billion in tokenized-stock DEX volume during the quarter, placing Raydium at the center of a growing market.
This activity adds another layer to Raydium’s broader trading strength, while its concentration across major tokenized assets reinforces its position as a key liquidity venue.
Raydium’s fundamentals face a key $RAY test
The tokenized equity of Raydium is clearly evident in the economic performance of the protocol. Over the past 30 days, the protocol generated roughly $18.8 million in fees and $3 million in revenue.
Notably, a portion of that revenue supports $RAY buybacks, linking higher activity with token demand. With $RAY valued at roughly over $400 million, sustained fee growth could be of much influence to price recovery.
However, increased activity does not always translate to immediate recovery. In light of that, $RAY remains in a pullback and is now testing $1.4583. Holding this level would keep the recent bullish structure intact, while a break below it could expose $1.10.
For now, the fundamentals remain strong, but price action needs to confirm that strength.
Final Summary
- Raydium is testing $1.4583 after its rally, with $1.10 as key support.
- Rising tokenized-equity activity and buybacks give $RAY stronger fundamentals.