Raydium hits 3-month high – Is RAY’s $4 target within reach?

Key Points

1. Raydium's price peaked at $3.58 on August 9, its highest level in three months, with a 424% surge in 24-hour trading volume to $322.66 million.

2. In July, Raydium processed $40.1 billion in monthly volume (a 71% increase) and generated $18.33 million in revenue (up 137% from June), with $9.5 million in RAY buybacks.

3. Whale activity remained strong, with $5.28 million in buys against $4.25 million in sells, indicating a positive Buy/Sell Delta of 1.04 million RAY.

4. Profit-taking emerged as Raydium's Spot Netflow reached a 7-week high, signaling potential selling pressure.

5. Momentum indicators like the Directional Movement Index (DMI) and Relative Vigor Index (RVGI) suggest bullish potential, with resistance levels at $3.70 and $4.10 if buying continues.