- RAY is consolidating above $2.70, forming higher lows along a key ascending trendline.
- A decisive breakout above $3.80 may target $4.11, $5.53, and $6.46 via Fibonacci extensions.
- 72M RAY buybacks, 27% of supply, boost fundamentals amid rising DeFi confidence on Solana.
Raydium (RAY) is tightening its consolidation near $2.90, building momentum towards a crucial $3.80 resistance. With strong technical support and growing buyback activity, RAY looks poised for a breakout.
Price Structure Signals Strength
Raydium’s (RAY) daily chart shows a clear ascending triangle pattern, which usually points to a possible price rise. The price is steady around $2.95 and above the trendline that has been in place since mid-May.
Looking at the Fibonacci retracement levels, RAY is trading above the key 0.618 level near $2.72, which often acts as strong support in an uptrend.Buyers are stepping in regularly and keeping the price moving up.
The main resistance to watch is at $3.80, which is the top of the triangle. If the price breaks above this point, it could lead to a strong rally with potential targets at $4.11, $5.53, and even $6.46.
For now, short-term dips have found reliable support between $2.70 and $2.80, zones where buyers have shown strength during previous accumulation phases.On lower timeframes, particularly the 4-hour chart, price action recently stalled at $3.00–$3.20, showing temporary resistance but not a full rejection.
Buyback Momentum Reinforces Bullish Case
On the fundamental side, Raydium has announced over $200 million in RAY buybacks, repurchasing 72 million RAY, approximately 27% of its circulating supply. This move signals strong confidence from the protocol team, aligning long-term incentives with its community and strengthening RAY’s tokenomics.
Trading volume has slowed down recently, with futures activity on platforms like Bitget and MEXC dropping by half. Still, open interest stays strong at $43.61 million, showing that traders remain engaged.
Spot trading on OKX, KuCoin, and Coinbase continues, but sentiment is mixed.Volume spikes during upward moves indicate bursts of demand, while fading volume near resistance suggests consolidation before potential continuation.
Solana’s Revival Boosts Broader Confidence
Raydium’s outlook looks brighter thanks to Solana’s comeback. According to DeFiLlama, Solana’s Total Value Locked (TVL) has climbed back over $2.5 billion, reaching levels seen before the crash.
After a rough patch following the FTX fallout, Solana’s network is gaining new life thanks to upgraded infrastructure and active developers. As one of Solana’s top DeFi projects, Raydium is well-positioned to benefit from this momentum, making RAY a token worth watching closely.
