The Raydium token rose for five consecutive days as its protocol count rebounded significantly in the past seven days.
Radium (DID) increased to $5.6, the highest level since December 11 and 50% above the lowest level in December. It has continued to outperform other decentralized exchanges such as Uniswap (UNI) and PancakeSwap (CACHE).
RAY has been one of the best performing cryptocurrencies in the last two years as it went up over 3,100%. Its circulating market cap has jumped to $1.3 billion, while its fully diluted valuation has risen to more than $3.1 billion.
Raydium's performance is mainly due to its rise and becoming the second largest player in the DEX industry after Uniswap.
Its seven-day volume jumped 60% to $16.58 billion, while Uniswap's volume rose 6.4% to $18.2 billion. It has handled $316 billion in transactions since its inception and $60.68 billion in the past 30 days.
Raydium volume has increased due to the ongoing trend in Solana (SOL) meme coins. according to CoinGeckoall Solana meme coins have a market cap of over $21.6 billion, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, Fartcoin, and Popcat being the largest.
Solana meme coins are also among the largest trading assets in the crypto industry, with their 24-hour volume rising to $4.3 billion.
Raydium price analysis
The daily chart shows that the price of RAY has been on a strong rise in the last two years. It rose from $1.2312 last September to nearly $6 today.
Recently, the token formed a bullish flag chart pattern, which consists of a long straight line that looks like a flag. It has now moved above the upper side of this flag, indicating a breakout.
RAY has moved above the 50-day and 100-day moving averages, a positive sign. It has also jumped above the Supertrend indicator, while the Percentage Price Oscillator and Relative Strength Index have risen.
The Supertrend indicator is based on the True Average Range and is a popular trend indicator. On the other hand, the PPO and the RSI are used to indicate the strength of an asset.
Therefore, Raydium will likely continue to rise as bulls aim for an all-time high of $6.50. A move above that level will signal further gains, perhaps to $7.
