Despite this week’s crypto clampdown, Ray showed strength and continued to rally upward. It flipped through a key resistance to test a new high yesterday but faced rejection and is now looking for a retest.
Solana-based automated market maker – Raydium started this month a bit rough after managing to climb above the $1 mark on February 28.
It struggled for the first two weeks following a small higher high and higher low formation, which later led to a massive surge in volatility to a high of $2.8 for the first time in two years. A rejection occurred and the price was wicked to $2.3 at the time of writing.
This surge was fueled by the recent rally in Solana’s price, which fundamentally came as a result of liquidity flow from the leading coin. Technically, Ray lagged and was due for a fresh move during the last bullish phase.
Now that the move has eventually come into play following a notable increase above the key $2 resistance yesterday, it is now looking to retest it as support. A rebound should be expected after the retest.
Other Solana-based tokens like Jupiter, Orca and Serum have also charted some notable gains this week despite the drop in the global market cap. Ray remains super bullish following a 150% monthly gain.
RAY’s Key Level To Watch
Source: Tradingview
Considering yesterday’s rejection, Ray is now aiming the $2 support for a retest. Failure to rebound off this level could lead to more decrease to the $1.715 support. The lower support level to watch is located at $1.4.
Currently, the $2.6 and $2.8 levels are held as resistance. An increase above these levels could allow a quick test at $3 before advancing to $3.4.
Key Resistance Levels: $2.8, $3, $3.4
Key Support Levels: $2, $1.715, $1.4
- Spot Price: $2.3
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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