Market Analysis

RAYDIUM PRICE ANALYSIS & PREDICTION (May 8) – Ray’s Bulls Sustain Pressure Despite Market Drops, Will They Last Long? 

Despite the latest drop, Ray remains bullish and continues to show signs of strength daily. It appeared strong today following a 5% increase in the last 24 hours.

The continuous increase in Ray’s price can be traced to Solana, which has been notably gaining strength since last week. 

Although its bullish trajectory is still looking intact despite failing to surpass the $1.8 level yesterday. Due to this suppression, buying pressure dropped and the market remained subjected to a choppy price action. 

Still, the bulls are not relenting but the recent price rejections suggested weakness in buying. If the current daily candle fails to close above the previous one, Ray may halt buying and start to lose momentum on the daily scale. Such an action may lead to another swing low if the bears take advantage of it. 

An engulfing candle close above the $1.85 resistance level, which has been serving as a primary obstacle for the buyers, could facilitate a quick surge to the top sooner than expected. 

Even though the market turns in favour of the bears, they will have to break below the recently bounced levels before they can fully regain control from the short-term perspective. Right now, there’s no room for selling. 

Aside from Raydium, which is part of the liquidity provider for Solana, other Defi projects on the ecosystem are currently floating up in terms of volume. 

RAY’s Key Level To Watch

Source: Tradingview

The closest obstacle for the bulls right now is the $1.85 resistance level. If they scale through, higher resistance levels to pay attention to would be $2 and $2.2 in the near term. 

A drop may trigger a pullback to a nearby level of $1.6. If the level fails to produce a rebound, lower supports to watch are $1.317 and $1.2. 

Key Resistance Levels: $1.85, $2, $2.2

Key Support Levels: $1.6, $1.317, $1.2

  • Spot Price: $1.76
  • 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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