Raydium Price Correction Intensifies as Market Sentiment Weakens

Raydium's price correction has intensified as its monthly gains reached 138% before dropping by 12.06%. The price drop can be attributed to profit-taking activity and weakening market sentiment, which triggered a decline in the Crypto Fear & Greed Index from 70 to 69.

The asset's daily trading volume reached approximately $75.4 million during the sell-off, validating strong participation. However, the broader conditions became less supportive as leverage declined, with Open Interest dropping by 8.88% to $15.93 million.

Derivatives market participants minimized exposure as RAY's retracement spread beyond the spot market. The recent liquidation activity provided another element to the deleveraging trend, with long liquidations dominating during the latest reading.