Raydium Price Taps Key Support at $1.4583 Amid Growing Tokenized-Equity Activity

Raydium's (RAY) recent price surge has slowed down, and it's currently testing a key support level of $1.4583. The token had risen from around $0.60 to over $1.80 in mid-September but faced rejection at that level, pulling back 17% to $1.50.

The decline has also cooled momentum, with the Relative Strength Index (RSI) falling from above 80 to 53.95. Meanwhile, volume has eased significantly since the breakout, indicating decreasing selling pressure.

RAY's dominance in Solana's tokenized-equity market is another factor supporting its fundamentals. Since June, it has generated over 63% of all trading volume in tokenized stocks on Solana's DEX, with a significant portion coming from xStocks and BackPack.