Raydium Price Tests Pivot Level as Tokenized-Equity Activity Continues to Rise
Raydium's price has cooled off after a strong September rally, bringing its recent high back into focus. The token surged from $0.60 to over $1.80 on September 11th before sellers rejected that level and pushed the price down about 17% to $1.50.
The decline in price has also led to a decrease in momentum, with the Relative Strength Index (RSI) falling from above 80 to 53.95. Additionally, trading volume has eased significantly since the breakout, indicating decreasing selling pressure.
Raydium is now testing its pivot level of $1.4583, and holding this level would keep the recent bullish structure intact. A break below it could expose $1.10 as key support.
Rising tokenized-equity activity and buybacks are giving RAY stronger fundamentals, with the protocol generating over 63% of all volume in trading in tokenized stocks on Solana's DEX since June.