Raydium Token Soars 96% in Week as Buybacks and New Launches Fuel Rally
The Raydium (RAY) token has experienced a significant surge in price over the past week, reaching its highest value since January. The token's price is up 96.5% from last week and has been driven by several key factors, including new product launches and record on-chain activity.
Raydium launched more than 15 tokenized US stocks on Solana, including Boeing, Costco, and Roblox, which are now tradable through Backpack Securities and Sunrise Protocol. This move ties Raydium to the growing narrative of real-world assets in crypto.
The platform also recorded its largest buyback of $640,788 worth of RAY tokens on September 9, funded by 12% of fees. On-chain data shows that SOL staked on Raydium has reached a new high of 470,817 tokens, with 162,085 active addresses and transactions reaching 3.1 million.
The technical picture for RAY is bullish, with the token trading above its 50-, 100-, and 200-day Exponential Moving Averages. The next target on the upside is around $1.4917, close to the $1.50 psychological level.