Raydium has jumped by 15% today, with the Solana-based coin rising to $5.60 as the cryptocurrency market suffers a 0.5% dip in the past 24 hours.
Despite this rise, RAY is still down by 10% in a week and 20% in a fortnight, yet the altcoin – now the 68th-biggest token in the market – boasts a very impressive 392% increase in the last 12 months.
This growth has followed from the explosion of meme tokens on Solana, with Raydium serving as the DEX of choice for the vast majority of such coins.
It now has a total value locked in of $2 billion, according to DappRadar, and shows every sign of continuing to expand.
Could Raydium Hit $100? Solana’s Meme Coin Surge Sends RAY Skyrocketing
The wider market may still be struggling, but Raydium has found some solid momentum today, with its indicators pointing to a possible breakout.
For instance, its relative strength index (purple) has powered from 35 early this morning to around 65 as of writing, with there remaining plenty of room for further gains before the indicators enters an overbought position.
Meanwhile, its 30-period average (orange) has begun rising again after flattening out this morning, with it looking as though it will climb over the 200-period soon (blue), forming a golden cross.
Golden cross often indicate a breakout, and with Raydium’s trading volume more than doubling today (to $177 million), there is a strong suggestion of a positive shift in sentiment.
This is what many analysts are suggesting today, with some pointing out that its chart has formed a bullish falling wedge pattern, which also points to a positive reversal.
Not only are RAY’s technicals promising, but it arguably boasts some of the strongest fundamentals of any top-100 altcoin.
Its native platform, Raydium, is an automated market maker (or decentralized exchange) that has been growing on the back of a growth in meme coins.
According to publicly available data, it processed $167 billion in trading volume last month, while its protocol spent $54 million on RAY buybacks, reducing its circulating supply.
As such, there’s every reason to believe that the Raydium price will continue to rise in the coming weeks, with the coin on course to reach $10 by the end of H1 2025.
Solana-Based Altcoin Could Be One of 2025’s Big Newcomers
While Raydium looks like it’s ready to break new ground this year, it won’t be the only Solana-based alt to earn its holders substantial profits.
We’re also seeing an influx of new tokens hit the market, including several coins holding some very popular presales, which indicate significant interest.
New Solana-based layer-two platform Solaxy (SOLX) is one such project, with its ongoing presale now sitting on a total of $19.6 million.
As Solana’s first L2 network, Solaxy promises faster transactions and lower fees, addressing Solana’s ongoing issues with delays and dropped transactions.
Solaxy will enable instant bridging between its own network, Solana, and other blockchains, with future plans for expanded compatibility.
Importantly, the project is aiming to become a key platform for meme tokens, something which could see it eat into Raydium’s share of Solana’s meme token market.
Judging by the size of raise, and by the fact that it already has 67,000 followers on X, it’s already in a good position to grow strongly once it launches in the next few weeks.
Investors can join its sale by visiting Solaxy’s official website and connecting a supported wallet, such as Best Wallet or MetaMask.
Available at $0.001632, SOLX will see its sale price rise again in under two days.
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