$RAYSOL $RAY 24h has surged 15 points to 1.4217, with trading volume of 137.9M. This volume is considered upper-middle in the Solana ecosystem. $SOL Recently, on-chain DEX activity has indeed been picking up. As a long-established AMM, Raydium has benefited from this wave of liquidity spillover.
But I think this move is more like short-term capital rotation, not the start of a sustained trend. Reasons: the high at 1.4876 to the current price of 1.4217—the upper wick isn’t short, which suggests there’s sell pressure around 1.48. Also, with trading volume of 137.9M at this market-cap level, turnover is a bit too fast—typical of short-term whipsaw trading.
If you really want to be bullish on $RAY , you’d need to wait for it to stabilize above 1.45 and then see increased volume; otherwise it’s just the rhythm of back-and-forth pinning. People chasing price now are likely helping lift the bag for those who bottom-picked earlier around 1.18.
My own take: the sustainability of this upswing is questionable—1.48 is the hard ceiling in the recent period. If you disagree, you can use on-chain data to refute me.
But I think this move is more like short-term capital rotation, not the start of a sustained trend. Reasons: the high at 1.4876 to the current price of 1.4217—the upper wick isn’t short, which suggests there’s sell pressure around 1.48. Also, with trading volume of 137.9M at this market-cap level, turnover is a bit too fast—typical of short-term whipsaw trading.
If you really want to be bullish on $RAY , you’d need to wait for it to stabilize above 1.45 and then see increased volume; otherwise it’s just the rhythm of back-and-forth pinning. People chasing price now are likely helping lift the bag for those who bottom-picked earlier around 1.18.
My own take: the sustainability of this upswing is questionable—1.48 is the hard ceiling in the recent period. If you disagree, you can use on-chain data to refute me.