$RAY rose 10.89%, with only 7 of the 59 coins closing in the green, but its on-chain revenue figures are trending downward 🧐
Data (Binance Spot, 10-07 20:32): $RAY was trading at 2.434 USDT, with 24h trading volume of about 19 million U. At the same time, BTC was down 3.07% and ETH was down 4.95%; it ranked second among the top three gainers.
News: No clear positive news from Raydium’s official channels has been found so far today. Instead, the available data points to a cooldown. According to Pine Analytics’ quarterly report dated October 5, Raydium’s average daily fees for the first four days of October were about $860,000, compared with $1.49 million in September. The average number of tokens launched per day was also 39% lower than in September. The report also noted that September’s LaunchLab fees were highly concentrated among a single partner.
So this rally looks more like a continuation of the inflows behind September’s surge than another acceleration in fundamentals.
Scenarios:
1️⃣ If it holds above 2.4 and establishes itself there on rising volume, trend-following money may still be in play. Watch to see whether it can set a new recent high.
2️⃣ If it falls back below 2.19 (its level 24h ago), most of today’s gains will be erased and the countertrend thesis will be invalidated.
With price rising and revenue falling, which do you trust more: the candlestick chart or the fees?
Sources: Pine Analytics, Binance market data
$RAY #Solana #UnusualMovers
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.
Data (Binance Spot, 10-07 20:32): $RAY was trading at 2.434 USDT, with 24h trading volume of about 19 million U. At the same time, BTC was down 3.07% and ETH was down 4.95%; it ranked second among the top three gainers.
News: No clear positive news from Raydium’s official channels has been found so far today. Instead, the available data points to a cooldown. According to Pine Analytics’ quarterly report dated October 5, Raydium’s average daily fees for the first four days of October were about $860,000, compared with $1.49 million in September. The average number of tokens launched per day was also 39% lower than in September. The report also noted that September’s LaunchLab fees were highly concentrated among a single partner.
So this rally looks more like a continuation of the inflows behind September’s surge than another acceleration in fundamentals.
Scenarios:
1️⃣ If it holds above 2.4 and establishes itself there on rising volume, trend-following money may still be in play. Watch to see whether it can set a new recent high.
2️⃣ If it falls back below 2.19 (its level 24h ago), most of today’s gains will be erased and the countertrend thesis will be invalidated.
With price rising and revenue falling, which do you trust more: the candlestick chart or the fees?
Sources: Pine Analytics, Binance market data
$RAY #Solana #UnusualMovers
#BinanceSquare
⚠️ The above is a compilation of information and personal opinion, and does not constitute investment advice. DYOR.