$RAY 24h is up 14.7%, currently at 2.4785, while BTC is down 0.77% over the same period. This is a move driven by its own momentum. On Gate perpetuals, the daily high is 2.5675 and the daily low is 2.1465, with 24-hour trading volume of about 8.28 million U and a funding rate of -0.0101% (4h).
Price action: Yesterday, it traded sideways between 2.15 and 2.30 throughout the day. At 15:00, it touched 2.2987 before getting knocked back to 2.16. From 19:00 to 21:00, volume surged to about 3.65 million U over three hours as the price climbed from 2.21 all the way to the daily high of 2.5675. Between 22:00 and 23:00, about 2.27 million U changed hands as it ranged between 2.40 and 2.54, without breaking down. At 03:00, it surged again to 2.5358, then reached 2.5462 at 04:00; each successive high was lower than the last. At 08:00 and 09:00, it tested around 2.40 twice and was bought up both times, then bounced to 2.478 at 10:00.
Why: The rally was entirely driven by that three-hour volume surge last night. Now hourly volume is down to just over 100,000 U, and the buyers chasing the price higher are gone. But the funding rate is still negative: even after a nearly 15% rise, shorts are still paying to hold their positions. The price failed to break below 2.40 on two attempts, suggesting there are buyers underneath.
Conclusion: Don't chase above 2.50—that would mean taking the other side of last night's traders. Consider a small long on a pullback to 2.43–2.45, with a stop at 2.395. First target 2.54, then 2.567. If it breaks below 2.40, last night's sellers have finished distributing; admit you're wrong and exit—don't stubbornly hold on.
Price action: Yesterday, it traded sideways between 2.15 and 2.30 throughout the day. At 15:00, it touched 2.2987 before getting knocked back to 2.16. From 19:00 to 21:00, volume surged to about 3.65 million U over three hours as the price climbed from 2.21 all the way to the daily high of 2.5675. Between 22:00 and 23:00, about 2.27 million U changed hands as it ranged between 2.40 and 2.54, without breaking down. At 03:00, it surged again to 2.5358, then reached 2.5462 at 04:00; each successive high was lower than the last. At 08:00 and 09:00, it tested around 2.40 twice and was bought up both times, then bounced to 2.478 at 10:00.
Why: The rally was entirely driven by that three-hour volume surge last night. Now hourly volume is down to just over 100,000 U, and the buyers chasing the price higher are gone. But the funding rate is still negative: even after a nearly 15% rise, shorts are still paying to hold their positions. The price failed to break below 2.40 on two attempts, suggesting there are buyers underneath.
Conclusion: Don't chase above 2.50—that would mean taking the other side of last night's traders. Consider a small long on a pullback to 2.43–2.45, with a stop at 2.395. First target 2.54, then 2.567. If it breaks below 2.40, last night's sellers have finished distributing; admit you're wrong and exit—don't stubbornly hold on.