RAY, the native token of Solana decentralized exchange (DEX) Raydium, is up 15% today. This notable rebound comes after the DEX revealed that it is introducing LaunchLab, a platform that could directly compete with token generator Pump.fun.
At press time, the RAY token price hit $1.84, ending a 60% decline it had encountered in the last month. Can RAY maintain its recovery, or is this just a temporary bounce before another cooldown?
Less than a month ago, reports emerged that Pump.fun was planning to launch its own Automated Market Maker (AMM), reducing its dependence on Raydium.
This development caused the RAY token price to plunge by double-digits. But earlier today, the Solana DEX seemed to have hit back with a plan to challenge Pump.fun’s dominance in the Solana ecosystem.
However, an anonymous Raydium contributor clarified that LaunchLab won’t directly compete with Pump.fun.
In a post on X, the user noted that the token generator will support SOL and multiple tokens. He also noted that its objective is to be Solana’s go-to platform for token launches.
“We’re not here to compete with launchpads currently using Raydium — LaunchLab makes on-chain token launches easier for teams, offering a neutral, permissionless infra,” The contributor stated.
Amid this breakout, the Moving Average Convergence Divergence (MACD) also flipped to the positive region. The rise in the MACD reading indicates bullish momentum.
Besides that, the Chaikin Money Flow (CMF) also climbed past the zero signal line, indicating rising buying pressure. If this trend continues, RAY’s price might breeze past $2 in the short term.
The on-chain outlook also supports this thesis. According to Santiment, RAY’s price Daily Active Addresses (DAA) divergence is positive. DAA is a reliable on-chain metric for tracking user activity and overall network engagement.
Low user participation is a negative price-DAA divergence indicator—a bearish indicator. However, the token might sustain the uptrend with the metric in positive territory alongside RAY’s price surge.
Regarding its short-term outlook, RAY’s price has bounced off the $1.46 support. Amid this, the Bull Bear Power (BBP) has jumped to the positive region, indicating that sellers are no longer in control and buyers have the upper hand.
If this remains the same, the RAY token price might breach the resistance at $2.20. If successfully validated, the altcoin’s value next target could be $3.
If buying pressure increases, RAY might rally to $4.22 near the 0.618 Fibonacci golden ratio.
On the contrary, a correction could be made if the token fails to break above the $2.20 resistance. If that happens, RAY’s price could be $1.46 or below.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
