Technical Analysis

7 min read

Raydium (RAY) Price Skyrockets 45% Following Major Listing on Upbit

Published June 19, 2025 8:47 AM

By Valdrin Tahiri

Edited by Ryan James

RAY Rallies After Upbit Listing | Credit: Hameem Sarwar

Key Takeaways

Raydium (RAY) increased by 45% after a listing by Upbit.
RAY has created a short-term double-bottom pattern.
Can RAY sustain its increase and move above its May highs?

On June 19, Korean Exchange Upbit added RAY to its KRW and USDT trading pairs, triggering a nearly 50% price surge.

The news-triggered rally temporarily ended a 35-day Raydium downward movement but failed to cause a breakout.

RAY attempts to break out from a diagonal and horizontal resistance and move toward $3.

Let’s examine the charts and see if this is likely.

RAY Price Rallies

The daily time frame analysis shows that the RAY price has fallen under a descending resistance trend line since May 14.

While doing so, the price also declined below the $2.250 horizontal area, which had previously provided support.

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Today’s RAY rally, triggered by the Upbit listing, briefly lifted the price above the diagonal and horizontal resistance.

However, it failed to sustain the rally, creating a long upper wick (red icon). So, while the increase is a positive sign, the failure to maintain it is bearish.

RAY Price Increase — RAY/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

Nevertheless, the rest of the price action is bullish. RAY has created a double-bottom pattern combined with bullish divergences in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) (orange).

So, the daily time frame gives a bullish RAY prediction, suggesting the price will eventually break out from these resistances.

What’s Next for RAY?

While the price action is bullish, the wave count suggests the RAY increase is corrective.

This is because the downward movement after May 15 is a five-wave decline (red), likely wave A in an A-B-C correction (black).

RAY Price Wave Count — RAY/USDT Six-Hour Chart | Credit: Valdrin Tahiri/TradingView

If the count is accurate, RAY will complete wave B inside the 0.5-0.618 Fibonacci retracement resistance at $2.90-$3.12.

Afterward, another downward movement for wave C is likely.

Another Bounce Incoming

The RAY price surged today after an Upbit listing, but did not sustain its upward movement.

The wave count suggests the increase is corrective, but the price can reach $2.90 – $3.10 before falling again.

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer. He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape. Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights. He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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