RAY at a Crossroads: Can $3.05 Support Hold After Raydium’s 10% Plunge?

Raydium's native token RAY just got rocked—down 10% in a brutal market shakeout. Now all eyes are on that $3.05 support level like traders waiting for a parachute to open.

Make or Break

The charts are screaming: hold here, and bulls might salvage a rally. Crack this floor? Fasten your seatbelts for potential freefall. Liquidity pools below look thinner than a crypto influencer's trading skills.

Market Whiplash

DeFi tokens are getting slaughtered across the board—but RAY's sharper drop suggests some overleveraged positions got liquidated harder than a 3AM futures gambler. The order book shows clusters of buy orders near $3... for now.

Finance Never Changes

Whether this is a buying opportunity or dead cat bounce depends entirely on whether you believe in 'support levels' or 'financial astrology'. Either way, someone's about to get rekt.

Key Takeaways

RAY slipped by 10% over the last 24 hours. Buyers in the spot market are still in dominance since mid-June, suggesting long-term bullish momentum despite short-term price corrections.

Raydium [RAY] has slipped about 10% in the past 24 hours, testing support NEAR the $3.28 zone.

For most traders, the MOVE looks like a routine correction after weeks of steady gains. But digging into on-chain activity, the picture becomes more interesting.

Whales accumulate orders at key levels

Large holders — the whales — are not stepping back. In fact, they have been adding to their positions at these lower levels.

That kind of behavior has historically signaled confidence, particularly when it happens close to a demand zone.

The development suggests that some big players see value in RAY even as short-term sentiment sparks cautionary signals.

Source: CryptoQuant

Raydium: Spot market buyers still in control

Retail traders have not disappeared, either.

AMBCrypto’s analysis of RAY’s spot market data shows that buyers have generally had the upper hand since mid-June. Order FLOW has leaned bullish on average, which has helped prevent deeper pullbacks.

That continued presence of smaller buyers gives RAY a bit of cushion, even in the current choppy market.

Source: CryptoQuant

A bullish setup in the making?

The technical picture is still mixed. The sell-off has pulled momentum indicators into shaky territory and short-term charts lean bearish.

However, the overall structure remains bullish until the $3.05 low is cleared. For now, the dip seems to be just a short correction before RAY prices resume their current bullish trend.

But if whales keep accumulating and spot demand holds, RAY could be setting up for a stronger rebound. The real test will be whether it can defend the current zone and turn buyer dominance into a sustained rally.

As the structure stands, a successful reversal to resume the bullish trend is more likely to occur.

Source: TradingView