TL;DR
- Raydium surges over 18% following Upbit’s launch of new RAY/KRW and RAY/USDT pairs.
- Enhanced liquidity boosts trading efficiency, drawing increased investor interest and capital.
- Bullish technical signals, including strong support levels and rising futures interest, hint at further gains.
Raydium (RAY) sparked an impressive rise in the crypto markets on Thursday, climbing over 18% during the early Asian trading hours. The impressive price jump came on the heels of an exciting development from South Korea’s largest crypto exchange, Upbit, which recently announced the listing of new RAY trading pairs against KRW and USDT. This fresh market exposure has injected renewed confidence and momentum into the token’s outlook.
New Listing Sparks Bullish Momentum
The listing of RAY trading pairs on Upbit represents a pivotal moment for the Solana-based automated market maker. With enhanced exposure to the KRW and USDT markets, the token’s liquidity has taken center stage. Traders welcomed the news as it coincided with RAY finding strong support around its $2 psychological level the previous day.
The announcement not only validated the token’s potential but also attracted considerable fresh capital, as shown by a significant increase in futures open interest. This development signals that market participants are optimistic about the rally and are ready to invest further in its upward trajectory.
Enhanced Liquidity and Increased Exposure
By adding RAY/KRW and RAY/USDT pairs, Upbit has vastly broadened the token’s trading landscape. Increased liquidity means smoother order execution and reduced slippage, key factors that entice both retail and institutional investors. This expanded access enables traders to quickly enter and exit positions, ensuring a more efficient trading experience overall.
With the market now more accessible, RAY is likely to benefit from heightened trading volumes, which could further propel its momentum. The new trading pairs also enhance the token’s visibility on the global stage, positioning it favorably for sustained long-term growth.
Technical Signals Point to Further Gains
Technical indicators are echoing the bullish sentiment. RAY’s price, now trading at around $2.20, increasing an extra 10%, is eyeing further resistance near $3.05. The 50-day exponential moving average is closely watched by market enthusiasts; a strong close above this level could pave the way for additional rallies.
Complementary signals such as a rising RSI and a bullish MACD crossover suggest that the early signs of renewed buyer strength are here to stay.
