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$RAY price is poised for a 30% surge to $4.20, buoyed by Raydium’s ongoing token buybacks.
Raydium ($RAY) has surged 10% in the past 24 hours, currently trading around $3.30 as it consolidates following its recent 60% rally from $2.40 to $3.86. The price structure is decisively bullish, with $RAY price having printed five consecutive higher highs and higher lows. It also continues to trade above both 20 EMA and 50 SMA, which have maintained a bullish crossover since mid-April.
$RAY buybacks fuel bullish momentum - 1"> This uptrend appears to be driven by Raydium’s ongoing token buyback program, which allocates 12% of trading fees toward repurchasing $RAY tokens. While buybacks have slowed since mid-March, they have been more or less steady since then with occasional spikes.
The local resistance lies at $3.50. A confirmed breakout above this level would open the door to the next key resistance at $4.20 — a key horizontal level that acted as support for multiple months before the sharp sell-off in late February. A rally to $4.20 would mark almost 30% increase from the current levels. If that’s cleared, the next major resistance is around $5.70, where the price was repeatedly rejected before and after the January rally that peaked at $8.60. The RSI sits at 58, meaning there’s room to run once the price breaks out of the current consolidation.
The bullish outlook would be invalidated if $RAY drops below the $2.20 support. A break below that could send $RAY down toward the $1.50 level. However, given the sustained bullish crossover between the 20 and 50 EMAs and the consistent series of higher highs and lows for nearly two months, the trend is looking strong.