RAY rises 10% as Raydium captures 64% of StonkFun volume

Raydium [$RAY] gained 10% over 24 hours, reaching $1.76 and outperforming the broader crypto market by 3.99%. The move coincided with Raydium supporting Injective’s Solana expansion and handling most of StonkFun’s trading activity.

StonkFun’s all-time Trading Volume reached $2.67 billion, with Raydium processing $1.713 billion. That gave Raydium a 64% share, showing how integrations were translating into measurable protocol usage.

Meanwhile, Solana [SOL] also posted gains, adding a broader ecosystem tailwind.

Why is Raydium activity rising?

Raydium’s wider role across Solana continued to strengthen its position as a major liquidity venue. More importantly, protocol activity reached new highs across several metrics.

Total Value Locked [TVL] climbed to $1.26 billion, while Holders Revenue rose to $280,000 over 24 hours.

Together, rising liquidity and revenue suggested that the rally had support beyond broader Solana momentum.

For $RAY, that distinction matters. A rally supported by utility, liquidity and revenue has a broader foundation than price momentum alone.

However, that support depends on ecosystem activity remaining elevated.

Can $RAY hold above $1.75?

$RAY’s 10% gain pushed the token through key resistance and above the $1.75 support area. At the same time, $RAY remained above its key EMAs, leaving the longer-term structure with buyers.

If ecosystem activity continues and capital keeps entering Solana applications, $RAY could sustain its current momentum.

Even so, the rapid daily gain leaves the token vulnerable to profit-taking if buying pressure weakens.

The next test is no longer whether Raydium can attract activity. It is whether that activity can defend $1.75 after momentum cools.