Raydium (RAY) Up 215% In 10 Months: Will Bulls Slow Down After Pump.fun Token Launch?
October 28 2024 - 11:00PM
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Raydium (RAY) is on a tear. Despite the usual volatility across all
crypto assets, including blue-chip meme coins like Dogecoin and
Pepe, the token is up 215% this year. Raydium Rallying But Traders
Must Be Cautious Taking to X, the analyst maintains that RAY will
likely continue rallying as long as Pump.fun, the meme coin
launchpad on Solana, is token-free. RAY is within a breakout
pattern at spot rates, easing past March and July highs and
printing a new 2024 high in the process. Related Reading: GOAT
Outpaces PEPE Growing To $900M Market Cap In 2 Weeks – Details As
it is, not only did buyers force the token above these two major
liquidation levels, but it impressively shook off the weakness of
August and September, more than doubling from September lows in the
process. As crypto sentiment improves, the odds of RAY
edging higher for the better part of Q4 2024 will only increase.
For now, traders expect the “uptober” to benefit altcoins the most.
If Bitcoin, Ethereum, and Solana prices tick higher, breaking key
resistances in the coming sessions, other quality DeFi tokens,
including RAY, will find major tailwinds. Despite the confidence
that Q4 of every trading year brings, Bitcoin has been moving
sideways, struggling to breach $70,000. If there is an upswing,
perhaps triggered by the outcome of the upcoming general election
in the United States, RAY could extend gains in the process. Will A
Pump.fun Token Slow Down RAY Bulls? The pace at which RAY expands,
recouping losses of 2022, will also depend on other market factors,
including meme coin activity on Solana. Additionally, traders will
determine whether Pump.fun will launch their native utility and
governance token. This is crucial because liquid tokens, surpassing
the 69 SOL market cap threshold, are automatically listed on
Raydium. Related Reading: Top Crypto Analyst Unveils Best Altcoins
For The 2025 Bull Run Pump.fun is one of the most active platforms
on Solana, aiding the minting of over 2.7 million meme coins on
Solana. Due to this, the meme coin launchpad has generated over
$152 million in fees, according at Dune Analytics. The eventual
launch of a Pump.fun governance token will allow the platform to
tap value, taking advantage of its valuation and virality. The team
revealed plans to launch their token and a trading bot in a recent
Twitter Spaces. As positive as this may be, there is no specific
timeline for the token’s launch. A Pump.fun token could
attract liquidity away from RAY, possibly dampening the DEX’s
growth despite the Pump.fun-Raydium current relationship, investors
will find the meme coin launchpad’s token more attractive,
especially if it serves a useful purpose and allows holders to
participate in governance. Feature image from DALLE, chart from
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