Raydium hits 3-month high amid major partnership: Can RAY explode further?

Raydium (RAY) is one of the cryptocurrencies to see huge gains in the past week. After trading to lows of $1.46 on June 24, Raydium price has risen steadily to reach highs of $2.73 on July 22.

This is the highest price level for the native token of the Solana-based automated market maker and DEX platform.

Why is Raydium price rising?

RAY broke above $2.00 on Friday, driven by news of Raydium’s integration with crypto payments platform MoonPay.

The collaboration announced on July 18 will see the MoonPay’s 20 million users benefit from access to the Solana ecosystem.

Raydium has integrated @moonpay, giving its 20M users instant access to the @solana ecosystem! 🚀

For new users, you can now on-ramp to Solana in seconds. For existing users, you now have off-ramp rails at your fingertips.https://t.co/ouBYKZ06vD

— Raydium (@RaydiumProtocol) July 18, 2024

The partnership introduces a new way for Raydium users to buy and sell Solana (SOL) with MoonPay. Notably, new users can now tap into MoonPay for fast on-ramping to Solana, while for existing users, the integration means fresh off-ramp rails.

Raydium users can now buy and sell crypto via payment options such as credit or debit cards, bank transfer, Apple Pay and Google Pay.

More than that, this alliance has outlined a potential spike in demand around the RAY token. These past few days suggest this to be the case as the RAY price has rallied higher.

Raydium TVL soars

Raydium’s growth as Solana’s leading DEX protocol and on-chain order book AMM has its total value locked (TVL) spike throughout the year. The platform also surged last December as its market share rose.

DeFiLlama data shows the TVL currently stands at $1.17 billion, with a sharp spike seen from $896 million on July 6 to over $1.17 billion on July 22.

This traction in the decentralized finance (DeFi) market puts Raydium on course for more gains.

What next for the RAY price?

As highlighted above, Raydium has shown an uptrend since late June. But before this, bears had successfully pinned bulls below $2.00 since the April 10 slip that followed Raydium price reaching its year-to-date highs in March.

These latest gains come after buyers broke above the supply wall at $2.00 on July 19. It also includes a significant 26% spike in the past week, an upside that mirrored Bitcoin’s ascend from under $64k to near $68,500 on Monday.

But while Raydium’s bounce has come amid the latest bullish sentiment for the broader crypto market, the network specific catalysts have contributed to the latest surge.

These factors may also provide the fresh impetus that could push RAY to its highest price since April 2022 when it traded above $3.65.

RAY price reached its all-time high of $16.83 in September 2021.

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