Raydium crypto surges 14% as negative funding raises short squeeze prospects

Raydium [RAY] spent many of the summer season going nowhere. Then in early September, it lastly wakened.

Why does that matter as we speak? Right here’s the rundown.

Raydium crypto jumps 14% in a day!

A lot of the market had a foul week, however Raydium clearly didn’t get the memo.

RAY traded round $0.90 earlier than its September breakout and climbed as excessive as $2.56 on 7 October, a rise of roughly 184%. Even after retreating to $2.31, the token remained greater than 150% above its early-September stage.

That hardly makes a distinction if you happen to consider the larger image. Earlier than its breakout on September 5, RAY was round $0.90.

It has greater than doubled up to now month alone.

The tempo remains to be there, however the tiredness is apparent. RSI was at 66; again in September, it was working above 80.

Chaikin Cash Circulate is constructive at 0.06, however effectively off its September highs.

However right here’s the place it will get attention-grabbing.

OI went from about $13 million to over $20 million throughout as we speak’s rally. On the similar time, funding went deep into the crimson, near -0.20%.

Loads of merchants opened brief positions, betting the pump wouldn’t final. OI has since dropped to about $16.3 million, and funding remains to be damaging at -0.08%.

The bears are nonetheless right here, however in fewer numbers.

Why is RAY working when every thing else isn’t?

Token Terminal information shows $12.4 billion in DEX quantity for tokenized shares on Solana this yr. About $6.1 billion of it went by Raydium’s swimming pools.

Meteora dealt with $2.3 billion, and Orca $1.2 billion. These two collectively nonetheless don’t match Raydium.

September is when issues actually picked up. According to Blockworks, Raydium’s tokenized fairness quantity hit about $260 million final month. In August, it was below $40 million.

Essentially the most traded ticker? NVDAx, the tokenized model of NVIDIA. There have been 115 others, however AI names had been clearly what individuals got here for.

So whereas many of the market sat this week out, RAY had precise buying and selling quantity behind it.

Last Abstract

• Raydium (RAY) jumped 14% in a day; greater than doubled up to now month.
• Raydium dealt with about $6.1 billion of Solana’s $12.4 billion tokenized inventory DEX quantity this yr.