Raydium’s $4 Breakout – A Soaring Dream or a Crushing Letdown?
- Raydium has gallantly hurdled over the $2.85 level – it’s officially a break in structure, darling.
- The approach to the $4 psychological wall might be met with a rather dramatic pause, but who knows?
Oh, Raydium! After a charming little waltz upwards over the last eight days, this decentralized exchange token of Solana’s has decided to break a few hearts and a lot of resistance levels. After a cheeky little flirtation with the $2.2 support zone, Raydium has soared a staggering 64.9%. And I dare say, it has a flair for drama!
Two weeks ago, we were all left breathlessly staring at reports proclaiming the bulls were ready to charge. It seemed like a perfect, if slightly melodramatic, scenario – and, well, it hasn’t disappointed. But then came a 27% price dip, as if the market was attempting some tragic love story, falling from $3 to $2.2. Still, our altcoin friends have decided to rise again. Bravo!
Raydium to flirt with $4, but can it make the move without tripping over its heels?
Looking at the 1-day chart, Raydium’s market structure is as bullish as an overly optimistic debutante at a ball. The token has dramatically broken past a rather pesky lower high set in March, flipping the market’s swing structure to bullish – a rather fabulous move, I must say.
The villain of this narrative, however, is the $2.85 mark. After a rather bold move on the 10th of May, Raydium dashed past this level and then promptly retested it as support. But oh, the challenge! The Awesome Oscillator, bless its heart, failed to paint a higher high, even though the price was climbing towards that daunting $4 resistance.
This all-too-familiar bearish divergence could lead to a rather awkward situation: RAY might not have the gusto to truly face down the $4 mark, at least not on its first attempt. Still, the CMF is showing a rather lovely +0.05, so there’s that hint of buying pressure.
On the 4-hour chart, the capital inflow isn’t exactly setting the world alight. The CMF dipped from a promising +0.05 to a slightly tragic -0.26 just 36 hours ago. So while the Awesome Oscillator is dancing with bullish momentum, the lack of demand might cause Raydium to falter in its rise. Quite the conundrum, isn’t it?
Ah, but we’re not without a twist! Data from Coinalyze tells the tale of speculative interest soaring like a Broadway hit. The Open Interest shot up from $7.8 million to $11.26 million in a single day, as Raydium waltzed past the $3.2 resistance.
The Funding Rate, ever the optimist, remains positive. Combined with the rising Open Interest, it paints a rather cheerful picture for the short-term. But don’t be fooled, darling. The 1-day bearish divergence is still lurking like a villain in a vintage melodrama, threatening to halt this dance or pull it back from the glimmering $4 resistance.
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2025-05-15 09:16