Raydium (RAY) has booked gains of 6.2% in the past 24 hours as Solana meme coins experienced a strong rally today.

This project is the largest decentralized exchange in the Solana ecosystem with 24-hour trading volumes exceeding half a billion dollars.

Weekly volumes had been declining since the beginning of May. However, as tokens like Fartcoin (FARTCOIN) and Popcat (POPCAT) make a strong comeback, this could result in a spike in trading activity for this DEX.

Solana meme coins have gone up by 6.3% in the past 24 hours according to data from CoinGecko. The combined market cap of these assets currently sits at $11 billion, accounting for nearly a fifth of that total.

Raydium had been experiencing stronger competition from other DEXs like Orca and Pump Swap. However, the project recently launched its own version of Pump.fun called LaunchLab after the two protocols parted ways.

The Solana ecosystem has been growing and expanding rapidly with the help of meme coins. If this continues to be the preferred blockchain to mint and promote this kind of token, this would favor a bullish Raydium price prediction.

Raydium Price Prediction: RAY Finds Support at $2 and Could Double Its Price

Raydium experienced a significant decline ever since it touched the $3.5 level in late May as selling pressure was quite strong back then.

The market needed a breather after the rally that started in late April pushed the token to those heights.

Momentum indicators were already quite stretched as the Relative Strength Index (RSI) reached overbought levels two times in a relatively short period.

RAY broke below its trend line support as a result of this recent pullback but seems to have found strong support at the $2 level. The price has performed positively for four days in a row since it touched that mark.

This emphasizes its importance to market participants and possibly means that there were a significant number of order blocks standing at that psychological threshold.

If the price breaks above its short-term exponential moving averages (EMAs), RAY could tag its former trend line support from below. This would mean a push toward the $4 to $4.5 level, meaning an 80% to 100% upside potential from where the token stands today.

Trading volumes today exceeded the 21-day moving average as the rally accelerated and the Relative Strength Index (RSI) sent a buy signal as it moved above its 14-day moving average. This confirms a bullish outlook for RAY.

Meanwhile, as the Solana ecosystem expands, the need for new scaling protocols like Solaxy (SOLX) becomes more evident than ever. This project is already one of the hottest crypto presales of the year and you may want to check it out before this early sale ends.

Solaxy (SOLX) Nears the End of Its Presale with More than $40M Raised

Solaxy (SOLX) is a layer-2 scaling protocol for the Solana blockchain that bundles transactions in a side chain.

The goal of this L2 is to alleviate the mainnet’s burden during peak usage periods when the network has struggled to keep up with rising transaction volumes.

The developing team has already launched a testnet and a block explorer for investors to check how the solution performs in a controlled environment.

Analysts agree that the price of $SOLX, the solution’s utility token, could skyrocket once Solaxy is adopted by top wallets and exchanges.