While digital assets see a sigh of relief with Bitcoin jumping above $98,000, altcoins are swiftly rebounding.
Raydium’s RAY led the gainers within the past day, following a 29.24% price surge.
Besides the ongoing broad market recovery, bullish ecosystem developments contributed to the alt’s outperformance in the past 24 hours.
The latest stats show Raydium has outshined Uniswap as the leading decentralized exchange in 30-day trading volume for two consecutive months.
Raydium dominates DeFi
Raydium has performed well after emerging as the top DEX by trading volume in October.
Its dominance over the Solana ecosystem, which heated during the latest meme coin craze, contributed to Raydium’s success.
In October, @RaydiumProtocol emerged as the leading DEX by trading volume across all chains.
This trend accelerated in November, with Raydium processing $124.6 billion in monthly volume, surpassing Uniswap’s $90.5 billion by 30%.
According to Messari’s reporter Matt Kreiser,
October was Raydium’s first month as the number one DEX by volume across all chains. This trend accelerated in November with Raydium eclipsing Uniswap in monthly DEC volume by roughly 30% ($124.6 billion vs $90.5 billion)
These stats showcase Raydium’s increasing popularity within the decentralized finance world.
Such trends add to the narrative that experts trust might lead to the disruption of established DEXs such as Uniswap.
RAY’s price performance
The exchange’s native token maintained an uptrend within the past day.
It climbed from $4.4368 to a 24-hour peak of $5.7340 – a 29.24% surge.
RAY trades at $5.55 and seems to boast what it takes for new all-time highs of $7 (in the near term).
The daily chart supports the upside stance, showcasing a pullback after a massive rally.
Nonetheless, the recovery absorbed the bearish range from $6.50 to $4.43 – a 32% decline within 17 days.
However, robust uptrends over the past day triggered a bullish resurgence and pushed RAY past the $5.0 psychological mark.
That has opened the path toward the nearest hurdle at the 23.6% FIB level ($5.65).
Moreover, the 4H MACD and signal lines have approached a bullish divergence, supporting the shifting dynamics.
Trend-based FIB levels on the daily timeframe signal a potential rally to the 50% FIB zone at $7.01.
That would mean a new all-time high for RAY before the new year.
The channel breakout
RAY’s pullback phase prints a descending channel setup on the 4H timeframe.
The prevailing rally has formed a V-shaped reversal, breaking past the upper trendline.
The altcoin surpassed the $5.33 resistance with solid bullish candlesticks.
RAY’s recovery indicates possibilities of hitting the descending channel’s pinnace – at $6.34. That might see the coin hitting record highs of $6.68.
Broad market sentiments support Raydium’s recovery as analysts expect explosive upswings after the recent double-digit losses in the altcoin market.
The platform’s success in the DeFi sector will be crucial in driving stable price growth in the upcoming sessions.
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