The price of Raydium [RAY] dropped by 13% after the asset lost the $2.5 level and fell to $2.0. At the time of writing, the RAY price was fluctuating around $2.15. The price decline was driven by increased sales in the spot market. On October 12, net sales on the spot market sharply decreased to -$1.3 million, but on October 13, there was a positive inflow of $0.5 million, indicating increased activity on exchanges.
Spot market sales volume amounted to $3.7 million, while the purchase volume was $2.6 million, worsening the buy-sell ratio. As a result, the delta between purchases and sales fell to -$1.17 million, showing that sales volume exceeded purchase volume. This creates potential for further price decline. In the derivatives market, the situation was different: futures contracts recorded an inflow of more than $9.2 million and an outflow of $8.1 million. The net inflow in the futures market was $1.2 million, which is 2.27 times higher compared to the previous period. The volume of perpetual contracts also increased from $3.2 million to $9.9 million, indicating trader activity.
A brief overview shows that after the sharp drop, Raydium may not hold the $2 level if selling pressure continues. Technical analysis using MACD shows that a bearish crossover has formed on the chart, which could lead to further decline, down to $1.8, if demand does not recover. However, activity in the derivatives market does not yet indicate panic among traders, which means Raydium may still attempt to hold the $2.0 mark and return to the $2.5 level.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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