Following yesterday’s breakout of a key resistance level, Ray appeared bullish daily and ready for a bigger explosion. While charging for more gains today, it faced rejection and is now slightly down on the day.
Several Solana-based projects have experienced major gains in the last 48 hours, witnessing their most volatile buying session in the past week.
Ray, one of Sol’s major liquidity providers, has been on a serious buying spree since breaking out of a key resistance level yesterday, indicating a new bullish move on the daily chart.
However, the price is currently down, but now that it has established support well above $1.4, we may see a mid-term shift in the market structure following the latest surge. Things are looking good for the bulls, but they may face many hurdles until the price exceeds $3.3. Nonetheless, a huge rally lurks around the corner.
From a technical standpoint, the bulls are unlikely to give up anytime soon. And if they do, the market may experience a small pullback under $2 to nearby support before resuming an upsurge.
Ray currently appeared bullish on the week but while the price is still looking relatively cheap from a long-term perspective, a huge return on investment (ROI) can be expected as the future looks promising.
RAY’s Key Level To Watch
As the price broke through a key resistance, the next target level for buying is $2.38 resistance. Higher levels to consider for a test is $2.66, followed by the $2.95 resistance level tapped on March 15.
While the price is currently down, Ray may retest $1.88 as support. The lower support to watch for drops is $1.67. Losing the monthly $1.59 low may lead to another decline.
Key Resistance Levels: $2.38, $2.66, $2.95
Key Support Levels: $1.88, $1.67, $1.59
- Spot Price: $2
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: aoo3771/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/raydium-price-analysis-prediction-october-16-ray-breaks-above-2-following-10-surge-daily-greenlights-buy/