Raydium's [RAY] pullback extended to 20% and hit $5, a key level on higher-time frame charts. Will it hold and trigger a recovery?
Will the $5 support trigger a price recovery for the altcoin?, Solana’s premier memecoin trading site, has lost over 20% of its token value in the past two weeks.
As of this writing, RAY consolidated tightly around $5 but faced increased sell-pressure from centralized exchanges. Will $5 support hold or crack?RAY entered price consolidation after hitting a record high of $6.5 in mid-November. Buying pressure declined afterwards as sell pressure compounded. In December, RAY’s demand turned negative, as shown by the RSI below 50 median level on the 12-hour chart. This complicated recovery chances keep the altcoin confined to the lower range of its channel.Source: RAY/USDT, TradingViewLosing the level would make a lower low and flip the market structure bearish. If so, $3.6 could be the next support level.RAY sell pressureAccording to Santiment, sell pressure steadily increased in November.
Over the same period, new demand for the altcoin dropped. This was contrary to the strong buying trend in October, suggesting short-term holders booked profit in November and December.While the sell-off could be a great buying opportunity for investors eyeing long-term strategies, there wasn’t a clear sign for RAY traders.For swing traders, a weekly candlestick close above $5 could suggest strengthening and a potential buying opportunity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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