Can RAY Token Price Revisit All-Time Highs?

Ray, the Solana-based automated market maker (AMM) and native of liquidity provider Radium, was the market's biggest gainer in the past 24 hours. This happened despite widespread market volatility during that period.

With increasing trading activity, RAY is trading at its highest price since 2021 and is poised to extend its gains.

High demand for radium drives the price rally

A review of the RAY/USD one-day chart shows an increase in altcoin demand. This shows the Ichimoku Cloud setup, with its leading Spans A and B dynamic support below the token price at $6.04 and $5.87 respectively.

Ichimoku Cloud tracks asset market trends and identifies potential support/resistance levels. When an asset trades above this cloud, it is at a high level. In this case, the cloud acts as a volatile support zone, reinforcing the possibility of an upward move as long as the price remains above it.

Additionally, RAY's positive Chaikin Fund Flow (CMF) supports this bullish view. At press time, it sits above the zero line at 0.23.

This momentum indicator tracks how money flows into and out of an asset. As with RAY, when prices are positive, buying pressure dominates spot markets. It indicates accumulation among market participants and hints at continued improvement in asset prices.

RAY Price Prediction: A New High on the Horizon?

Based on readings from RAY's Fibonacci Retracement tool, if the current trend continues, it may attempt to breach resistance at $8.96. If successful, this could boost the price to $11.05 and a high of $17.80.

However, the incremental increase in sales invalidates this bullish thesis. In that scenario, the RAY token price could recover from its recent gains and drop below the Ichimoku Cloud support zones to trade at $4.30.