Key Takeaways
RAY slipped by 10% over the last 24 hours. Buyers in the spot market are still in dominance since mid-June, suggesting long-term bullish momentum despite short-term price corrections.
Raydium [RAY] has slipped about 10% in the past 24 hours, testing support near the $3.28 zone.
For most traders, the move looks like a routine correction after weeks of steady gains. But digging into on-chain activity, the picture becomes more interesting.
Whales accumulate orders at key levels
Large holders — the whales — are not stepping back. In fact, they have been adding to their positions at these lower levels.
That kind of behavior has historically signaled confidence, particularly when it happens close to a demand zone.
The development suggests that some big players see value in RAY even as short-term sentiment sparks cautionary signals.
Source: CryptoQuant
Raydium: Spot market buyers still in control
Retail traders have not disappeared, either.
AMBCrypto’s analysis of RAY’s spot market data shows that buyers have generally had the upper hand since mid-June. Order flow has leaned bullish on average, which has helped prevent deeper pullbacks.
That continued presence of smaller buyers gives RAY a bit of cushion, even in the current choppy market.
Source: CryptoQuant
A bullish setup in the making?
The technical picture is still mixed. The sell-off has pulled momentum indicators into shaky territory and short-term charts lean bearish.
However, the overall structure remains bullish until the $3.05 low is cleared. For now, the dip seems to be just a short correction before RAY prices resume their current bullish trend.
But if whales keep accumulating and spot demand holds, RAY could be setting up for a stronger rebound. The real test will be whether it can defend the current zone and turn buyer dominance into a sustained rally.
As the structure stands, a successful reversal to resume the bullish trend is more likely to occur.
Source: TradingView
