The price broke key level (11.74) and is now testing it as support. If buyers manage to defend this level, we can expect more upward pressure soon. Otherwise, we can expect the price to visit one of the previous levels below.
Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook meaning that funds deposited into Raydium are converted into limit orders which sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow as well as their existing liquidity. RAY is the native utility token used for:
-Staking to earn protocol fees -Staking to receive IDO allocations -Governance votes on protocol decisions