Thanks to the surge in network growth, Raydium has surpassed the critical resistance point at $8, surging more than 8,000% from its 2023 low. One of the most important factors that triggered this rise was the growth in transaction volume along with the increase in meme coins such as Official Trump and Melania Meme.

According to DeFi Llama data, Raydium achieved a record transaction volume of $42 billion last week, surpassing the transaction volume of many centralized exchanges. This tops the weekly record of $27 billion the platform set in November.

While Raydium’s transaction volume approached $100 billion in the last 30 days, it surpassed Uniswap’s $90 billion and PancakeSwap’s $62 billion volume.

A noteworthy point is that Raydium has achieved such great success despite operating only on the Solana network. In comparison, Uniswap operates on 22 different chains and PancakeSwap operates on 6 chains.

Raydium’s goal is now to step into a larger market, perpetual futures transactions. While the total futures volume exceeded $108 billion last week, Hyperliquid and Jupiter have the largest market share in this field.

Raydium aims to gain a strong place in this industry by using its popularity in the spot market. The futures exchange is powered by Orderly Network and is currently in public beta. This platform is expected to be released in full version within the year.

Raydium is also continuing its buyback program to support the token value. Raydium, which last bought back 1.6 billion tokens, has bought back 55 million tokens in total. This means that around 10% of the token supply is held in buybacks, increasing investor confidence.

Looking at technical analysis, RAY price continues its strong rise this week with increasing volume. The token broke through the resistance level of $6.50, the November 2022 high.

It crossed the pivot reversal point on the Murrey Math Lines at $7.8125. It is also trading above the ascending trend line connecting the lowest swings since October 2023.

The Relative Strength Index (RSI) and other technical oscillators continue to rise, and the next target is the $10 level, which has been identified as the extreme point. However, this bullish view could be invalidated if the price breaks below the critical support level at $6.50.

Raydium is attracting attention in the crypto market thanks to its strong network growth, increasing transaction volume and innovative goals. In particular, initiatives in the field of perpetual futures and token buyback programs can support the long-term success of the platform. These factors make Raydium an attractive option for both investors and traders.