Raydium just won a round in Solana’s most closely watched exchange rivalry. On October 7, 2026, the protocol logged $192.2 million in 24-hour trading volume, slipping past PumpFun’s PumpSwap, which recorded $185.0 million.
The gap was $7.2 million. In a market that moves hundreds of millions a day, that is less a knockout than a photo finish.
The numbers behind the flip
The daily volume jump pushed Raydium to eighth place in the global decentralized exchange rankings. That is one spot higher than the ninth position it held before.
The monthly picture is less flattering for Raydium. In September 2026, it captured 12.2% of Solana DEX volume, while PumpFun led the pack with 18.6%.
Context matters on the PumpFun side too. The platform hit a peak of more than $1.7 billion in trading volume in a single day during July 2026. The $185.0 million it posted on October 7 sits far below that high-water mark.
How the rivalry started
For a long stretch, PumpFun and Raydium were partners of convenience. PumpFun was the place memecoins were born, and Raydium was often where they went to trade once they grew up.
That changed in early 2025, when PumpFun launched PumpSwap, its own automated market maker. By building its own, PumpFun cut its dependence on Raydium. Liquidity that used to flow to Raydium started staying in-house.
Raydium’s response was to stop betting everything on memecoins. It introduced LaunchLab, a token launch platform that competes directly with PumpFun’s core product, and it leaned into tokenized asset trading.
That second bet appears to be paying off. Over the past 30 days, Raydium handled 80.5% of trading volume in xStocks-issued assets, or $805.2 million. xStocks are tokenized versions of traditional assets that trade onchain.
Raydium also brings scale that predates the current fight. Its cumulative trading volume passed $1 trillion in May 2026, and its liquidity pools hold around $806 million, the highest of any venue on Solana.
What this means for Solana traders and protocols
PumpFun still owns the memecoin segment. When speculative token launches heat up, as they did during its July peak, its volume can dwarf the competition.
Raydium is building a broader base. Tokenized assets, a launchpad of its own and the deepest liquidity on Solana give it volume sources that do not rise and fall entirely with memecoin activity.
For anyone tracking these protocols as businesses, the September market share figures are the more reliable benchmark. PumpFun’s 18.6% against Raydium’s 12.2% shows the leader still has a meaningful cushion on a monthly basis.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
RAY failed to reclaim its 200-period moving average on the 4-hour chart.
Raydium’s quarterly trading fees more than tripled on launchpad and tokenized-stock activity.
Buybacks absorbed a noticeable share of RAY’s circulating supply during the quarter.
Early October data shows protocol activity cooling after an exceptionally strong September.
The RAY price is down 23.7% over the past seven days and sits around $1.82, even though Raydium, the Solana-based decentralized exchange behind the token, has just closed its strongest fee quarter in a year. Data compiled by Pine Analytics shows Raydium collected $57.1 million in trading fees in Q3 2026 and directed about $6.2 million of that into RAY buybacks, yet the token now sits below its EMA 200 on the 4-hour chart after a failed attempt to recover it on Oct 16. With a market capitalization of $489.7 million, RAY is caught between a fundamental story that improved sharply over the summer and a chart that still belongs to the sellers.
What Tripled Raydium’s Fees
The headline figure hides an unusual detail, since adjusted trading volume rose only 17% quarter-over-quarter to $16.1 billion, while fees more than tripled, which means Raydium earned far more on every dollar that passed through its pools. A rough calculation from the reported numbers puts the effective fee rate at about 0.35% of volume in Q3, compared with something below 0.14% in Q2, a shift that points to a different mix of traders and pools.
Two sources drove that mix, starting with tokenized-stock trading on Raydium, which reached $4.14 billion in the quarter, up from $1.77 billion in Q2, and LaunchLab, the protocol’s token-launch platform, went from 5,420 launches in August to 156,294 in September. Almost all of that September surge, roughly 95%, came through a single integration called StonkFun. Launch-driven trading of this kind tends to carry higher fees per trade than large-cap swaps, which would fit the gap between fee and volume growth, and the activity pushed Raydium’s share of Solana DEX volume from 4.3% in July to 12.2% in September.
Metric
Q3 2026
Change
Trading fees
$57.1M
More than 3x QoQ
Adjusted volume
$16.1B
+17% QoQ
Tokenized-stock volume
$4.14B
From $1.77B
TVL in dollars
$1.34B
+56%
TVL in SOL
–
-2%
Source: Pine Analytics
Why the Buyback Has Not Moved the Price
Raydium’s buyback wallet received about 4.58 million RAY during the quarter, worth $5.15 million at the time of receipt and equal to roughly 1.7% of circulating supply. Measured against today’s market cap, the $6.2 million allocation works out to about 1.3% of the token’s value per quarter, a steady source of demand that can soften sell-offs but is too small to set the direction on its own when traders are taking profit after a sharp rally. The program has a long track record, and Raydium said in August that cumulative repurchases had passed 30% of circulating supply.
The bigger issue is how concentrated Q3 was, with September alone producing $44.6 million in fees, about 78% of the quarterly total, so July and August together brought in only around $12.5 million. Raydium has seen this pattern before: when LetsBonk drove a LaunchLab boom in July 2025, LaunchLab fees fell 79% the following month. Pine Analytics found that activity in the first four days of October was already running below September’s pace, a short sample, but one that matches what the chart shows, with RAY breaking down from its $2.25-$2.55 range on Oct 12.
The liquidity data adds another caveat, because total value locked rose 56% to $1.34 billion in dollar terms, but fell 2% when measured in SOL, which suggests SOL’s own price rise accounts for most of the gain, with little fresh capital entering Raydium’s pools.
Sellers Defend the EMA 200
RAY/USDT 4-hour chart. Source: TradingView / Alexander Stefanov
The Oct 7 spike came on the heaviest volume of the past month, and RAY held between roughly $2.25 and $2.55 for five days before sellers took over on Oct 12. The drop that followed cut through every Fibonacci retracement level of the rally and ended at $1.7371 on Oct 15, after RAY lost its EMA 200 on Oct 14, the average that had supported the uptrend since late September. That breakdown coincided with a broader sell-off, after a hotter-than-expected US inflation print pushed Bitcoin below $82,000 and a wave of liquidations hit altcoins.
Buyers tried to win that line back on Oct 16 and briefly lifted RAY to about $1.96, but the move stalled at the 0.236 retracement at $1.9344 and price fell back under the EMA 200, which now sits at $1.8949 and has stopped rising. The RSI reads 38.94, slightly above its signal line at 37.20, after dropping into oversold territory during the Oct 14-15 sell-off, so selling pressure has eased without buyers showing real conviction. Volume on the latest candles is among the lowest on the chart, and the SMA 50 at $2.1004 has turned lower.
Level
Price
Role
0.382 Fib / SMA 50
$2.06-$2.10
Resistance
0.236 Fib
$1.9344
Resistance
EMA 200
$1.8949
Resistance
Oct 15 low
$1.7371
Support
Late-September base
$1.60-$1.62
Support
The Triggers on Both Sides
A 4-hour close above $1.9344 would put the RAY price back over both the EMA 200 and the first retracement level, which would open a path toward the 0.382 level at $2.0564 and the SMA 50 near $2.10, the area where sellers are likely to return first. On the downside, the Oct 15 low at $1.7371 holds the current structure together, and losing it would expose $1.62 and the late-September lows below $1.60, where the rally behind the Oct 7 spike first picked up speed. Until one of those levels breaks, RAY is likely to keep trading between $1.74 and $1.94.
The next data point that could break that range sits outside the chart. On Oct 1, Raydium began keeping 5% of creator fees across its CPMM pools, the standard constant-product pools where most new tokens list, which gives the protocol a revenue line that grows directly with launch activity. October fee data will show whether that change, together with StonkFun and tokenized-stock flows, can hold revenue near September’s level, and that figure will also decide how much RAY the buyback wallet can absorb in Q4.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this?
It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look.
Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened.
His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Solana ecosystem governance tokens Raydium (RAY), Jupiter (JUP) and Pump.fun (PUMP) have dropped 18% to 21% this week as a broader crypto selloff hits high-beta altcoins.
Solana ecosystem tokens are among the weakest performers in a soft crypto market this week. Few assets have posted gains, but several governance tokens tied to major @Solana protocols have fallen further than most.
@Raydium $RAY is down 21%, @JupiterExchange $JUP has lost 20%, and @Pumpfun $PUMP has dropped 18%. Together, the three tokens represent core parts of Solana's trading and token-launch infrastructure.
Macro pressure hits high-beta altcoinsThe declines follow a wider risk-off move. , according to CoinMarketCap. The same analysis said .
CoinMarketCap also noted that . That pattern fits this week's data. $SOL has fallen more slowly than its ecosystem tokens, and , according to a Cryptonews analysis.
Network activity has softenedOn-chain data points to cooler participation. Cryptonews reported that . The same report said .
The three tokens are closely linked. A Gate research note describes . When memecoin speculation cools, activity across all three can slow together. Changelly's market overview makes a similar point, noting that .
Jupiter's recent product launch adds another factor. Cryptonews reported that . CoinMarketCap described the product as notable but .
Whether the Solana ecosystem tokens stabilise will likely depend on broader market sentiment and a recovery in on-chain activity. Price figures are moving quickly, so readers should check live data before making decisions.
Sources:
CoinMarketCap: Jupiter (JUP) down amid broad crypto selloffCryptonews: CPI shock complicates Solana's $100 test as network activity slumpsGate: Analyzing the ecosystem competition behind PUMP, Jupiter and Raydium
Decentralized exchanges execute trades without any intermediaries and offer users enhanced privacy. Centralized exchanges are more regulated and are easier to navigate for new users. Decentralized exchanges provide users with complete control of their assets and are non-custodial in nature.
Here is our list of the top 9 decentralized exchanges of October 2026:
1. Raydium
Raydium is one of Solana’s most popular decentralized exchanges and liquidity protocols. It is a one-stop solution for swapping tokens, providing liquidity, launching tokens through LaunchLab, and accessing Raydium Preps. It connects with OpenBook’s main trading system, thereby helping provide more funds for trades and sharing activity across the Solana ecosystem.
Unlike traditional AMMs, which depend on liquidity pools for matching trades, Raydium’s integration with OpenBook allows access to a broader pool of liquidity and offers better pricing for users.
2. Hyperliquid
Hyperliquid aims to make finance open, credible, and transparent. It is a Layer-1 platform built for perpetual futures and spot trading and focuses on perpetual contracts. The ecosystem also supports lending, borrowing, and real-world assets.
It also has a full-fledged Ethereum Virtual Machine (EVM), making it a leading force in the DeFi space. HYPE is the native token of the ecosystem and is used for governance, staking, and payments.
3. Uniswap
Uniswap is a decentralized protocol that uses AMM to enable peer-to-peer trading of digital assets without any intermediaries or central authority. It has a liquidity pool and a developer ecosystem that is useful for users.
The platform handles a lot of trading volume and is one of the main gateways into DeFi trading. It started out on Ethereum but is now available on other networks along with Layer-2 ecosystems.
4. Orca A decentralized exchange that lets users earn yield and provide liquidity. It has tools for swapping supported tokens, creating and managing liquidity positions, launching pools, and building with its liquidity infrastructure.
Orca is created to make on-chain trading and liquidity provision accessible through clean interfaces, open infra, and Solana-native tools. It also provides clear tools for token swaps and liquidity provision.
5. PancakeSwap
PancakeSwap is a DEX with an AMM that lets users swap cryptocurrencies without relying on centralized intermediaries. It offers token swaps, liquidity provision, yield farming, limit orders, prediction markets, and a marketplace.
It operates on more than 10 blockchains, including BNB Smart Chain, Base, Polygon, zkSync, Linea, Solana, and Arbitrum. CAKE is the native governance token of the platform and is used for staking and governance.
6. SushiSwap
Starting out as a fork of Uniswap, SushiSwap has turned into a DeFi platform that is very popular for its features. It lets users earn returns on their crypto rather than just trade it. Yield farming is also one of the most popular offerings of the platform.
Additionally, liquidity providers earn a part of the trading fees and also get extra rewards through different pools and farming programs. It also has a community-focused approach, and the SUSHI token helps users participate in decision-making.
7. Meteora
Built on Solana, Meteora is a liquidity protocol and exchange that acts as a fundamental liquidity infrastructure layer rather than just a consumer-facing decentralized exchange. The platform focuses on solving high slippage and fragmented liquidity issues through its mechanics.
The platform has a Dynamic Liquidity Market Maker or DLMM aspect that allows liquidity providers to concentrate their capital into precise categories rather than spreading it across an infinite range.
8. Osmosis
Osmosis is built on the Cosmos blockchain and was created with cross-chain activity in mind. Users can swap their assets from different Cosmos-based chains without depending on multiple platforms or any complicated workarounds.
The platform has a simple user interface and relatively low transaction costs, and offers quick swaps. Users can access liquidity and assets from over 100 ecosystems and trade up to 30X leverage on Osmosis.
9. CoinEx
Another popular option, CoinEx supports more than 1300 digital assets and gives traders a chance to access both established coins and lesser-known ones. It offers spot and margin trading along with futures markets. This makes it a viable option for traders looking to engage in multiple trading strategies.
There are many features available for users without any KYC; this can be especially great for those who value a greater degree of privacy. Trading fees start at 0.2% with discounts available for holders of the CET token.
Final word Decentralized exchanges are an essential part of the crypto ecosystem and give users more control and hold over their assets. They can manage how they trade, store, or hold their digital assets. DEXs started out as simple token swap platforms and have now evolved into much more comprehensive ecosystems of their own. With that said, users should always do their own research before committing any funds to these platforms.
Disclaimer. Readers are encouraged to do their own research. Ambcrypto is not liable for any outcomes related to the use of information, products, or services mentioned. This content may include affiliate or partner links.
Altcoins are experiencing sharper declines than Bitcoin as volatility sweeps the cryptocurrency market. On October 15, tokens such as Raydium (RAY), Zcash (ZEC), Lighter (LIT), and Starknet (STRK) each lost more than 12%, reflecting widespread risk aversion among investors who are withdrawing from speculative assets.
Altcoins outpace Bitcoin lossesDuring the earlier selloff, Bitcoin traded near $81,000. The total cryptocurrency market capitalization contracted by approximately 3.7% in 24 hours, falling to $2.7 trillion, according to data from Invezz. Despite the decline, Bitcoin remained more resilient than many smaller tokens, which absorbed larger percentage losses as market stress intensified.
This divergence follows a common trend: while Bitcoin often serves as a relative safe haven for digital asset investors, smaller tokens can suffer accelerated losses when market sentiment turns negative and liquidity dries up.
Raydium, a decentralized exchange token built on the Solana network, ranked among the steepest decliners on Thursday. RAY retreated more than 12%, giving back a portion of its earlier rally. Over the last 90 days, Raydium had surged approximately 170%, leaving it exposed to profit-taking amid heightened uncertainty.
Zcash, a privacy-focused cryptocurrency, also experienced a pronounced downturn. Roughly $20 million in leveraged positions tied to ZEC were liquidated during the October 15 session, further amplifying selling pressure.
Starknet and Lighter followed a similar pattern, both sliding more than 12% over the same period as risk appetite across altcoins diminished.
Token24h Change (%)Recent 90-day Gain (%)Raydium (RAY)-12%+170%Zcash (ZEC)-12%Data not specifiedLighter (LIT)-12%Data not specifiedStarknet (STRK)-12%Data not specifiedMarket analysts emphasized that sudden reversals in smaller tokens are typical during volatile episodes because speculative traders are quick to reduce positions, seeking out safer assets or cash.
Macroeconomic headwinds and structural pressureThe downtrend coincided with US macroeconomic news. September’s Consumer Price Index increased by 3.7% compared to the previous year, outpacing forecasts, and producer prices jumped to 6.3%. This data heightened expectations that the Federal Reserve may keep borrowing costs elevated, limiting risk-taking behavior across all financial markets, including crypto.
Rising interest rates typically weigh more heavily on digital assets due to their reliance on future growth assumptions, making them more sensitive to a restrictive monetary environment.
Higher US inflation data and increased expectations of tighter Federal Reserve policy have contributed to a broad reduction in appetite for speculative cryptocurrencies, particularly illiquid altcoin markets.
However, analysts noted that macroeconomic challenges alone do not fully explain the larger losses in altcoins. Market depth remains a key differentiator. When liquidity is thin, even moderate sell orders can provoke sharp price drops due to a lack of readily available buyers.
Bitcoin generally benefits from stronger exchange order books and wider participation from institutional investors. This deeper market structure can make Bitcoin less vulnerable to dramatic swings resulting from individual trades.
Leverage plays a crucial role in this dynamic. Falling prices can trigger forced liquidations, especially in derivatives markets, compounding declines and exacerbating volatility for already illiquid altcoins.
For Zcash and other affected tokens, the unwinding of leveraged positions translated into additional downward momentum.
Ethereum and Solana have also experienced steeper percentage declines than Bitcoin during past periods of market turbulence, as traders sought to minimize exposure to volatile assets.
Mini dictionary: Raydium is a decentralized exchange and automated market maker (AMM) built on Solana, enabling users to trade cryptocurrencies and provide liquidity.
Looking ahead: Key levels and market sentimentThe upcoming focus is whether Bitcoin can sustain a move above the $80,000 to $82,000 resistance range. Previous rebounds have provided some relief to the wider crypto market, but analysts caution that price recoveries do not necessarily signal a lasting return of speculative demand.
For altcoins, metrics such as derivatives positioning and open interest are particularly important to monitor. A decline in open interest may indicate that traders are de-risking, which could help reduce the likelihood of cascading liquidations in the short term.
Sustained weakness in Bitcoin could continue to weigh on the broader market, making it more difficult for riskier assets to recover.
Altcoins now face dual challenges: ongoing macroeconomic headwinds and structural market vulnerabilities that can amplify losses beyond those seen in Bitcoin.
While confidence may return and divergences can narrow in future sessions, the recent selloff underlines the risks that thin liquidity and leveraged trading can pose to smaller tokens during periods of instability.
Raydium has announced the launch of $INJ token staking on the Solana platform, as revealed by Injective on social media. This development enables increased participation and liquidity for INJ within Solana’s decentralized ecosystem, which includes decentralized exchanges (DEXs) and wallet services. Since becoming a Solana SPL token in September 2026, INJ has been actively integrated into the Solana network, with Raydium providing a pivotal venue for its exchange.
Key Takeaways
The launch of $INJ staking on Solana by Raydium appears to enhance INJ’s integration within Solana’s decentralized environment.
Market pricing suggests this development could be consistent with a positive outlook for Solana, potentially increasing its user base and liquidity.
Current market pricing reflects a cautious but possibly optimistic view of Solana reaching higher price thresholds in October 2026.
What to Watch
Observers will be keen to see if the introduction of $INJ staking influences Solana’s price trajectory, particularly regarding the “Will Solana reach $190 in October?” market. Any subsequent announcements from Solana Labs or partnerships that further solidify Solana’s ecosystem could align with scenarios supportive of a YES outcome in related prediction markets. Additionally, broader market trends and regulatory developments could impact these expectations.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Raydium [RAY] spent most of the summer going nowhere. Then in early September, it finally woke up.
Why does that matter today? Here’s the rundown.
Raydium crypto jumps 14% in a day! Most of the market had a bad week, but Raydium clearly did not get the memo.
RAY traded around $0.90 before its September breakout and climbed as high as $2.56 on 7 October, an increase of roughly 184%. Even after retreating to $2.31, the token remained more than 150% above its early-September level.
Source: TradingView That hardly makes a difference if you think of the bigger picture. Before its breakout on September 5, RAY was around $0.90.
It has more than doubled in the past month alone.
The pace is still there, but the tiredness is obvious. RSI was at 66; back in September, it was running above 80.
Chaikin Money Flow is positive at 0.06, but well off its September highs.
But here’s where it gets interesting.
Source: Coinalyze OI went from about $13 million to over $20 million during today’s rally. At the same time, funding went deep into the red, close to -0.20%.
A lot of traders opened short positions, betting the pump wouldn’t last. OI has since dropped to about $16.3 million, and funding is still negative at -0.08%.
The bears are still here, but in fewer numbers.
Why is RAY running when everything else isn’t? Token Terminal data shows $12.4 billion in DEX volume for tokenized stocks on Solana this year. About $6.1 billion of it went through Raydium’s pools.
Source: Token Terminal Meteora handled $2.3 billion, and Orca $1.2 billion. Those two together still don’t match Raydium.
September is when things really picked up. According to Blockworks, Raydium’s tokenized equity volume hit about $260 million last month. In August, it was under $40 million.
Source: X The most traded ticker? NVDAx, the tokenized version of NVIDIA. There were 115 others, but AI names were clearly what people came for.
So while most of the market sat this week out, RAY had actual trading volume behind it.
Final Summary Raydium (RAY) jumped 14% in a day; more than doubled in the past month. Raydium handled about $6.1 billion of Solana’s $12.4 billion tokenized stock DEX volume this year.
Bitcoin and Ethereum retreat while Jupiter, Raydium and NEAR advance. October 8 charts map key support, resistance, and confirmation levels for five coins.
Asset Aggregate price 24-hour change Aggregate 24-hour volume Bitcoin $82,722 -1.74% $35.29 billion Ethereum $2,563.70 -1.89% $16.35 billion Jupiter $0.372271 +13.64% $141.87 million Raydium $2.43 +9.54% $218.16 million NEAR Protocol $5.33 +7.92% $1.08 billion Bitcoin RSI Falls Toward Neutral as Price Tests $82,720 Bitcoin closed October 7 at $83,276.10 on Kraken, down 2.65% from $85,542.10. The session fell from a $85,588.90 high to $82,720.30, erasing the preceding three completed candles’ recovery.
BTC/USD daily candles and Wilder RSI (14); daily momentum fell toward neutral while four-hour RSI approached oversold territory. Daily RSI, calculated over 14 periods with Wilder smoothing, fell to 52.84 from 63.45. Momentum therefore remains slightly above the neutral 50 line, but the 10.61-point decline shows a substantial loss of strength.
The final completed four-hour candle carried an RSI of 32.55, placing short-term momentum close to the conventional oversold threshold without confirming a daily oversold condition.
The $82,720–$82,920 zone is the first completed-candle support area. CoinGecko’s $82,722 quote was testing its lower boundary at the cutoff.
A daily close below $82,720 would confirm a break and expose the September 28 low at $82,566, followed by the September 21 low near $80,840.
For recovery, BTC needs to reclaim $83,861–$84,432 on a daily close. Clearing that band would reopen $85,589 and the $86,683–$86,974 resistance cluster.
A move above $84,432 that subsequently closes below $83,861 would weaken the first bullish confirmation.
Compared with the October 6 aggregate snapshot of $85,489, Bitcoin was approximately 3.2% lower at today’s cutoff.
Ethereum Trades Below the First Fibonacci Recovery Level Ethereum closed October 7 at $2,572.75, down 4.62% from $2,697.24. The candle reached $2,533.10 after opening at $2,697.15, producing the sharpest completed daily decline among today’s two core assets.
ETH/USD daily candles with Fibonacci retracements of the October 2–7 decline; price remains below the first recovery level. The Fibonacci map measures a prospective recovery of the downswing from the October 2 high of $2,776.46 to the October 7 low of $2,533.10.
The principal retracement levels are:
Ratio Price 23.6% $2,590.53 38.2% $2,626.06 50% $2,654.78 61.8% $2,683.50 The completed close and the later $2,563.70 aggregate quote remained below the 23.6% level. A daily close above $2,590.53 would mark the first recovery step, while clearing $2,626.06 would strengthen the rebound toward the midpoint at $2,654.78.
A close back below $2,590 after an upside break would invalidate the initial signal.
On the downside, $2,533.10 is the immediate closing-confirmation level. Losing it would expose the $2,500 area, followed by the September 14–16 price structure around $2,465–$2,480.
The Fibonacci levels describe conditional recovery resistance; they are not projected outcomes.
ETH has declined about 1.9% from Wednesday’s $2,613.93 aggregate snapshot.
Jupiter Approaches Its Upper Bollinger Band Intraday Jupiter closed October 7 at $0.35866, up 2.06% from $0.35142. The completed candle ranged from $0.31257 to $0.36006, recovering from an early decline but stopping below the September 27 high at $0.37472.
JUP/USD daily candles with 20-day Bollinger Bands; the live price approached the upper band without closing confirmation. Daily Bollinger Bands, calculated with a 20-day simple moving average and two population standard deviations, place the midpoint at $0.32219, the upper band at $0.37571, and the lower band at $0.26867.
CoinGecko’s later $0.372271 quote approached the upper band, but that move remained intraday and does not confirm a daily breakout. CoinGecko placed JUP at rank 71 and reported a 24-hour range of approximately $0.3126–$0.3746 around the report window.
A daily close above the $0.37472–$0.37571 resistance cluster would clear both the recent swing high and the current upper band.
That would establish a new 30-day high and place the psychological $0.40 area in focus. Because Bollinger Bands change with every close, the band should be recalculated before treating it as a later target or invalidation level.
Failure to close above resistance would keep JUP range-bound. Initial support lies at $0.35000–$0.35866. A close below $0.350 would expose $0.32901 and the 20-day midpoint near $0.32219.
Losing the midpoint would invalidate the latest upper-range advance and shift attention toward $0.305.
Raydium Confirms a Bullish Daily MACD Crossover Raydium closed October 7 at $2.469, up 12.74% from $2.190. The session traded as high as $2.568, establishing a new 30-day high before giving back part of the advance.
RAY/USD daily candles and MACD (12,26,9); the completed session confirmed a bullish line-signal crossover above zero. Daily MACD, using 12- and 26-period exponential moving averages with a nine-period signal line, confirmed a bullish line-signal crossover on the completed candle.
The MACD line rose to 0.2345 above the 0.2257 signal line, while the histogram changed from -0.0088 to +0.0088.
Both lines remain above zero, supporting a positive medium-term momentum reading.
The completed crossover does not confirm a price breakout above $2.568. RAY needs a daily close above that high to extend the structure.
Such a close would leave limited recent resistance and bring the older $2.65–$2.72 area into consideration. A return below $2.568 after a breakout would weaken that confirmation.
Support spans $2.108–$2.241, covering the latest two sessions’ lows and the October 5 close. A daily close below $2.108 would weaken the crossover’s price confirmation and expose $1.996, followed by $1.846–$1.868.
Raydium’s rank of 100 places it exactly at the eligibility boundary at the report cutoff; later ranking changes do not alter its cutoff qualification.
NEAR Holds Above Rising 20-Day and 50-Day EMAs NEAR closed October 7 at $5.3349, up 5.18% from $5.0723. The candle traded between $4.89 and $5.4612, recovering from an intraday break below the preceding session’s low.
NEAR/USD daily candles with rising 20-day and 50-day EMAs; resistance remains at $5.461–$5.578. The 20-day exponential moving average rose to $4.5664, while the 50-day EMA advanced to $3.5883. Price remains above both rising averages, and the shorter average maintains a positive $0.9782 spread over the longer one.
On the four-hour chart, the latest completed close also held above the 20-period EMA at $5.1051 and the 50-period EMA at $4.9842.
Immediate resistance lies at $5.4612, followed by the September 27 high at $5.5778. A daily close above $5.5778 would establish a new 30-day high and reopen the $6 area.
A breakout that subsequently closes below $5.461 would lose its first layer of confirmation.
Support begins at $5.0258–$5.0674. A close below that zone would expose $4.89, followed by the October 2–3 lows at $4.5901–$4.6068. The rising 20-day EMA near $4.566 provides a deeper dynamic reference.
NEAR’s aggregate price has increased from $5.25 in the October 6 report to $5.33 today, while the late-September high remains unbroken.
According to HTX market data, as Bitcoin and the broader crypto market pull back, some altcoins continue their strong rally. Key 24-hour performance and current prices: MET (Meteora) up 60% to $0.5; W (Wormhole) up 17.8% to $0.0163; ALGO (Algorand) up 16.6% to $0.1377; JUP (Jupiter) up 16% to $0.379; RAY (Raydium) up 13.3% to $2.46; STRK (Starknet) up 12.3% to $0.056; CRV (Curve) up 10.9% to $0.388.
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Raydium price has extended its October rally as strong protocol activity and renewed buying pushed RAY through a series of resistance levels, while technical indicators suggest bulls remain in control despite growing short-term overheating risks.
Summary
Raydium price has rallied over 20% this week, outperforming the broader crypto market. RAY’s 4-hour chart remains bullish, with price above key moving averages and ADX rising to 33.78. Aroon Up at 100% supports strong momentum, but the rapid advance raises the risk of short-term profit-taking. A break above $2.58–$2.60 could target liquidity near $2.65 and potentially open the way toward $2.80. Raydium (RAY) price traded near $2.45 at the time of the latest chart reading, after starting October around $1.82. The token has gained more than 20% over the past week and briefly reached roughly $2.58 during the latest intraday move.
The rally has come despite weakness across the broader crypto market, making RAY’s relative strength stand out. Crypto trader Zonic the Hedgehog also pointed to the divergence, noting that RAY’s performance during the wider market pullback was “impressive.”
Raydium’s latest move extends a much larger recovery that began after RAY established a base around $0.60 earlier this year. The token has since reclaimed $1.00, $1.50, and $2.00, with October’s advance pushing it toward levels not seen since the sharp selloff in late 2025.
Protocol fundamentals have provided another source of support. According to the provided ecosystem data, Raydium recorded $16.1 billion in spot trading volume during the third quarter, up 17% quarter over quarter, while collected fees rose to $57.1 million.
The protocol also allocated $6.2 million toward RAY buybacks, purchasing about 4.58 million tokens, equivalent to roughly 1.7% of circulating supply. The purchases reduce tokens available on the open market while creating recurring demand tied to protocol activity.
Raydium has also benefited from activity around tokenized assets on Solana. The provided data shows cumulative tokenized equity trading volume on the platform crossed $6 billion, while an October change to its constant-product market maker fee structure directed 5% of creator fees back to the protocol.
RAY price bulls target $2.60 as momentum accelerates Technical indicators show the latest rally has strengthened RAY’s bullish structure, although the speed of the advance raises the possibility of a short-term pullback.
On the 4-hour chart, RAY was trading around $2.46 after reaching an intraday high near $2.58. Price sits well above the 20-period simple moving average at $2.17, the 50-period SMA near $2.04, the 100-period SMA around $2.01, and the 200-period SMA near $1.69.
RAY price 4-hour chart — Oct. 7 | Source: TradingView The ordering of those moving averages supports the bullish setup, while the average directional index has climbed to 33.78. An ADX reading above 25 generally indicates that an existing trend has meaningful strength, though the indicator does not determine its direction.
The daily chart presents a more stretched picture. RAY has pushed into the Murrey Math 8/8 resistance region around the current price area after moving rapidly through lower resistance zones. The next overshoot region sits around $2.60, followed by another area near $2.80.
RAY price daily chart — Oct. 7 | Source: TradingView Aroon adds to evidence that buyers currently dominate the trend. Aroon Up stands at 100%, while Aroon Down is at 0%, reflecting the recent establishment of fresh highs without a comparable new low.
Still, the daily setup also places RAY close to an area where traders may begin taking profits. Failure to hold the breakout could initially send the token back toward the $2.20–$2.17 region. A deeper correction would bring the $2.04–$2.00 moving-average cluster into focus as a more important support zone.
Liquidation map puts $2.60 in focus The 24-hour liquidation heatmap shows another factor that could shape RAY’s next move.
RAY surged from roughly $2.16 during the session to above $2.50 before cooling toward the mid-$2.40s. Several liquidation clusters remain above the current market price, with the strongest visible concentration sitting around $2.63–$2.67.
RAY liquidation heatmap | Source: CoinGlass A renewed move toward that zone could trigger additional short liquidations if price continues higher. Such liquidations can add forced buying during an advance, potentially accelerating a breakout through $2.60.
Liquidity is also concentrated below the market. Visible clusters sit around $2.35–$2.40, with further concentrations extending toward $2.20 and the low-$2.10 region. Those areas could become relevant if traders take profits after the sharp rally.
For now, the combination of rising ADX, bullish moving-average positioning and an Aroon Up reading of 100% keeps the technical structure tilted toward buyers. A sustained break above the $2.58–$2.60 region would put the liquidation concentration near $2.65 in play and could open a path toward $2.80.
However, losing $2.20 would weaken the immediate breakout structure. A fall below the $2.00–$2.04 area would pose a larger challenge to the bullish setup and increase the risk that October’s surge enters a deeper correction.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Raydium Edges Past PumpFun in 24-Hour Volume@Raydium has overtaken @Pumpfun in 24-hour decentralized trading volume, posting $192.2 million against PumpFun's $185.0 million. The gap is narrow, but the milestone carries weight given the fierce rivalry that has defined the Solana DEX landscape over the past year.
The volume lift pushed Raydium up one spot in global decentralized exchange rankings, from ninth to eighth place. For a protocol that has spent much of 2026 fighting to reclaim ground lost to PumpFun's own trading infrastructure, the move is a tangible sign of momentum.
Context: A Long-Running Battle on SolanaThe two protocols have been locked in a competitive back-and-forth since early 2025, when PumpFun launched PumpSwap, its own native automated market maker, cutting Raydium out of the token graduation pipeline it had previously relied on, where tokens completing their bonding curve on PumpFun migrated directly to liquidity pools on Raydium.
Raydium responded by launching LaunchLab, its own token launchpad. Cumulative trading volume on Raydium passed $1 trillion in May 2026, the same month its RAY token was listed by both Robinhood and Revolut. More recently, Raydium accounted for $805.2 million, or 80.5%, of the trading volume from xStocks-issued assets over a 30-day period , pointing to a broadening user base beyond memecoins.
Raydium is a Solana automated market maker where users can swap SPL tokens, supply liquidity, mint new coins, or take leveraged positions, and its pools hold close to $806 million in deposits, more than any other decentralized exchange on Solana.
Wednesday's 24-hour volume reading marks a fresh data point in a rivalry that shows little sign of cooling. Whether Raydium can sustain the edge over PumpFun, or extend its climb up the global DEX rankings, will depend on how both platforms compete for Solana's memecoin and broader DeFi trading flow in the weeks ahead.
Sources:
DefiLlama: Raydium Protocol Data
The Defiant: PumpSwap Surpasses Raydium
Datawallet: Raydium Explained 2026
While most of the crypto market has had a rough week, @Raydium's native token $RAY is a clear exception. The Solana-based decentralised exchange token is up more than 14% in the past 24 hours and has more than doubled in price over the past month, making it one of the standout performers across the entire digital asset space.
To put the move in context, the next-biggest daily gainer among crypto majors is @Pumpfun's $PUMP, which is up just 1.1%. That gap underscores just how isolated and forceful the $RAY move has been.
What Is Behind the Rally?
Strong Protocol Fundamentals Backing the Move The price action has a solid backdrop.
With most of the market still under pressure, $RAY's combination of real protocol usage and aggressive price momentum is drawing significant attention. Whether that momentum holds will likely depend on whether spot demand remains firm at current levels.
Sources:
Crypto.news: Raydium rallies over 20% in a week, will RAY price break above $2.60?
Crypto Briefing: Tokenized stocks on Solana hit $12.4 billion in DEX volume this year
GlobeNewswire: Raydium Surpasses $1T in Volume Following Robinhood and Revolut Listings
TVL Hits $1.34 Billion as Raydium Extends Its Lead on Solana@Raydium, the leading decentralized exchange on @Solana, has seen its total value locked (TVL) climb to $1.344 billion, a rise of more than 20% over the past month. According to data from DefiLlama, TVL grew from roughly $800 million in early August to its current level, cementing Raydium's position as the dominant liquidity venue on Solana.
TVL rose from $859 million to $1.34 billion over the quarter, a 56% increase that closely tracks SOL's own price appreciation over the same period. The milestone arrives on the back of a broader uptick in Solana DeFi activity, with Raydium continuing to capture the majority of new token trading volume across the network.
Nearly 40 New Token Listings Fuel the SurgeA wave of new asset listings has played a direct role in the TVL expansion. Raydium added nearly 40 tokens over the past month, including high-profile names such as @Shibtoken $SHIB, @quantnetwork $QNT, and @dogecoin $DOGE. Raydium serves as the primary venue for new token listings and the default liquidity layer for thousands of Solana token pairs.
Over the past 30 days, Raydium generated $46.28 million in fees, of which $7.75 million was protocol revenue. That fee generation underlines how the liquidity growth is translating into real economic activity, not just headline numbers.
Adjusted volume for the most recent quarter reached $16.1 billion once wash trading is removed, up 17% from the prior quarter, with fees more than tripling to $57.1 million. A quarterly analysis from Pine Analytics noted that 62% of quarterly volume came in September alone, pointing to a sharp acceleration in activity late in the period.
Raydium's growing role across Solana's DeFi stack, from memecoin launches to tokenized equities, has helped it attract liquidity from an increasingly diverse set of market participants. With TVL now firmly above the $1.3 billion mark and fee generation running at pace, the protocol appears well positioned heading into the final quarter of 2026.
Sources:
DefiLlama: Raydium TVL and Protocol Metrics
Pine Analytics: Raydium Quarterly Report Q3 2026
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Solana recorded its strongest month yet for tokenized stock DEX trading. Raydium drove most of September’s acceleration, while activity spread across multiple venues. Off-hours trading is becoming a major part of the market. October will test whether September’s surge represents durable liquidity or a temporary spike. Tokenized stock trading on Solana reached a record in September, with decentralized exchanges processing more than $4.4 billion, according to Blockworks data shared by Solana in X.
Solana transaction activity reached a quarterly record in Q3 2026. The monthly chart shows a sharp acceleration from the relatively small market of 2025. Activity first broke higher in June 2026, cooled over the following two months and then climbed to a new peak in September.
Raydium was the main driver. Reported volume on the exchange reached approximately $2.8 billion, up more than fivefold from roughly $500 million in August. Orca, Meteora, Byreal, Tessera, JupiterZ and several smaller venues accounted for the rest of the market.
Trading Activity Is Outpacing Asset Growth Solana’s tokenized equity supply reached roughly $684 million in September. Against monthly trading activity, that implies turnover of approximately 6.4 times the value of equities represented onchain.
The comparison does not measure capital inflows. Supply is a point-in-time measure, while trading volume counts repeated transactions. Instead, it indicates that the market is developing significant secondary turnover rather than simply accumulating tokenized shares in wallets.
The visual below adds a different dimension: where the market’s liquidity is coming from and what still needs to be tested.
Solana Tokenized Equities
September’s Liquidity Map
Market Structure
Raydium
Dominant liquidity venue
Orca + Meteora
Established alternative pools
Long-tail DEXs
Liquidity spreading across more venues
Next Market Test
Spread Quality
Can liquidity stay tight during volatility?
Off-Hours Pricing
How closely do tokens track closed U.S. markets?
October Retention
Does record activity persist?
Source: Blockworks and Solana ecosystem data
xStocks and Ondo Expand Solana’s Equity Market Solana’s tokenized-stock market is developing around more than one issuance model.
Backed Finance’s xStocks helped establish early activity. By mid-September, the products had generated more than $6 billion in cumulative Solana trading volume, with SPYx, CRCLx, TSLAx, NVDAx and QQQx among the most actively traded instruments.
xStocks are tracker certificates designed to provide economic exposure to their referenced securities rather than direct ownership of the corresponding U.S.-listed shares.
Ondo Finance takes a different route. Its Global Markets platform connects token issuance and redemption with securities held through traditional financial intermediaries and has expanded to hundreds of tokenized stocks and ETFs.
The different structures matter as liquidity moves beyond issuer platforms and into third-party DEXs. Investor rights, redemption mechanisms and access restrictions depend on the product rather than simply the blockchain on which it trades.
Most Activity Happens Outside U.S. Market Hours One of the more unusual characteristics of Solana’s equity market is when investors are trading.
Solana ecosystem data indicates that 63% of cumulative tokenized-equity volume through August occurred outside standard U.S. stock-market hours.
That creates functionality conventional equities cannot provide, but also introduces a structural pricing problem.
Tokenized Nvidia or Tesla exposure can continue changing hands while Nasdaq is closed. During those periods, traders lack continuous price discovery from the underlying cash equity market. Liquidity can thin, spreads can widen and token prices can move before the underlying security reopens.
Continuous token trading therefore should not be confused with continuous trading of the underlying stock.
September Puts Liquidity Under the Spotlight The September record shifts attention from how many equities can be tokenized to how well those assets actually trade.
Solana now has multiple issuers, several DEX venues and meaningful activity outside U.S. trading hours. The harder test is whether that infrastructure can maintain deep liquidity and reliable pricing through different market conditions.
October should provide the first indication. If activity remains elevated while liquidity broadens beyond Raydium, September will look less like an isolated surge and more like a structural expansion of Solana’s tokenized-equity market.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
@Ondo Finance's $ONDO token is now live for trading on Solana through @raydium, the latest in a rapid series of cross-chain listings powered by @sunrise's asset gateway infrastructure.
ONDO Joins Raydium One Day After QNT The listing arrived just one day after @quantnetwork's $QNT token made its Solana debut via the same route. Both additions represent a cross-chain market-access expansion rather than a migration of either project away from its home network.
Sunrise: The Infrastructure Behind the Listings
This breadth of distribution means newly listed tokens gain broad ecosystem reach from day one, rather than requiring separate integrations with each platform.
The back-to-back listings of $QNT and $ONDO in the space of 24 hours point to Sunrise establishing itself as a repeatable pipeline for bringing established non-Solana assets into the network's DeFi stack. The Raydium listing now adds a direct spot trading venue for the $ONDO governance token itself on Solana.
Sources:
Sunrise Asset Gateway Overview, IQ Wiki
Ondo Finance Brings 200+ Tokenized U.S. Stocks and ETFs to Solana, CoinDesk
QNT Reaches Solana Liquidity Through Sunrise and Raydium, NewsBTC
Quant Network, a leading enterprise blockchain company and the developer of the Overledger platform, has introduced its QNT token on the Solana blockchain. This launch marks a significant cross-chain expansion, positioning QNT within one of the most active layer-1 ecosystems in the crypto space.
QNT debuts on Solana through Sunrise and RaydiumThe integration is powered by Sunrise, an interoperability provider focused on facilitating asset transfers between blockchains. As part of the launch, QNT can now be traded on Solana’s leading decentralized exchange, Raydium, giving users access to high-speed trading and low fees offered by the Solana network. The move extends QNT beyond its original Ethereum ERC-20 deployment, where liquidity has so far been concentrated among centralized pools.
Raydium is known as an automated market maker and liquidity provider within the Solana ecosystem, allowing tokens to be traded with minimal slippage and near-instant settlement.
Mini dictionary: Raydium is a decentralized exchange on Solana, offering automated liquidity for token trading with a focus on speed and efficiency compared to traditional blockchain DEXs.
In a post on X, Sunrise confirmed the availability of QNT for spot trading on Raydium, highlighting the ease with which holders can now access the Solana ecosystem. Solana’s high-throughput design and low transaction costs make it attractive for both token holders and developers interested in experimenting with multi-chain strategies.
Institutional momentum and the role of The Clearing HouseQuant’s expansion onto Solana comes at a time when the company has gained traction in traditional finance circles. On September 24, 2026, The Clearing House, a central operator of US payment infrastructure including CHIPS and RTP, entered into a partnership with Quant to explore the use of tokenized commercial bank money via their On-Chain Money Initiative.
The Clearing House is responsible for facilitating payment systems that process trillions of dollars annually, making its alliances crucial for the ongoing convergence between traditional finance and digital assets. This collaboration aims to develop regulatory-compliant settlement methods for tokenized bank deposits in the US.
Although the On-Chain Money Initiative is unrelated to Solana specifically, Quant’s dual effort in institutional and public blockchain integration illustrates the company’s two-pronged approach. Details about participating banks, the value of contracts involved, and the potential impact on QNT demand remain undisclosed. The initiative is scheduled to conclude by 2027, with further updates expected as development progresses.
Trading opportunities and ecosystem impactIn late September, Solana DEX volumes reached over $2 billion per day, according to DeFiLlama, making it a prime venue for active trading. The launch opens doors for QNT holders to new trading routes, especially between Ethereum and Solana, potentially presenting arbitrage opportunities for traders and multichain flexibility for institutions managing regulated digital assets custody.
For Solana, the addition of QNT as an enterprise-linked asset introduces a novel dimension to its network, which has been widely associated with retail activity and memecoin interest. It highlights an industry trend towards integrating regulated institutions with permissionless blockchain technology.
“Bridge exploits cost the crypto industry more than $2.8 billion last cycle, underlining the importance of robust security and interoperability as more assets cross between networks,” Sunrise stated.
With QNT opening above $400 before retreating to $250 in late September, price action around the launch reflected heightened attention and a surge in market activity. Strategic focus now shifts to how Raydium’s liquidity, bulk orders via Jupiter, and ongoing collaborations such as Exinity’s with Binance will influence the Solana-based QNT market.
As the technical framework for the institutional side emerges over the coming months, developers and investors alike are watching how QNT’s growing multi-chain strategy might shape its relevance within the broader industry.
Raydium is still one of the main venues for Solana tokens, and one of the most common places teams run a volume bot. But “a Raydium pool” can mean three different things. The pool type decides the fee every trade pays, how liquidity behaves when the price moves, and which token standards are supported, so it decides what a volume campaign costs. Here is how they compare.
The three pools at a glance AMM v4 CPMM CLMM Model Constant product (x·y=k) Constant product (x·y=k) Concentrated liquidity Trading fee 0.25% Choice of tiers (e.g. 0.25%, 1%, 2%, 4%) Several tiers, from about 0.01% up Token-2022 No Yes Yes Liquidity Spread across all prices Spread across all prices Set by LPs in price ranges Typical use Older launches and legacy pairs New launches, LaunchLab graduates Established tokens, active LPs Fee tiers are as of September 2026. Check Raydium’s docs before creating a pool.
AMM v4: the original AMM v4 is Raydium’s original constant-product pool and was historically tied to the OpenBook order book. The fee is 0.25% per trade, split between liquidity providers and RAY buybacks. It doesn’t support Token-2022 tokens. For years it was the default destination for Pump.fun graduates, until Pump.fun moved migrations to its own PumpSwap AMM in 2025. Many older tokens still trade mainly on AMM v4 pools.
CPMM: the modern default for new tokens CPMM uses the same constant-product maths as AMM v4 but without the OpenBook dependency, so it is cheaper and simpler to create. It supports Token-2022 and lets the pool creator pick a fee tier. Tokens that graduate from Raydium’s LaunchLab migrate into CPMM pools. For most new launches, CPMM is the sensible choice.
CLMM: concentrated liquidity In a CLMM pool, liquidity providers choose the price range their capital covers, as in Uniswap v3. Inside that range liquidity is deep and slippage is low. If the price moves outside every provider’s range, the pool effectively has no liquidity until someone adds more. CLMM suits tokens with active liquidity management; it is a poor fit for a brand-new token whose price may move ten times in a day.
In CLMM pools, liquidity sits inside chosen price ranges. Which one for a launch? New token, standard SPL or Token-2022: Simple, supports both token standards, and fees can be set to match the token’s volatility. Existing token already on AMM v4: keep it there unless there is a reason to migrate. Splitting liquidity across pools weakens both. Established token with an active LP team: CLMM can give much tighter spreads, as long as someone manages the ranges. What pool type means for volume campaigns Pool design also decides what it costs to keep a chart active. Every trade pays the pool fee, so a Solana volume booster campaign in a 1% CPMM pool costs four times as much in fees as one in a 0.25% pool. Token-2022 transfer fees work like a tax on top of that. In CLMM pools, a campaign has to stay inside the range where liquidity exists, or trades fail or slip badly.
Boost Legends, a Telegram-based Solana volume bot (solanavolumebot.com, @boostlegends_bot), supports AMM v4, CLMM and CPMM pools and sizes trades to the pool it is running on. Its Raydium volume bot page lists which pool types it supports and what campaigns cost on each.
Summary For most new Solana tokens in 2026, CPMM is the default: it is simple, supports Token-2022, and has flexible fees. AMM v4 remains where much of the older liquidity sits. CLMM is a tool for managed liquidity rather than for launches. Pick the pool type first, because it shapes trading costs for everyone, including you.
FAQ What is the difference between Raydium CPMM and AMM v4?
Both use constant-product pricing, but CPMM doesn’t depend on OpenBook, supports Token-2022, and lets the creator choose a fee tier. AMM v4 has a fixed 0.25% fee and supports standard SPL tokens only.
Which Raydium pool type is best for a new token?
CPMM, for most launches. It is cheaper to create and supports both token standards.
Why do trades fail in a CLMM pool?
If the price moves outside the ranges where liquidity providers have placed capital, there is little or no liquidity left to trade against.
Where do Pump.fun tokens migrate now?
Since 2025, Pump.fun tokens migrate to PumpSwap, Pump.fun’s own AMM, instead of Raydium AMM v4.
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Raydium lets you trade INJ and provide liquidity on Solana. Swap USDC for INJ, or add both tokens to the INJ/USDC pool to earn a share of trading fees while your position is in range.
This guide takes you from USDC in Phantom to your first INJ swap on Raydium. Follow the screenshots to select INJ, review your quote, and confirm the trade. Then learn how to set a liquidity range, open a position, collect fees, and withdraw your tokens.
What you needPhantom with your Solana account availableUSDC on Solana, to swap into INJ and to pair against INJ in the poolSunrise INJ on Solana already in your wallet, if you're skipping ahead to the liquidity sectionSOL for network feesINJ began trading on Solana on September 17, 2026, as a canonical SPL token issued through Sunrise, Wormhole Labs' token gateway. The mint address is 1NJMqVM4PadjuzYmeB7zV7q7DV8oB3ExaQCd9x6KsLz. Check this against whatever INJ you select in Raydium's token search. Native INJ on the Injective network is a different network balance.
Swap USDC for INJStep 1. Open Raydium and Connect PhantomGo to raydium.io and select Connect Wallet in the top right. Choose Phantom and approve the connection from the account that holds your USDC and SOL.
Connect your Phantom Solana account to Raydium.Step 2. Select INJ as the Token You're TradingOpen the token selector for the token you're receiving and search “inj.” Select INJ (Injective) — Raydium shows its mint address next to the result, worth checking against the address above since INJ is a recent listing.
Search for INJ and confirm the mint address before selecting it.Step 3. Enter an Amount and Review The QuoteEnter the amount of USDC you want to swap. Review the quoted INJ amount, minimum received, price impact, and order routing before confirming.
Review the quote and price impact before confirming.Step 4. Confirm the Swap in PhantomSelect Swap, then approve the transaction in the Phantom popup. Once it confirms, your INJ balance updates in both Phantom and Raydium's wallet display.
Approve the swap in Phantom.Provide concentrated liquidity to the INJ-USDC poolINJ-USDC is currently the most liquid INJ pair on Raydium, and it's listed as a concentrated liquidity (CLMM) pool. That means you pick a price range for your position instead of depositing across the full price curve — it can earn more fees per dollar inside that range, but earns nothing once the price moves outside it.
Step 1. Filter the Liquidity page by INJGo to the Liquidity tab and search or filter by INJ. Sort by 24H volume to see which INJ pair is most active, INJ-USDC currently leads the list by a wide margin.
The INJ-USDC pool led INJ pair volume when this was written. Check current volume before picking a pool.Step 2. Click Deposit on the INJ-USDC Pool and Set Your RangeSelect Deposit on the INJ-USDC pool, choose a price range or use one of the preset percentage buttons (±1%, ±5%, ±10%, and so on) to set it automatically around the current price. Enter an amount of one token; Raydium calculates the matching amount of the other based on your range and the current price.
A narrower range concentrates your capital and can earn more fees while the price stays inside it but moves out of range faster. A wider range earns less per dollar but stays active longer without adjustment. Select Create Position when you're ready to continue.
Deposit opens the position screen directly. Set a price range and enter your deposit amounts here.Step 3. Review the Deposit PreviewRaydium shows a Preview Deposit summary before you sign anything: your position's token amounts, fee tier, current price, and the range you selected. Confirm these match what you intended, then select Confirm Deposit.
Check the position summary before confirming the deposit.Step 4. Confirm the Deposit in PhantomApprove the transaction in the Phantom popup. It shows an incoming NFT (labeled “Unknown”, this is your new position, not a token you'll recognize), the SOL network fee, and the INJ and USDC leaving your wallet.
Approve the liquidity deposit in Phantom.Step 5. Save your position NFTOnce the deposit confirms, Raydium mints an NFT representing your position and shows its mint address. Raydium's own warning here is worth repeating: don't burn this NFT, or you'll lose the ability to remove your liquidity and if you send it to another wallet, only that wallet will be able to remove it afterward.
Your position NFT confirms the deposit. Keep it in this wallet.Step 6. Find and Manage Your Position LaterOpen Portfolio to see the position: its range, whether it's in range, current value, and APR. Fees and any rewards accrue as Pending Yield, which you can withdraw with Harvest without touching your deposited liquidity.
Select + to add more liquidity to the position, or – to withdraw some or all of it.
Track range, value, and pending yield from the position card.Step 7. Remove Some or All of Your LiquiditySelecting – opens Remove Liquidity. Choose a percentage, or drag the slider, and check Keep my position open if you only want to withdraw part of it and deposit again later. Leave it unchecked to close the position and burn the NFT.
Review the tokens and pending yield you'll receive, then confirm in Phantom.
Choose how much to withdraw and whether to keep the position open.Common errorsINJ Doesn't Appear In The Token SearchSearch by name first. If it still doesn't show up, paste the mint address directly: 1NJMqVM4PadjuzYmeB7zV7q7DV8oB3ExaQCd9x6KsLz. Raydium prompts for a contract address on any token outside its default list.
The Swap Fails or Shows a High Price ImpactReduce the trade size, or raise your slippage tolerance in the settings gear if the transaction reverts with an exceeded-slippage error. A newly listed pair moves more per trade than an established SOL or USDC pair.
The Position Isn't Earning FeesConcentrated liquidity only earns fees while the pool price sits inside the range you set. Open Portfolio and check whether the position still shows In Range — if the price has moved past your min or max, it's earning nothing until it moves back or you adjust the range.
The Wallet Has INJ and USDC but the Transaction Won't ConfirmCheck your SOL balance. The swap, the liquidity deposit, and the withdrawal are all paid in SOL network fees, separate from the tokens you're trading or depositing.
Liquidity Can't Be RemovedOnly the wallet holding the position NFT can remove that position's liquidity. If the NFT was burned or sent to a different wallet, connect with that wallet instead — there's no way to recover a removal right without it.
Put INJ to UseOpen Raydium to swap into INJ or add liquidity to the INJ-USDC pool. Check the pair, the pool type, and the current price range before confirming any transaction — volume, fees, and APR on the Liquidity page move constantly.
Raydium’s 138% monthly uptick encountered a sharp reset as RAY dropped 12.06%, as weakening market sentiment triggered profit-taking across the market.
Particularly, the retracment followed an extended rally that had pushed RAY into increasingly into overheated conditions.
Besides profit-taking activity, the broader conditions also became less supportive during the decline. Notably, the Crypto Fear & Greed Index declined from 70 to 69, although sentiment maintained within “Greed.”
The asset’s daily trading volume, meanwhile, reached approximately $75.4 million, validating strong participation during the sell-off.
The combination of profit-taking and cooling market sentiment, therefore, put RAY’s recovery under its strongest recent pressure.
Source: CoinMarketCap Leverage retreats as longs take the hit Also notably, the derivatives market participants minimized exposure as RAY’s retracement spread beyond the spot market.
In particular, Open Interest declined 8.88% to $15.93 million, suggesting leverage left the market alongside the falling price.
Additionally, the recent liquidation activity provided another element to the deleveraging trend. Notably, the long liquidations dominated during the latest reading, reaching nearly $8.57K compared to just $23.66 in shorts.
It is also worth noting that the larger long-liquidation spikes had already appeared during most of the September’s volatile sessions. The recent decline, therefore, extended a broader pattern of leveraged bullish positions facing pressure.
The falling OI also distinguished the pullback from one driven primarily by aggressive new short positioning. Market participants rather appeared to minimize prevailing exposure as Raydium surrendered its recent gains.
Even so, the lower leverage could still eventually reduce forced-selling pressure in case Raydium stabilizes around nearby technical support.
Source: CoinGlass Spot and Futures sellers tighten pressure Furthermore, selling pressure also emerged across both Spot and Futures activity, validating the case for continued near-term caution.
At the time of reporting, RAY had recorded approximately $46.26K in positive Spot netflows flipping from -$944.06K outflows of the previous day.
The inflows implied more tokens entering exchanges, increasing available supply on the exchange side.
The Futures Taker CVD metric, meanwhile, remained seller-dominant, suggesting aggressive futures sellers retained control. So, the Spot supply and Futures positioning leaned against an immediate price recovery.
The recent spot inflow, however, remained modest as compared to the several earlier spikes. RAY would therefore need easing exchange inflows and improving futures taker demand to validate any recovery attempt.
Until then, the bears retain an advantage across both the spot and futures markets.
Source: CryptoQuant Can $1.82 keep the channel alive? Raydium’s [RAY] correction from above the $2.18 zone erased its recent breakout attempt, bringing the price directly towards the $1.82 support.
The price fall also pulled Raydium towards the lower boundary of its rising channel without breaking the broader structure.
Significantly, the latest candle formed a dragonfly doji after testing the $1.82 level, showing buyers were rejected deeper intraday losses at the that time.
Additionally, the Parabolic SAR indicator flipped below price at $1.7056, while RSI cooled from overbought conditions to 62.26.
Therefore, the $1.82 support level now separates a controlled correction from a potentially deeper retracement.
In case bulls successfully defend this level, Raydium could rebound towards the $2.18 area and retest the recently swept liquidity region.
However, the rebound prospects could be invalidated in case of a daily close below the $1.82 support, weakening the channel structure.
Source: TradingView Final Summary RAY’s 12% correction intensified as leverage declined and futures sellers remained dominant. Defending $1.82 could preserve RAY’s rising channel and reopen a move toward $2.18.
Raydium, the largest decentralized exchange on Solana, just posted its best weekly revenue numbers in over a year. The catalyst wasn’t another memecoin frenzy. It was tokenized stocks.
The protocol’s 30-day holders revenue climbed to $4.43 million, with $1.19 million of that coming from the most recent seven-day window alone. Total protocol revenue over the trailing 30-day period hit $6.94 million, a level the DEX hasn’t touched since the summer of 2025.
StonkFun changes the economics The revenue spike traces back to a single integration. On September 5, 2026, Raydium onboarded StonkFun, a platform built around tokenized equities, through its LaunchLab infrastructure. The move collapsed the cost of deploying a new token from 0.29 SOL to 0.03 SOL. That’s roughly a 90% reduction in launch fees.
The cheaper on-ramp triggered an immediate wave of tokenized equity trading. Assets tracking well-known companies like Boeing and Roblox started seeing meaningful volume flow through Raydium’s pools. Just one day after the integration, on September 6, Raydium logged a single-day protocol revenue peak of nearly $440,000.
That same day, protocol buybacks of Raydium’s governance token RAY reached $640,788, the largest daily buyback figure since February 2025. The buyback mechanism works like a stock repurchase program: protocol revenue is used to buy RAY off the open market, reducing circulating supply and theoretically supporting the token’s price.
The market took the hint. RAY rallied approximately 90% over the span of a week, climbing to an 11-month high of around $2.01. Its market capitalization approached $543 million during the peak of the move.
From memecoins to tokenized equities Raydium’s origin story is deeply tied to the memecoin economy. The protocol served as the primary liquidity venue for Solana’s parade of dog-themed, frog-themed, and celebrity-adjacent tokens throughout 2024 and into 2025. When the memecoin trade cooled, so did Raydium’s numbers.
The StonkFun integration represents something different. Tokenized-asset trading volume on Raydium grew substantially in Q2 2026, reaching $2.09 billion for the quarter. Raydium’s LaunchLab, which originally served as a token creation and liquidity bootstrapping tool for memecoins, has effectively been repurposed. By dramatically cutting deployment costs, it became a viable launchpad for tokenized versions of traditional financial instruments.
What this means for Solana’s DEX landscape The $2.09 billion in tokenized-asset trading volume during Q2 2026 signals genuine demand. At $640,788 in a single day, the protocol is generating enough revenue to meaningfully support its own token price through open-market purchases.
The risk, of course, is that tokenized equity trading faces regulatory scrutiny that memecoins largely avoided. Synthetic stock tokens occupy a gray area in most jurisdictions. If regulators decide these instruments constitute securities, platforms facilitating their trading could face enforcement actions. The cost reduction that made StonkFun’s integration so impactful also makes it trivially cheap to launch tokens that might attract regulatory attention.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Raydium [RAY] has surged by more than 10% to the current trading price at $2.05 over the last 24 hours, significantly outperforming the broader market as new asset integrations strengthen its role in Solana’s [SOL] growing tokenization ecosystem.
The launch of USDv and Injective [INJ] on Raydium is driving fresh activity across the platform, while rising altcoin rotation and strong trading volume provide additional support for the rally.
New integrations strengthen Raydium’s utility The addition of USDv and Injective expands the range of assets available on Raydium and could increase trading activity across the Solana-based decentralized exchange.
These developments arrive as capital continues rotating into altcoins, creating a more supportive environment for RAY and other Solana ecosystem tokens.
As a by-product of the increasing utility, Raydium trading volume across the Futures market has increased significantly. Over the last 24 hours alone, the network’s trading volume has doubled to $185 million.
Source: Santiment The network’s Futures Volume has surged threefold to $25.25 million, with the bulls slightly outweighing the sellers by one percent. The proportion of the leveraged positions in long positions stands at 51%.
Source: CoinGlass The overall market’s derivatives data is supporting the current bullish push. Raydium’s current push is strongly supported by increasing retail orders as the Volume Bubble Map sparks overheating signals across both Spot and Futures markets.
Source: CryptoQuant RAY breaks into new highs On the daily chart, RAY’s price action has also strengthened considerably over the past week, with the token recording a new all-time high of $2.12 at yesterday’s market close.
The latest 10% daily gain extends that breakout and keeps RAY firmly above its previous high. The only obstacle against the current bullish advance stands at the local high at $2.12.
That being the case, a sustained trading volume will now be key for determining whether buyers can maintain the momentum at these elevated levels.
But with the new asset integrations increasing Raydium’s utility and broader altcoin rotation supporting risk appetite, the market is now watching whether RAY can extend its breakout and establish another rally.
Source: TradingView Final Summary RAY surges by more than 10% to $2.05 after new USDv and Injective integrations boosted activity on Raydium. Raydium reached a new all-time high of $2.12 as altcoin rotation and strong trading activity support the breakout.
Tokenized commodities trading on Solana hit $87 million in weekly volume, with Raydium, Solana’s largest decentralized exchange, capturing 70% of that activity.
Solana’s tokenized commodity supply reached approximately $50 million by late August 2026, built on the back of assets like Paxos Gold (PAXG) and Dominion Market’s tokenized silver token, SILV. The silver token alone generated over $4 million in 24-hour volume shortly after launch, accounting for roughly 60% of all tokenized commodity trading on the network at the time.
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Raydium has consistently captured between 63% and over 90% of Solana’s tokenized asset trading volume across various categories throughout 2026.
The growth in tokenized gold supply on Solana tells perhaps the most dramatic story: a 689% increase year-over-year through August 2026. Solana’s share of the total on-chain gold market sits at roughly 0.47%, compared to Ethereum, which still dominates the space by a wide margin.
The trading options for commodity exposure on Solana expanded significantly in early September 2026, when GMTrade launched 24/7 perpetual contracts for gold, silver, and WTI crude oil on the network.
On the DeFi side, Kamino, a Solana-based lending protocol, added PAXG as collateral, meaning users can now borrow against their tokenized gold holdings.
Solana managed to route more than 95% of global tokenized equity volume by Q2 2026. Solana’s broader real-world asset metrics have been trending upward throughout 2026, with growth in both supply and holder counts across multiple RWA categories.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Raydium [RAY] gained 10% over 24 hours, reaching $1.76 and outperforming the broader crypto market by 3.99%. The move coincided with Raydium supporting Injective’s Solana expansion and handling most of StonkFun’s trading activity.
StonkFun’s all-time Trading Volume reached $2.67 billion, with Raydium processing $1.713 billion. That gave Raydium a 64% share, showing how integrations were translating into measurable protocol usage.
Meanwhile, Solana [SOL] also posted gains, adding a broader ecosystem tailwind.
Source: StonkFun Why is Raydium activity rising? Raydium’s wider role across Solana continued to strengthen its position as a major liquidity venue. More importantly, protocol activity reached new highs across several metrics.
Total Value Locked [TVL] climbed to $1.26 billion, while Holders Revenue rose to $280,000 over 24 hours.
Together, rising liquidity and revenue suggested that the rally had support beyond broader Solana momentum.
Source: DeFiLlama For RAY, that distinction matters. A rally supported by utility, liquidity and revenue has a broader foundation than price momentum alone.
However, that support depends on ecosystem activity remaining elevated.
Can RAY hold above $1.75? RAY’s 10% gain pushed the token through key resistance and above the $1.75 support area. At the same time, RAY remained above its key EMAs, leaving the longer-term structure with buyers.
If ecosystem activity continues and capital keeps entering Solana applications, RAY could sustain its current momentum.
Even so, the rapid daily gain leaves the token vulnerable to profit-taking if buying pressure weakens.
Source: TradingView The next test is no longer whether Raydium can attract activity. It is whether that activity can defend $1.75 after momentum cools.
Final Summary RAY gained 10% and reached $1.76. Raydium processed 64% of StonkFun’s $2.67 billion Trading Volume.
Raydium rallied on the price charts as the broader cryptocurrency market saw green across the board.
In this case, the timing was particularly interesting. Especially since it followed Injective’s Solana expansion which strengthened RAY’s fundamentals. To be specific, Injective’s Solana launch introduced another potential source of trading activity for Raydium’s decentralized exchange.
Reportedly, Raydium joined the rollout as a day-one liquidity partner, granting Injective assets immediate access to Solana blockchain liquidity.
Here, it is also important to note that Raydium accounts for over 90% of memecoin DEX trading volume on Solana. In fact, its cumulative tokenized stock volume recently surpassed $5 billion on the blockchain.
The aforementioned integration will also enable participants to trade Injective ecosystem tokens through Raydium, eventually funneling additional swaps and liquidity.
For its part, RAY’s price gained by 15.19% over 24 hours. Its trading volume simultaneously surged by 125.5% too, hinting at greater market participation.
Are retail traders on board with RAY? While the altcoin’s price action did surge, so did the retail Futures activity. This pushed trading frequency into the “Too Many Retail” area. In fact, this metric’s reading implied that smaller traders increasingly entered Futures trading as RAY’s price pushed higher.
Furthermore, the 90-day Futures Taker CVD also maintained taker-sell dominance across the derivatives market.
Therefore, aggressive sellers likely started taking in profits after RAY’s sharp price appreciation.
Hence, retail traders chased the rally while taker activity revealed persistent selling. Taken together, these findings might imply possible exhaustion after the rapid price expansion.
Source: CryptoQuant What happened after RAY swept its swing high? On the 24-hour chart, Raydium’s [RAY] price rally extended by roughly 26.16%. Thanks to the same, it briefly hit the $1.85 swing high, before a retracement on the charts.
Notably, the move above previous highs appeared to grab nearby internal liquidity instead of establishing $1.85 as resistance. Subsequently, the price then slipped below the $1.80-resistance level, with the token trading at around $1.77 at press time.
The MACD indicator remained supportive after crossing above its Signal line. Furthermore, its positive histogram reading of 0.0341 suggested that the bullish pressure had not fully faded after the retracement.
The RSI indicator, however, breached 72.27, placing the token in overbought conditions.
Ultimately, reclaiming the $1.80-resistance would be crucial for an upside continuation. A sustained rejection, however, could instead reinforce the pullback as price gravitates towards denser lower liquidity.
Source: RAY/USDT, TradingView Downside liquidity strengthens pullback risk With reference to the technical price structure, RAY’s latest rally may have already collected much of the nearby upper liquidation liquidity. Attention can now shift towards the substantially denser liquidation concentrations below the press time price.
Notably, the strongest visible clusters can be seen around the $1.64–$1.66 region. All while the taker-sell dominance and overbought RSI conditions increased the significance of a rejection around the $1.80-area.
Persistent rejection around that key level could therefore push RAY towards the $1.64–$1.66 liquidity pool before another sustained recovery attempt.
However, such a correction would not invalidate the broader structure while $1.2202 remains protected.
Source: Coinglass Final Summary Injective strengthened Raydium’s growth narrative, but Futures sellers challenged the rally. RAY lost $1.80 after its daily swing-high sweep, increasing near short-term price correction risk.
High-performance DEX and liquidity platform Raydium has emerged as the dominant liquidity venue for Solana’s rapidly expanding memestock market, with more than 90% of DEX volume flowing through the protocol.
The acceleration has been remarkable. Memecoin-equity pairs on Solana generated roughly $300 million in cumulative volume before surging to approximately $778 million in just 10 days. Almost all of that volume occurred on Raydium.
Blockworks data shows Raydium processed $721.5 million of the $778.9 million in combined memecoin-equity volume yesterday, September 17. Other Solana DEXs handled just $57.4 million.
The activity has pushed Raydium deeper into the tokenized-equity market. The protocol has now facilitated more than $5 billion in cumulative tokenized stock trading volume on Solana.
$5 Billion in Tokenized Stock Volume Raydium contributor Infra highlighted the scale of the activity, with the protocol now handling the majority of onchain tokenized trading volume on Solana.
The numbers from individual platforms reinforce that position. xStocks reported more than $500 million in tokenized-asset trading volume over the last 10 days, with $SPYx leading activity across meme-tokenized pairs. According to xStocks, Raydium routed all of that volume.
StonkFun has also routed $1.7 billion in cumulative volume through Raydium.
Raydium itself set a new weekly all-time high for tokenized equities, recording $738 million in volume last week. That growth comes as the SEC opens a new regulatory pathway for tokenized stocks.
SEC Exemption Meets Raydium’s Permissioned AMMs The SEC's September 17 Innovation Exemption arrives at an interesting time for Raydium. The protocol had already introduced Permissioned AMMs in July, creating a way for issuers of KYC-gated and regulated assets to access Raydium's liquidity while restricting pool participation to approved wallets.
That gives the SEC's new framework added significance for Raydium. The SEC granted temporary, conditional exemptive relief to Tokenized Securities Venues, allowing certain venues to facilitate trading in eligible tokenized U.S. stocks through permissioned AMMs and liquidity pools. The exemption will run for 5 years and includes conditions around investor access, trading limits, underlying stock rights, smart-contract audits, and issuer protections.
In other words, the regulatory environment is moving closer to the infrastructure Raydium has already built. If the exemption encourages more issuers to tokenize stocks and launch compliant secondary markets, Raydium's Permissioned AMMs could provide an existing liquidity layer for that activity on Solana.
Why $RAY Is Pumping The expansion in Raydium's trading activity has coincided with a major rally in $RAY. The token has gained 109.2% over the past 2 weeks and 169% over the past month, reaching its highest price since January.
Several developments have accompanied the move. StonkFun moved all new launches to Raydium, while tokenized stocks from platforms including Backpack and xStocks also route through Raydium.
On September 8, Raydium executed its largest reported single buyback in almost 2 years, purchasing $640,788 worth of $RAY with 12% of protocol fees. The protocol has now spent approximately $203 million on cumulative $RAY buybacks, including $1.4 million last week.
Infra has repeatedly emphasized Raydium's decision to tie protocol growth directly to $RAY rather than an equity structure. The cumulative $RAY Raydium has bought back represents more than 30% of circulating supply. After accounting for those repurchased tokens, Infra estimates adjusted circulating supply at approximately 187 million $RAY.
Raydium also holds roughly $62 million in $SOL and $USDC on its balance sheet, according to Infra, with the holdings publicly verifiable onchain. Team and investor token unlocks ended in February 2024, while Infra described Raydium's remaining dilution from liquidity incentives as minimal.
Solana Foundation’s Chase Barker also praised Raydium's development over the years, highlighting its role as an early major DEX in the Solana ecosystem and its continued building through different market cycles.
A New Era for Solana Trading Raydium now sits at the intersection of 3 rapidly developing markets: memecoins, tokenized equities, and onchain liquidity.
The key question now concerns durability. If tokenized equities continue gaining traction and memestock activity remains elevated, Raydium could continue benefiting from the volume flowing through its pools.
Read More on SolanaFloor Solana Hits $110 & Bitcoin Reclaims $80K as Crypto Recovers From CLARITY Failing
SEC Opens the Door to Tokenized Stocks With a 5-Year “Innovation Exemption”
Raydium [RAY] has continued to pull one of the strongest moves in the market, with gains that have seen it surge by a double-digit percentage of 12%, according to CoinMarketCap. RAY’s gains have closely followed the protocol’s performance in terms of Earnings and utility.
The Earnings data, which measures the Gross Profit from the incentives paid out, shows that the protocol has generated roughly $3.87 million so far in September, marking its highest gain in a year, a level it last saw in September 2025. The gain comes as its total reaches $23.26 million.
Source: DeFiLlama One of the major influencing factors that has pushed the asset to this level has been the growth in LaunchLab, the infrastructure that enables the launch of tokens on Raydium, with Stonk.fun being a major platform.
DeFiLlama data shows that roughly $2.64 million has funded RAY Buybacks in the market, with LaunchLab contributing 25% of the capital. When the protocol has a strong performance at this level, it adds to the overall sentiment in the market, contributing to the asset performing decently in the near term.
Spot selling puts RAY under pressure Investors in the market are taking advantage of the rally, with data from CoinGlass showing profit-taking activity, likely contributing to capital flowing out of RAY.
The CoinGlass Spot Netflow shows that in the past 24 hours, there has been net selling, as inflows trumped outflows, with $311,530 in more sales. This trend has continued over the past two days.
While the outlook seems very bearish, a broader outlook shows that investors are now holding more RAY compared to the past week, where there has been more selling of the asset into the market.
Source: CoinGlass In the past three weeks, Netflow has dropped from $2.4 million down to around $552,000 at the time of this writing, with the bar representing each week showing a consecutive drop in value.
When there is a steady decline at this level and at this pace, it often implies that investors are now seeing a potentially longer gain to benefit from, and that sellers are likely to hit exhaustion in the near term.
Rising volume backs RAY’s price gains Volume analysis adds to the overall outlook for price. According to data from CoinGlass, there has been a surge in volume to over $68 million across both the spot and perpetual markets.
Rising volume, along with rising price, has historically meant that the momentum backing the asset is high, suggesting price could sustain its present gain. The perpetual market volume confirmed a stronger bullish trend.
Source: CoinGlass At the time of writing, the Taker Buy Sell Ratio, which tracks this, shows that Taker Buys are dominating with a reading of 1.15 on the chart. Anytime the ratio rises above 1, it confirms the bullish outlook and supports the recent price gains.
If this trend continues, RAY could maintain its upward path, but Spot Netflow remains worth tracking.
Final Summary Raydium gained 12% as protocol Earnings reached a yearly high. September Earnings reached approximately $3.87 million. LaunchLab contributed 25% of the capital used for RAY Buybacks.
@injective has confirmed that its $INJ token is now live on Solana as a native SPL token, marking a significant step in the protocol's multi-chain expansion. Trading is handled by @Raydium, with pairs available against $SOL and other ecosystem tokens.
From Wrapped to Native Solana users were not without access to $INJ before this launch. A wrapped version of INJ had also been available through a Katana vault since 2024. The difference with this new listing is that no intermediary wrapper sits between the user and the token.
That is a modest float, consistent with a controlled rollout rather than a broad market debut.
What This Means for INJ Holders Bringing $INJ natively to Solana extends that reach to one of the busiest DeFi ecosystems in crypto.
The native SPL listing reinforces that positioning by removing the friction that bridged or wrapped tokens typically introduce for end users.
For Solana traders, the practical benefit is straightforward: $INJ can now be bought, sold, and used within Solana-native applications directly through @Raydium without leaving the ecosystem.
Sources:
Crypto Briefing: Injective Protocol's INJ token goes live on Solana
CoinMarketCap: Injective (INJ) Overview
Raydium’s [RAY] strong September rally has now entered a pullback, bringing a key support level back into focus. On the 17th of August, Raydium’s price rose from about $0.60 to $0.85 by the 5th of September before momentum accelerated.
The breakout then pushed the token above $1.10. Volume spiked along with the price, confirming stronger buying activity. From there, RAY formed higher lows and advanced toward $1.80 on the 11th of September.
However, sellers rejected that level, pulling RAY down about 17% to $1.50.
Source: TradingView The decline has also cooled momentum, with RSI falling from above 80 to 53.95. Meanwhile, volume has eased from its breakout highs, suggesting selling pressure is losing strength.
RAY now sits near the $1.4583 pivot, making this level important for the next move. At the same time, trading volume has dropped off significantly since the breakout, which indicates decreasing sales pressure.
If RAY can hold onto this level, a bounce or rebound may begin to form as high as $1.60 and $1.80. Conversely, if RAY breaks through this level downward, the decline may continue lower than that until reaching approximately $1.10.
Raydium leads Solana’s tokenized-equity market Raydium’s recent price strength also comes as the protocol expands its role in Solana’s tokenized-equity market. Since June, it has dominated the market by generating over 63% of all volume of trading in tokenized stocks on Solana’s DEX.
This dominance includes being the primary platform for all the largest tokenized security exchanges. Raydium represents 75% of xStocks’ total trading volume and 60% of BackPack’s total trading volume.
Also, the xStocks that were traded on Raydium totaled $1.63 billion in Q2, indicating the scale of the activity.
Source: Blockworks Solana recorded roughly $5.8 billion in tokenized-stock DEX volume during the quarter, placing Raydium at the center of a growing market.
This activity adds another layer to Raydium’s broader trading strength, while its concentration across major tokenized assets reinforces its position as a key liquidity venue.
Raydium’s fundamentals face a key RAY test The tokenized equity of Raydium is clearly evident in the economic performance of the protocol. Over the past 30 days, the protocol generated roughly $18.8 million in fees and $3 million in revenue.
Source: DeFiLlama Notably, a portion of that revenue supports RAY buybacks, linking higher activity with token demand. With RAY valued at roughly over $400 million, sustained fee growth could be of much influence to price recovery.
However, increased activity does not always translate to immediate recovery. In light of that, RAY remains in a pullback and is now testing $1.4583. Holding this level would keep the recent bullish structure intact, while a break below it could expose $1.10.
For now, the fundamentals remain strong, but price action needs to confirm that strength.
Final Summary Raydium is testing $1.4583 after its rally, with $1.10 as key support. Rising tokenized-equity activity and buybacks give RAY stronger fundamentals.
Bittensor [TAO] was one of the altcoins that saw a sizeable drawdown in the past 24 hours. Down nearly 7% in a day, TAO has seen red each day since Monday, the 7th of September.
Source: Coinalyze The Open Interest has declined 14.3% in 24 hours, and the spot CVD has also been falling since Monday. The indicators showed a lack of spot and derivatives demand. If this trend continues, TAO could have five consecutive days of losses.
This streak of losses was a blow for the bulls and has come after the altcoin reached a 3-month high of $277 after going live on Raydium.
Can the buyers shake off the momentary lull and drive another rally? Or do these short-term losses mark a momentum shift for TAO?
Bittensor falls short of $300 once again Source: TAO/USDT on TradingView In April 2025, the Bittensor weekly chart registered a swing low at $167.8. In February 2026, this swing low was breached by a weekly candle close at $163.2, confirming a bearish swing structure.
The $142.8 and $377.8 swing points are the ones to watch on the weekly timeframe. The $291.6 is also an important level that, if breached, could lead to some short- to medium-term gains.
The RSI on the weekly timeframe was at 49 to show neutral momentum, but the OBV has been in a steady downtrend since October to reflect bear market conditions.
A bullish recovery would be underway once the $377.8 swing point is broken. On the way there, the $300 psychological round number is also a critical supply zone to keep an eye on.
Traders’ call to action- Expect more drawdown Source: TAO/USDT on TradingView Despite the rally from below $200 to nearly reach $280 in recent weeks, the price structure remained bearish. The $291.6 high from June loomed large, just below an important supply zone at $300.
To overcome these resistance levels, Bittensor needs aggressive, sustained demand. This kind of demand might not arrive if Bitcoin faces another price slump after an inability to hold on to the $80k mark that BTC displayed recently.
Swing traders and investors can wait for a price dip to $190 to buy the altcoin in anticipation of yet another bullish TAO reaction.
Final Summary TAO saw a 7% price decline in the past 24 hours and an Open Interest slump of just over 14%. The weekly structure was bearish, and the bulls remained incapable of seizing the $300 level as support to drive a true recovery.
altStonkFun is putting fresh pressure on Solana’s launchpad competition. Since its August 23 launch, the platform has burned more than $40 million worth of STONK at the current value, wiping out 14.4% of total supply forever.
The launchpad lets users create coins pairs with stocks, commodities, currencies, memes, leveraged assets and more. Powered by Raydium, StonkFun also lets users trade, create, reward holders, or earn within its ecosystem.
StonkFun Burns $40M While Rewards Top $30MThe supply reduction isn’t the only number getting attention. More than $30 million in rewards have now been distributed to StonkFun ecosystem holders, giving holders another direct incentive tied to platform activity.
That comes as StonkFun has emerged as a trending Solana-based token launchpad, supporting crypto assets paired against tokenized real-world equities such as S&P 500 ETFs alongside memes.
The combination of supply burns, rewards and ecosystem activity has helped STONK crypto gain attention, while its market capitalization has moved above $250 million.
STONK Revenue Surges Past PONS For Two DaysLiquidity and visibility also increased after STONK was officially listed on global crypto exchanges such as HTX.
More importantly, StonkFun has now slipped Robinhood Chain-based launchpad PONS in daily revenue for two consecutive days. StonkFun recorded $1.355 million in fees compared with $1.21 million for PONS.
The gap isn’t enormous, but the shift matters. It suggests Solana is regaining some ground on the memecoin launchpad race.
STONK Price Tests Channel Resistance Near $0.32The price chart adds another layer. On the four-hour timeframe, STONK remains in an ascending trend while testing the upper boundary of its channel
A clean flip above $0.32 could extend the rally and put further pressure on resistance. But if $0.32 holds, the setup changes quickly.
In that case, the STONK price could retreat toward $0.20 or potentially lower. For now, the $0.32 level is the key test, while the token burn, holder rewards and rising fees keep the StonkFun story firmly in focus.
Story Ends Here
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Key Highlights RAY token has climbed 96.5% over seven days, hitting its strongest price point since January The platform introduced over 15 tokenized equities on Solana, featuring companies like Boeing, Costco, and Roblox A historic single-day token repurchase of $640,788 occurred on September 9 Total SOL locked on Raydium surged to an all-time high of 470,817 tokens alongside 162,085 active wallet addresses Technical analysis indicates RAY may target $1.50, with key support established at $1.2910 The RAY token from Raydium has experienced impressive gains approaching 9% during Thursday’s trading session, building on a 41% upward movement that began over the weekend. Across the past seven days, the digital asset has appreciated by 96.5%, marking its most elevated valuation since the beginning of the year.
Raydium (RAY) Price This remarkable surge stems from multiple catalysts including innovative product offerings, unprecedented blockchain activity metrics, and an aggressive token repurchase initiative that has decreased available supply.
The Solana-based decentralized exchange has introduced tokenized versions of more than 15 prominent US equities, encompassing companies such as Boeing, Costco, Reddit, Lululemon, and Roblox. These digital representations enable round-the-clock trading via Backpack Securities and Sunrise Protocol. This strategic expansion connects Raydium directly to the expanding real-world asset tokenization movement within cryptocurrency markets.
INSIGHT: $RAY is up 96.5% this week, trading at its highest price since January.
Here's why:
🟢 StonkFun moved all new launches to Raydium LaunchLab.
🟢 Raydium recorded its largest buyback of $640,788 on Sept 9, funded by 12% of fees.
🟢 Tokenized stocks like Backpack's Grindr… pic.twitter.com/LOeqs70r2b
— CoinGecko (@coingecko) September 11, 2026
Market intelligence platform CoinGecko identified the primary factors fueling this momentum. Their analysis reveals that StonkFun has redirected all new token deployments to Raydium LaunchLab, tokenized securities such as Backpack’s Grindr offering now flow through Raydium’s infrastructure, and the protocol executed its most substantial buyback operation on September 9.
Additionally, Pump.fun unveiled “Custom Pairs” functionality, enabling memecoin projects to establish trading pairs against tokenized stocks and alternative assets. This development positions Raydium strategically at the convergence of two dominant trends on Solana: the memecoin phenomenon and real-world asset tokenization.
Unprecedented Token Buyback and Network Expansion During Wednesday’s session, Raydium executed a buyback operation worth $640,788 in RAY tokens, establishing a new single-day record. The aggregate value of all buyback programs has now reached $2.1 million. These repurchase initiatives decrease the number of tokens in active circulation, potentially supporting price appreciation when market demand maintains consistent levels.
Source: Blockworks Blockchain metrics validate the heightened activity. Analytics platform Santiment documented 1,074 newly created addresses conducting their initial RAY transfers on Wednesday. According to DeFiLlama’s tracking data, the quantity of SOL deposited on Raydium achieved a record peak of 470,817 tokens, while active wallet addresses reached 162,085 and transaction volume climbed to 3.1 million—both representing monthly records.
During the early portion of the week, Raydium additionally unveiled trading pairs for Bittensor (TAO) and Dogecoin (DOGE), broadening its decentralized finance ecosystem.
Chart Analysis and Price Outlook Currently trading above the $1.35 threshold, RAY maintains positioning above its 50-day, 100-day, and 200-day Exponential Moving Averages. The immediate resistance level emerges around $1.4917, approaching the psychologically significant $1.50 mark.
The Relative Strength Index registers near 81, indicating severely overbought conditions. Meanwhile, the MACD indicator persists above its signal line accompanied by a positive histogram reading, signaling that bullish momentum continues.
Primary support establishes itself at $1.2910, with additional floors identified at $1.1287 and the round-number level of $1.00 beneath that.
According to GMGN data, the market capitalization of Solana-based meme coin Raydium Cat (RAYCAT) has exceeded $15 million, hitting an all-time high. The token is currently trading at $14.5 million, with a 24-hour gain of 350% and a trading volume of $3.4 million over the same period. Just dozens of minutes ago, the official Fomo platform announced that Raycat has been listed and verified on its platform. RAYCAT launched on the StonkFun platform, directly paired with RAY. Each transaction incurs a 3% tax, which is proportionally distributed as RAY rewards to all holders. Additionally, StonkFun’s ecosystem flywheel continues to use platform revenue to repurchase and burn the token. In short, holding RAYCAT automatically grants holders RAY, the native token of Raydium. BlockBeats reminds users that most meme coins lack practical use cases, are highly volatile, and caution is required for investments.
Raydium (RAY) price surged to an 11-month high on Friday. This move was part of a 90% weekly rally, making it the second-strongest performer among the top 300 cryptocurrencies.
The Solana decentralized exchange (DEX) token gained ground while the wider crypto market slipped 3.9% over the same seven days, with Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) all trading lower.
RAY Token Outruns a Falling MarketRAY ranks 117th by market capitalization and has added 14.67% in the past 24 hours alone. It touched an intra-day high of touched $1.75 today.
This marked its highest price since late October 2025. Only STONK (STONK) meme coin, up 1,220.8% this week, posted a bigger weekly gain across the top 300.
Most Solana ecosystem tokens followed the market lower this week, leaving RAY as the outlier.
Raydium (RAY) 7-day Price Chart. Source: BeInCrypto MarketsFollow us on X to get the latest news as it happens
3 Catalysts Behind the 90% MoveAccording to CoinGecko, 3 catalysts sit behind the latest rally. StonkFun said on September 6 that all new token deployments would run through Raydium’s LaunchLab.
The switch cut deployment costs to 0.03 SOL from 0.29 SOL. Raydium also upgraded LaunchLab this month.
Raydium then repurchased $640,788 of RAY on September 9. Messari data shows that it was the heaviest daily buyback since February 2025. The protocol routes 12% of fees towards RAY purchases.
Tokenized equities supplied the third stream. Backpack Securities listed Grindr’s GRND token on September 10, and it saw $11 million in trading volume in an hour.
More than 15 stock tokens, including Boeing, Costco, and Roblox, also went live through Backpack and Sunrise this week.
Buybacks scale with fee revenue, and fee revenue scales with volume. The open question is whether StonkFun’s launch flow and stock-token trading hold up once the speculative burst around them cools.
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Raydium [RAY] rallied by as much as 17.43% over the past day. The move followed sharp growth across Raydium’s Trading Volume, Transactions and User Activity.
DeFiLlama data showed Daily Active Users reached 162,085 during the past 24 hours. This marked a 77.7% increase from 91,200 on the 8th of September.
Transactions climbed to 3.1 million during the same period, representing an increase of 1.9 million.
Source: DeFiLlama Together, these metrics showed that more users were interacting with the protocol during RAY’s rally.
Rising activity could support near-term demand for RAY. However, protocol usage does not automatically guarantee token purchases.
Can Raydium’s volume support RAY? Capital moving through Raydium [RAY] strengthened the rally’s broader on-chain picture.
Decentralized Exchange Trading Volume reached $435.13 million on the 9th of September, according to DeFiLlama. The metric last exceeded this level on the 23rd of March 2026. That earlier increase coincided with three consecutive bullish candles.
Between the 5th and 9th of September, Decentralized Exchange Trading Volume increased by more than 288%.
Source: DeFiLlama Meanwhile, Total Value Locked [TVL] remained relatively stable at $1.124 billion. That stability suggested deposited capital had not materially left Raydium during the rally.
Still, unchanged TVL offered limited evidence that investors were committing fresh capital. Stronger growth could provide clearer confirmation that capital was entering alongside the rising User Activity.
Could THIS derail RAY? By contrast, RAY continued facing selling pressure across the Spot market.
CoinGlass Spot Netflow data showed that this pressure had persisted for more than ten days. During the past 24 hours, the market recorded $466,000 in net selling pressure. This followed approximately $23 million in RAY sales.
Source: CoinGlass This divergence placed RAY’s rally under scrutiny. Raydium attracted greater usage, yet Spot sellers continued exiting.
Spot Netflow may need to decline or turn negative for RAY to sustain its near-term rally.
Final Summary Raydium’s Daily Active Users jumped 77.7% as RAY rallied by 17.43%. Decentralized Exchange Trading Volume climbed 288% to $435.13 million.
On-chain risk coverage platform OpenCover has announced it is expanding its institutional-grade risk protection to the Solana network. Eligible positions can now access coverage, with the initial rollout covering Kamino, Raydium, Orca, and Jupiter. Specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users, connecting them to underwriters including Nexus Mutual. Following this expansion, Solana ecosystem users can now purchase coverage for risks such as smart contract vulnerabilities, oracle failures or manipulation, liquidation failures, and governance attacks. According to a prior announcement from Nexus Mutual, it has now launched four coverage products on Solana for Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the Solana lending market’s total funds. Of these, Kamino and Jupiter hold over $1 billion and $925 million in lending deposits respectively. OpenCover noted that this launch marks the start of its further expansion of risk transfer infrastructure on Solana, and it will subsequently partner with protocols, asset management firms, and liquidity providers to expand the range of positions eligible for coverage.
Raydium (RAY) maintains a firm bullish tone, posting nearly 9% gains on Thursday and extending its 41% rally from Sunday. Solana-based Decentralized Exchange (DEX) is witnessing a surge in network activity and growth amid new token launches. The technical outlook for Raydium signals a potential upside toward $1.50 as momentum holds firm despite overbought conditions.
DeFi network activity heats upRaydium’s network activity shows early signs of renewed user demand amid the launch of more than 15 tokenized US equities, including Boeing, Costco, Reddit, Lulumemon, and Roblox. This follows the recent launch of the Bittensor (TAO) and Dogecoin (DOGE) pairs, reflecting the expansion of DeFi offerings.
Santiment data shows Raydium’s network growth, a metric that tracks user adoption over time based on the number of new addresses transferring for the first time, 1,074 on Wednesday. Multiple spikes over the past month reflect waves of new users joining the network.
Raydium on-chain data. Source: SantimentCorroborating with renewed network strength, DeFiLlama data shows SOL staked on Raydium reached a new high of 470,817 tokens on Wednesday, suggesting fresh inflows. At the same time, the active addresses and transactions stood at 162,085 users and 3.1 million, respectively, hitting a monthly high.
Raydium DeFi metrics. Source: DeFiLlamaIn addition, Raydium bought back $640,788 worth of RAY tokens on Wednesday, the largest buyback to date, bringing the cumulative buyback to $2.1 million. Typically, buybacks reduce the circulating supply, artificially inflating the token price as long as demand holds.
Raydium buyback data. Source: BlockworksTechnical outlook: Raydium eyes $1.50 breakoutRaydium holds well above $1.3500 at press time on Thursday, testing the bullish breakout of the $1.2900 supply zone. The DEX token holds well above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), reinforcing a strong bullish near-term bias.
From a technical perspective, RAY must confirm the bullish breakout of the December 4 high at $1.2910 for a sustained recovery. The Fibonacci retracement over the previous downswing from $1.2910 to the June 6 low at $0.5330 projects the 127.2% Fibonacci extension at $1.4917, close to the $1.50 psychological threshold as the next bullish target.
Momentum remains firmly positive as the Relative Strength Index (RSI) hovers deep in overbought territory near 81 on the daily chart and the Moving Average Convergence Divergence (MACD) line stays above its signal line with an expanding positive histogram, hinting that upside pressure persists even as conditions look increasingly stretched.
RAY/USDT daily price chart.On the downside, initial support is seen at the recent Fibonacci swing high around the 100% retracement at $1.2910, with a deeper pullback exposing the 78.6% retracement at $1.1287 and the $1.00 round figure.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Raydium's native token $RAY jumped to a daily high of $1.46 before settling around $1.34, a gain of approximately 20% on the day and roughly 68% over the prior week, according to CoinMarketCap data.
A $640,000 Single-Day Buyback @Raydium shared a Blockworks chart on September 9 showing that around $640,000 worth of RAY was repurchased from the open market in a single day. The figure reflects the protocol's standing rule: 12% of all swap fees collected across Raydium's pools route directly into open-market RAY purchases, automatically and on a continuous basis.
The fee split varies by pool type. For CLMM and CPMM pools, 84% of swap fees go to liquidity providers, 12% fund buybacks, and 4% flow to the treasury. Standard AMM v4 pools direct 88% to liquidity providers and the remaining 12% to buybacks. All bought-back tokens accumulate at a publicly visible on-chain address, making the program fully auditable.
Structural Supply Squeeze Behind the Rally The single-day figure sits on top of a much larger cumulative picture. Raydium announced on August 31 that its fee-funded buyback program had accumulated more than 30% of RAY's circulating supply, with cumulative spending exceeding $190 million to acquire over 69 million RAY tokens, per AMBCrypto.
The pace of buybacks is tied directly to trading volume: more swaps generate more fees, and more fees send a larger share to the buyback wallet. Recent months saw a surge in activity linked to launchpad integrations, with trading volume hitting approximately $31.8 million during one notable spike, per Crypto Briefing. That combination of rising demand and a steadily shrinking float is what traders have been reacting to this week.
Raydium's fee structure and on-chain buyback mechanism set it apart from most DeFi protocols, which typically route the bulk of fee revenue to liquidity providers rather than supporting the native token directly. Whether the current pace of repurchases can sustain the price momentum will depend largely on how much trading activity the protocol continues to attract.
Sources:
Raydium Official Docs: RAY Buybacks
AMBCrypto: Raydium Buyback Program Surpasses 30% of Circulating Supply
Crypto Briefing: Raydium Token Surges Amid Solana DEX Activity Spike
Bitcoin, $82.320 seviyesini aşamamasının ardından yeniden geri çekildi. BTC, gece yarısından bu yana %0,42 düşerek 78.800 dolar civarına gerilerken son 24 saatteki kaybı %0,75 oldu.
Ancak piyasanın tamamı Bitcoin’i takip etmiyor. BNB %2 yükselirken PancakeSwap ve Syrup da değer kazandı. Aerodrome Finance ise yaklaşık %18’lik yükselişle günün en dikkat çekici altcoinlerinden biri oldu. Peki Bitcoin düşerken bazı tokenler neden yükseliyor?
BNB ve DeFi Tokenleri Neden Ayrışıyor? Piyasadaki yükselişin merkezinde BNB Chain bağlantılı tokenler bulunuyor. BNB, 754 dolara çıkarken PancakeSwap (CAKE) son 24 saatte %7,5, Syrup (SYRUP) ise yaklaşık %4,9 yükseldi.
CoinDesk 100’deki tokenlerin 42’si düşüşte olmasına rağmen BNB ve bağlantılı varlıkların pozitif kalması, sermayenin piyasanın belirli bölümlerine yöneldiğini gösteriyor.
DeFi tarafında ise daha sert hareket Aerodrome Finance’ta görüldü.
AERO Yükselişinin Arkasında Ne Var? Aerodrome Finance’in AERO tokeni son 24 saatte yaklaşık %18 yükselerek 64 sente ulaştı ve CoinDesk 100’ün en güçlü yükselen tokeni oldu.
Fiyat hareketine vadeli işlemler de eşlik etti. AERO’nun açık pozisyonları 129 milyon token ile rekor seviyeye çıktı.
Açık pozisyon, yatırımcıların vadeli piyasalarda hâlâ açık tuttuğu toplam pozisyonları gösteriyor. AERO’nun yükselen fiyatıyla birlikte bu verinin de artması, yeni pozisyonların harekete eşlik ettiğine işaret ediyor.
Üstelik AERO’nun CVD göstergesi de pozitif. Bu veri, alıcıların piyasa fiyatından daha agresif işlemler gerçekleştirdiğini gösteriyor.
Bitcoin Gerilerken Hangi Coinler Yükseliyor? AERO dışında Injective’in INJ tokeni de yaklaşık %10 yükseldi. INJ’nin yükselişi, son dönemde satışların yoğunlaştığı 6 dolar seviyesinin üzerine çıkmasıyla birlikte geldi.
VeChain’in VET tokeni de yaklaşık %8 değer kazanarak güçlü performans gösterdi. Böylece Bitcoin ve büyük kripto paralar baskı altındayken bazı DeFi ve blockchain tokenlerinde yükseliş devam etti.
Ancak piyasanın tamamı aynı yönde hareket etmiyor.
Raydium (RAY) gece yarısından bu yana %5,5 gerilerken Kaspa (KAS) %4,7 düştü. Bittensor (TAO) son 24 saatte %3,7 değer kaybetti. Jupiter (JUP) ise pazartesi günkü %9’luk düşüşün ardından %3,8 daha geriledi.
Türev Piyasası Bitcoin İçin Ne Söylüyor? Bitcoin tarafında satış baskısı sürerken vadeli işlemlerde toplam açık pozisyon yaklaşık 141 milyar dolar seviyesinde kaldı. Buna karşılık işlem hacmi %5 artarak 149,85 milyar dolara çıktı.
Bitcoin’in fiyatı yaklaşık 80.000 dolardan 78.700 dolara gerilerken bazı büyük vadeli işlem sözleşmelerindeki açık pozisyonların 257.000 BTC’den 265.000 BTC’ye yükselmesi de dikkat çekiyor. Bu hareket, bazı traderların düşüş beklentisiyle short pozisyon açmış olabileceğine işaret ediyor.
Buna karşın opsiyon piyasasında tamamen karamsar bir görünüm yok. Deribit’te haftalık vadeli işlemlerde call opsiyonların öne çıkması, kısa vadede yükseliş beklentisinin tamamen kaybolmadığını gösteriyor.
Bitcoin Düşerken Piyasa Nereye Yöneliyor? Bitcoin’in geri çekilmesi piyasadaki tüm sermayeyi aynı anda dışarı itmiyor. BNB Chain, DeFi ve bazı memecoinlerde görülen yükselişler, yatırımcıların belirli alanlarda risk almaya devam ettiğini gösteriyor.
Bitcoin tarafındaki yön ise yükselen petrol fiyatları, Fed’in faiz artırabileceğine ilişkin beklentiler ve yüksek tahvil getirileri nedeniyle baskı altında kalıyor.
Bu nedenle önümüzdeki hareketi anlamak için yalnızca Bitcoin’in fiyatına bakmak yeterli olmayabilir. Bitcoin zayıf kalırken AERO, BNB ve diğer ayrışan tokenlerdeki alımın devam edip etmeyeceği, piyasanın risk iştahı hakkında daha önemli bir sinyal verebilir.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
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Key Takeaways TAO gained 8.33% to reach $264.83, with an intraday peak of $277 — the highest level in three months Raydium introduced TAO trading pairs while Buttensor meme coin generates automatic TAO buy pressure through fee conversion Major protocol updates from V440 to V450 transformed subnet emissions, staking mechanisms, and validator structures Open interest in futures contracts surged to $434.58 million, a three-month peak, alongside 158% jump in 24-hour trading volume Critical resistance zone at $277–$280; breakthrough could trigger movement toward $300 target The TAO token from Bittensor posted an impressive 8.33% daily gain on Monday, closing at $264.83 after momentarily reaching $277 during the trading session. This intraday peak represents the token’s strongest performance in a three-month period and caps off a remarkable five-day rally totaling approximately 25%.
Bittensor (TAO) Price The upward trajectory began from a baseline near $220 on September 1. Within five days, by September 6, TAO had advanced to $265, with the subsequent trading session propelling it further toward the $277 mark.
A significant technical development saw TAO pierce through a downward-sloping trendline that had previously rejected multiple upside attempts. According to CoinGlass analytics, futures trading volume exploded to $868 million over 24 hours — a substantial 158.61% increase — while aggregate open interest climbed to $434.58 million.
Raydium, the prominent Solana-based decentralized exchange, recently integrated TAO trading functionality, effectively bridging the AI-focused token with Solana’s extensive DeFi ecosystem. This integration was quickly followed by the emergence of Buttensor, a meme-inspired token launching on the same platform.
🚨BITTENSOR RIPS AFTER MEMECOINS START PAIRING AGAINST IT!$TAO is near $268 after hitting $277.
StonkFun opened Solana memecoin pairs against $TAO, with $BUTTENSOR taking off first.
The coin printed millions in volume in hours, and a cut of each transfer is also used to buy… pic.twitter.com/7B5uLNPGBy
— Crypto Banter (@crypto_banter) September 7, 2026
The Buttensor project employs an innovative tokenomics model that automatically converts all transaction fees into TAO purchases, which are subsequently redistributed among BUTT token holders. This structure generates consistent buying pressure for TAO correlated with meme coin trading volumes.
Data from Santiment indicates TAO’s social dominance metric expanded from 0.05% to 0.12% in the wake of these launches. Additional momentum built as ChatGPT-6 Astra’s unveiling redirected market attention toward AI-linked cryptocurrency projects.
Market analyst DamiDefi highlighted on X that Gittensor’s RTX 5090-optimized Qwen3.8-27B model crossed the 500,000 download milestone on Hugging Face this week. He further emphasized the Good Morning initiative’s integration of GPT-6 Astra into Bittensor with verifiable access protocols, characterizing $TAO as “transforming OpenAI into a practical tool for developers.”
Significant Protocol Enhancements Drive Fundamental Strength Throughout August and continuing into September, Bittensor implemented a series of substantial protocol improvements. Version 440 deployed an Emission Gate mechanism that connects subnet reward distributions to market-driven demand benchmarks.
Subnets exceeding the demand threshold maintain price-correlated emissions, while underperforming subnets experience allocation reductions approaching zero. Subsequent releases including V441, V446, V447, and V448 fine-tuned root staking parameters, alpha calculation methodologies, and subnet governance frameworks.
Version 450 advances toward a validator-curated root basket system incorporating a 1/16 concentration limit, engineered to achieve more balanced exposure distribution across eligible subnets.
TAO’s ecosystem reach expanded through Chainlink’s cross-chain interoperability framework, now extending to Robinhood Chain. The network has scheduled the Bittensor Exploit Summit for September 28-29.
Current Technical Picture and Price Outlook Crypto analyst CryptoPatel shared on X that $TAO has appreciated 89% from the floor of his designated accumulation range. He reaffirmed his long-term price target of $3,000 and identified $300–$350 as the immediate zone to monitor for potential “bullish expansion.”
$TAO +89% RALLY | FROM ACCUMULATION TO BREAKOUT | $3,000 STILL POSSIBLE?#TAO Finally Started Moving. We’re Already ~89% Up From The Bottom Of Our Accumulation Zone.
Hope Your Patience Is Finally Paying Off. Enjoy The Ride.
But I’m Not Calling The Top Yet.
The Original $3,000… https://t.co/a8mbeGCHfG pic.twitter.com/bvwfRIiuIX
— Crypto Patel (@CryptoPatel) September 7, 2026
The $260–$265 range has established itself as support following the trendline breakout. Immediate resistance materializes at $277–$280, with $300 representing the subsequent upside target.
The $434.58 million in open interest marks a three-month high and signals heightened leveraged participation in TAO markets.
Raydium expanded LaunchLab to support launches against any token pair, replacing the need to use only a predetermined quote asset. The Solana decentralized exchange said in a Sept. 6 product announcement that LaunchOnSF is the first integration partner to put the flexible-pairing model into use.
The change alters how creators can structure a launch from its bonding phase through the creation of an automated-market-maker pool. Raydium framed the release as a way to deepen liquidity, reduce fees and give token communities more control over the asset used on the other side of a market.
What flexible pairing changes A token pair defines the two assets exchanged in a market. Launch infrastructure often fixes one side of that pair to a common asset, simplifying routing but limiting how a project can organize liquidity. LaunchLab’s update lets a creator select another supported token instead.
That flexibility can keep a launch inside an existing community economy. A project could pair a new asset with a token its users already hold, then carry that relationship into the liquidity pool created after the launch phase. The announcement does not mean every conceivable asset is automatically supported; interfaces and integrations still determine which options are available.
LaunchOnSF becomes the first integration Raydium identified LaunchOnSF as the first partner to bring the model live. The integration gives the feature a production use case rather than leaving it as a design proposal. However, Raydium’s short announcement did not publish volume, liquidity or fee results, so claims about improved market quality will need to be tested against actual trading.
The rollout also lands in a competitive Solana launchpad market. Pump.fun previously moved graduated tokens into its own PumpSwap decentralized exchange, changing a pipeline that had sent substantial launch activity toward Raydium. Flexible pairs give LaunchLab and its partner interfaces another way to differentiate their market design.
Liquidity design becomes more important More choice does not remove the risks attached to thin pools, volatile quote assets or concentrated ownership. A less established quote token may expose traders to price movement on both sides of a pair, while shallow liquidity can increase slippage. Projects therefore need to explain why a selected pairing is useful and how initial liquidity is distributed.
For Raydium, the practical test will be whether partner launches attract durable liquidity after their initial bonding activity. LaunchOnSF’s deployment will provide the first evidence of how creators and traders use the broader pairing options.
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AI-themed tokens have recently seen renewed capital rotation. Bittensor [TAO] is in the middle of fresh market demand. In fact, the market cap of AI coins jumped by 5% to $19 billion while trading volume skyrocketed by 18% to $3.97 billion.
Amid this sector-wide capital flow, TAO has shown strong upside pressure, extending its upsurge after previously flipping $250 to reach a high of $277. The coin has not reached these levels since June.
As of this writing, Bittensor was trading around $272, up 13.4% on the daily charts. At the same time, market cap crossed $3 billion while the trading volume rose 164% to $558 million.
TAO pumped strongly as it went live on Raydium. The integration connected decentralized AI infrastructure with Solana’s DeFi capital. Since Raydium leverages Solana’s user base, with the integration, TAO now has a wider user base.
One area that TAO benefits the most is integration with memecoin launchpads, especially StonkFun. In fact, after it went live, a Bittensor memecoin was launched on Solana called BUTT.
BUTT’s market cap rose to over $6 million. However, BUTT’s holders had to swap to TAO first, which in turn drove the price for TAO.
Demand for Bittensor on the rise again Incentivized by the expanded reach, investors have increased capital deployment significantly. On the Spot side, for example, the market has recorded a positive delta for five consecutive days.
Source: Coinalyze Coinalyze data showed that Bittensor recorded 265k in buy volume with the buy/sell delta rising to 24k. This indicated buyer dominance on the Spot market.
On the derivatives side, traders have also increased participation. In fact, the altcoin’s Open Interest surged $428 million, marking a four-month high.
Source: CoinGlass With OI rising to May levels, it suggests traders have opened new positions, both shorts and longs, a clear sign of increased speculation.
Historically, strong speculative demand and Spot accumulation have strengthened momentum, leading to more gains on the price charts.
Is the uptrend sustainable? Bittensor is under strong bullish pressure amid renewed market interest and capital rotation. The expanded user base with the memecoin launch on Raydium has strengthened the uptrend.
A look at the MACD showed that the momentum indicator formed a bullish crossover and climbed to 10. At the same time, the Awesome Oscillator rose to 22, holding green for two consecutive days.
Source: Tradingview Rising MACD and AO reflect buyer dominance in the market. Often, such a setup has resulted in some more gains.
Therefore, if the market conditions hold, Bittensor will close above $280 and eye the $300 resistance level. However, if the speculation around Raydium integration fades, TAO will retrace to $234.
Final Summary TAO surged 13%, to reach a three-month high of $277, then retraced to $267 at press time. The main catalysts were Raydium’s integration and the launch of BUTT memecoin, which brought in more demand.
Raydium, the dominant decentralized exchange on Solana, pulled in nearly $440,000 in protocol revenue on September 6, making it the platform’s best single day since July 2025. The catalyst was straightforward: StonkFun, a token-launch platform specializing in stock and commodity tokens, officially integrated with Raydium’s LaunchLab infrastructure.
StonkFun’s native token STONK ripped more than 250% on the day, hitting an approximate market cap of $140 million. Raydium’s own RAY token climbed over 40% as traders piled into the newly expanded liquidity pools.
What StonkFun actually brings to the table StonkFun focuses on tokenized representations of traditional financial assets like stocks and commodities, giving DeFi users access to price exposure on instruments that typically live behind brokerage accounts and market hours.
Before this LaunchLab integration, StonkFun had already built a meaningful business. The platform generated over $1.21 million in total revenue and routed approximately $219 million in trading volume through Raydium, out of a total exceeding $392 million across all venues.
During the second quarter of 2025, LaunchLab contributed roughly 21.7% of Raydium’s total net revenue — about $4 million out of $18.4 million.
The new integration supports permissionless deployments, bonding curves, and constant-product market-maker pools for any token. Deployment costs have dropped from 0.29 SOL to 0.03 SOL, roughly a 90% reduction.
Why $440K matters more than it sounds When new tokens launch through LaunchLab, early buyers purchase along a mathematically defined price curve before the token graduates to a standard liquidity pool. Each of those bonding-curve trades generates fees for the protocol. With StonkFun funneling its tokenized asset launches through this system, Raydium captures revenue at every stage of a token’s lifecycle, from initial bonding curve to mature trading pair.
Rather than forcing every new token to pair exclusively against SOL or USDC, StonkFun’s integration allows for tailored trading pairs through custom quote assets, which can attract specialized liquidity providers who want exposure to specific asset combinations.
Competitive positioning and what comes next Raydium has been in a multi-year battle for DEX supremacy on Solana, competing against platforms like Orca and Jupiter for market share. By becoming the infrastructure layer where new tokens are born, Raydium captures trading activity that competitors never see.
At 0.03 SOL per deployment, the barrier to creating a new token is essentially zero. While it drives volume and revenue in the short term, it also opens the door to a flood of low-quality launches that could dilute user attention and strain liquidity across too many pairs.
For RAY token holders, the 40% price jump reflects market confidence in StonkFun’s integration. With the platform already accounting for over a fifth of LaunchLab revenue before this deeper integration, more launches mean more volume and more fees accruing to the protocol.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
