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
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.
$RAY is outpacing the broader market amid a surge in spot buying pressure, with elevated bid-side activity recorded across both centralised and decentralised venues.Funding rates for RAY perpetual contracts remain near neutral, suggesting the move is being led by spot buyers rather than leveraged long positions, which reduces the immediate risk of a funding-driven liquidation cascade.
$RAY traded near $2.45 at the time of the latest chart reading, after starting October around $1.82, gaining more than 20% over the past week and briefly reaching roughly $2.58 during the latest intraday move.$RAY has surged roughly 107% over the past month, claiming first place in DeFi price performance and outpacing tokens like AERO and AAVE.
The price action has a solid backdrop. Tokenised stocks on Solana have racked up $12.4 billion in decentralised exchange trading volume so far in 2026, with Raydium accounting for the biggest share at $6.1 billion.In recent snapshots, Raydium has routed over 90% of Solana's tokenised stock DEX flows, with its cumulative volume in the category passing $5 billion by mid-September.
Raydium is the highest-volume decentralised exchange on Solana and the on-chain liquidity protocol behind more than $1 trillion in cumulative trading volume.The protocol operates both concentrated liquidity and constant product pools, and also hosts LaunchLab, a token launch mechanism that routes liquidity through Raydium pools, creating structural demand for $RAY when new projects bootstrap on-chain.
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 yearGlobeNewswire: Raydium Surpasses $1T in Volume Following Robinhood and Revolut Listings
