- RAY fell 13%, losing $2.5 as spot selling pressure intensified.
- Derivatives activity stayed strong, with futures inflows and volume rising sharply.
- Holding $2 could support recovery; losing support may trigger a drop
Raydium has entered a crucial phase after a sharp market pullback erased recent slipped toward a major support zone near $2. Traders are now closely watching whether buyers can defend this area. While spot investors appear to be reducing exposure, activity in the derivatives market tells a different story. That contrast has created uncertainty and raised fresh questions about RAY’s next move.
Spot Traders Step Back as Selling Pressure Builds
RAY has faced growing pressure from spot market participants. After reaching higher levels, the token retraced and traded near $2.15 at the time of writing. The daily decline reached 13%, while trading volume climbed 35%. Higher volume during a decline often reflects stronger selling activity. Recent market data showed a sharp drop in Spot Netflow. The metric fell to negative $1.3 million on October 12. At the same time, the Buy-Sell Delta declined to negative 1.17 million.
These figures suggest sellers gained control in the spot market. More investors chose to exit positions rather than accumulate. Such behavior can weaken price structure and increase downside risk. The retreat from $2.5 has increased focus on the $2 support zone. A failure to defend this level could encourage additional selling. Traders remain cautious as market participants assess the next direction.
Derivatives Market Suggests Bulls Have Not Given Up
While spot traders reduced exposure, derivatives traders continued opening positions. Futures activity remained surprisingly strong despite the recent decline. Market data showed more than $9.2 million flowing into futures positions. Meanwhile, futures outflows reached roughly $8.1 million. This pushed Futures Netflow up 227% to $1.2 million. Perpetual trading volume also expanded significantly. Volume rose from $3.2 million to $9.9 million.
Such growth suggests traders remain engaged and expect further price movement. Some participants may be hedging risk. Others may be positioning for a rebound. Either way, derivatives activity indicates that confidence has not completely disappeared. Technical indicators currently favor sellers. The MACD recently produced a bearish crossover and dropped to 0.18. This signal points to strengthening downside momentum and increasing seller control.
Even so, the battle around $2 remains the key story. If bearish pressure continues, RAY could slip below the 20-day EMA and test the $1.8 area. On the other hand, sustained futures demand could help buyers regain momentum. Should support hold and confidence improve, Raydium could reclaim the $2.5 level. For now, traders are watching closely as the market decides whether $2 becomes a launching pad or the start of a deeper correction.
