Raydium (RAY/USDT) - Bullish Continuation Setup

Raydium is currently trading within a well-defined ascending channel, respecting both support and resistance since early 2024. After a healthy pullback to the lower trendline, price has shown a bounce, suggesting renewed buying interest at this key level.

🔍 Pattern Observations:

• Price is holding the channel support strongly, confirming it for the third time.
  
• Mid-channel rejections have acted as temporary resistances, while the overall structure remains intact.
  
• The recent test of the lower trendline presents a strong risk-reward entry zone for long-term bulls.
  

📊 Bullish Scenario:
If RAY continues to respect this channel and breaks above the upper resistance:

• Breakout Target Projection (measured move from channel height):
  
• Current price breakout estimate: ~$2.43
  
• Height of channel: ~$4.50
  
• ➤ Projected Target = $2.43 + $4.50 = ~$6.90 to $7.00
  
  
• Extended Projection (conservative fib extension aligns with your markup):
  
• Potential blow-off target: ~$25 to $30
  
  

🎯 Targets (Post-Breakout):

1. Initial: $6.90 ~184%
   
2. Mid-Term: $15.00 ~517%
   
3. Long-Term: $30.00 ~1135%
   

💡 Conclusion:

RAY is setting up for a potentially explosive breakout. If the structure holds, current levels may offer a high-probability long entry with favorable upside. Keep an eye on volume confirmation and daily closes above the mid-channel to gauge momentum.

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