TradeCityPro | RAY: Key Levels and Market Scenarios Unfolding

👋 Welcome to TradeCity Pro!
In this analysis, I’ll be reviewing the RAY coin, which belongs to the Raydium project—one of the leading DEXs on the Solana network, processing a significant volume of transactions on the chain.

📅 Weekly Timeframe
On the weekly chart, we observe a strong uptrend that began at 0.162. The first leg of this rally pushed the price to 2.724, followed by a correction, and then another leg extending to 7.215. Currently, the price is consolidating near this resistance level.

🔍 The 7.215 level coincides with the 0.618 Fibonacci Extension, making this a crucial Potential Reversal Zone (PRZ). If this level is broken, the next bullish leg could begin, with a minimum target of 15.803. The next major resistance aligns with the 1.0 Fibonacci level at 21.995. If the uptrend continues beyond this point, further targets will be identified in future analyses.

🕯 On the downside, considering the declining volume and shrinking candlestick size, the probability of a correction is notable. The first support level to watch is 2.724. Additionally, the RSI is hovering near a critical support at 58.34—if this level breaks, the likelihood of a correction increases.

🔽 The next and most significant support level is 0.94. If the price falls below this point, it could signal a shift in the high-wave cycle, leading to a significant downtrend.



📅 Daily Timeframe
On the daily chart, the latest bullish leg started at 1.399 and extended to 6.363. The price is currently ranging between this resistance and the 4.352 support level, which also aligns with the 0.236 Fibonacci retracement, making it a key PRZ in this timeframe.

✨ Yesterday’s candlestick showed a sharp downward move accompanied by panic selling, followed by a recovery back toward the 6.363 resistance.

🔼 For a long position, the first breakout trigger would be 6.363, which I consider the primary trigger. The next breakout level is 8.090, but this was formed due to a fake move. If you miss the breakout above 6.363, you could consider entering upon the breakout of 8.090.

📉 However, yesterday’s volatility liquidated many long positions, causing significant fear among buyers. As a result, there are currently fewer buy orders in the support zones, which could allow the price to continue its downward move.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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If the RSI breaks below 38.94, the probability of a corrective move increases. In such a scenario, the price could retrace to key Fibonacci levels such as 0.382, 0.5, and 0.618. A deeper correction could lead to the 2.724 support level, and if this level breaks, the market trend could turn bearish for an extended period.