By Nermeen Nabil Khear 
As bullish US CPI data fuels Bitcoin price back above $100,000, the biggest Solana DEX Raydium is again in the spotlight after crushing Uniswap’s monthly trading volumes… again.
Solana is the big story of 2024, having unlocked unhinged success amid the meme coin hysteria that has characterized the crypto market this year.
Among Solana DEXs, Raydium is taking the lead despite strong competition from Pump.Fun and Jupiter.
It has solidified its position as the top Solana DEX, with a total value locked (TVL) of $2.29 billion.
Indeed, DEX volumes have been one of the biggest drivers of growth in the crypto market in 2024, with current volumes exceeding $18.216 billion traded in the past 24-hours across all blockchains, with DEX dominance sitting at 47.94%.
This is approaching the sensational levels last seen in June, when total DEX volume dominated the space at over $31 billion – however, that came at a time with higher DEX dominance, suggesting newer users on CEXs are currently dominating overall market volume.
Raydium Trading Volumes Beat Uniswap DEX Again
Since October 2024, Raydium DEX on SOL has been the leader in trading volume among DEXs on all blockchains.
In November, Raydium processed $124.6B, exceeding the trading volume of the previous leader, Uniswap, by 30% – an impressive achievement that shows the disproportionate share of meme coin trading hosted by Solana after the success of Pump.Fun.
In fact, Raydium is so successful on Solana that it now boasts 41% of all Solana transactional volume over the past 7-days, Raydium also stands at double the volume of the nearest rival Lifinity and 18x Lifinity’s TVL – so safe to say it’s not going anywhere soon.
RAY Price Analysis: How Is Raydium Price Reacting to the Uniswap-Beating Volume?
As the crypto market digests Raydium’s bullish November DEX volume data, RAY is reacting with a bullish effect after shifting up following the news to reclaim key moving average support.
With Raydium price pushing high, RAY is currently standing at a market price of $5.64 (representing a 24-hour change of +15.8%).
This comes as the Messari data drop triggered a major candle, sending the price surging back above 20DMA support at $5.28, reversing the bearish trend that had gripped the RAY price over the last 14 days.
Reclaiming this moving average marks a successful consolidation of dramatic +288% gains for RAY price since September and comes as HTF price action continues to build on mid-October’s golden cross.
Now pushing to the upside, RAY holders are targeting an overhead layer of historical resistance at $6.5, with $7 forming a likely topside target given the multi-month trading channel.
Yet, with the RSI already beginning to overheat at 57.69, it seems a consolidation above $6.5 is needed before RAY can hammer the upper trendline.
The post Solana’s Raydium Tops Uniswap in Monthly Decentralized Exchange Trading Volumes Again appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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