Raydium [RAY] rallied 17.43% over the past 24 hours, coinciding with a sharp increase in protocol activity metrics. Daily active users reached 162,085, representing a 77.7% increase from 91,200 on September 8th, while the network processed 3.1 million transactions during the same period—an increase of 1.9 million.
The spike in user engagement corresponded with significant growth in decentralized exchange trading volume. Trading volume reached $435.13 million on September 9th, marking a 288% increase between September 5th and 9th. Total Value Locked on Raydium remained relatively stable at $1.124 billion, suggesting that existing deposited capital had not substantially withdrawn during the rally.
Divergence Between On-Chain Activity and Spot Selling
Despite rising protocol usage, RAY faced persistent selling pressure in spot markets. Over the past 24 hours, spot markets recorded $466,000 in net selling pressure following approximately $23 million in RAY sales. This selling pressure had continued for more than ten days, creating a notable divergence between on-chain activity and token market dynamics.
Protocol usage typically correlates with near-term demand for a token, though increased platform activity does not automatically guarantee token purchases. Analysts noted that stable TVL during the rally offered limited evidence of fresh capital entering the protocol, with stronger growth needed to confirm sustained investor commitment.
The combination of rising user engagement and persistent spot market selling suggests that Raydium's rally sustainability may depend on whether spot market netflow declines or turns negative.
