Raydium [RAY] gained 14% in a single day as the token continued an upward trajectory that began in early September. RAY traded around $0.90 before the breakout and climbed as high as $2.56 on October 7, representing an increase of roughly 184%. After retreating to $2.31, the token remained more than 150% above its early-September level.
The token has more than doubled in value over the past month alone, outperforming a broader market decline during the same period.
Momentum Signs Show Mixed Signals
Technical indicators suggest the rally is moderating. The Relative Strength Index (RSI) stood at 66, down from above 80 in September. Chaikin Money Flow remained positive at 0.06, though well below September highs.
Open interest rose from approximately $13 million to over $20 million during the rally, though it later dropped to around $16.3 million. Funding rates turned deeply negative at close to -0.20% during the surge, indicating that many traders opened short positions. Funding rates remained negative at -0.08% following the initial rally.
Tokenized Stock Trading Drives Volume
Raydium's price movement correlates with a sharp increase in tokenized stock trading on Solana. Token Terminal data shows $12.4 billion in DEX volume for tokenized stocks on Solana this year, with approximately $6.1 billion flowing through Raydium's pools—accounting for nearly half of all tokenized equity volume on the network.
Competing DEX platforms handled significantly less volume: Meteora processed $2.3 billion and Orca $1.2 billion in tokenized stock trading.
September marked a turning point for this segment. According to Blockworks, Raydium's tokenized equity volume reached approximately $260 million in September, compared to under $40 million in August. AI-related tokenized stocks dominated trading activity, with NVDAx, the tokenized version of NVIDIA, emerging as the most traded ticker among more than 115 available options.
