Reviewed by Reviewed by Saman Waris Updated 19:00 EDT September 29, 2026 Share Share Share Back to Top Raydium’s 138% monthly uptick encountered a sharp reset as RAY dropped 12.06%, as weakening market sentiment triggered profit-taking across the market
Particularly, the retracment followed an extended rally that had pushed RAY into increasingly into overheated conditions
Besides profit-taking activity, the broader conditions also became less supportive during the decline. Notably, the Crypto Fear & Greed Index declined from 70 to 69, although sentiment maintained within “Greed.”
The asset’s daily trading volume, meanwhile, reached approximately $75.4 million, validating strong participation during the sell-off
The combination of profit-taking and cooling market sentiment, therefore, put RAY’s recovery under its strongest recent pressure
Also notably, the derivatives market participants minimized exposure as RAY’s retracement spread beyond the spot market
In particular, Open Interest declined 8.88% to $15.93 million, suggesting leverage left the market alongside the falling price
Additionally, the recent liquidation activity provided another element to the deleveraging trend. Notably, the long liquidations dominated during the latest reading, reaching nearly $8.57K compared to just $23.66 in shorts
It is also worth noting that the larger long-liquidation spikes had already appeared during most of the September’s volatile sessions. The recent decline, therefore, extended a broader pattern of leveraged bullish positions facing pressure
The falling OI also distinguished the pullback from one driven primarily by aggressive new short positioning. Market participants rather appeared to minimize prevailing exposure as Raydium surrendered its recent gains
Even so, the lower leverage could still eventually reduce forced-selling pressure in case Raydium stabilizes around nearby technical support
Furthermore, selling pressure also emerged across both Spot and Futures activity, validating the case for continued near-term caution
At the time of reporting, RAY had recorded approximately $46.26K in positive Spot netflows flipping from -$944.06K outflows of the previous day
The inflows implied more tokens entering exchanges, increasing available supply on the exchange side
The Futures Taker CVD metric, meanwhile, remained seller-dominant, suggesting aggressive futures sellers retained control. So, the Spot supply and Futures positioning leaned against an immediate price recovery
The recent spot inflow, however, remained modest as compared to the several earlier spikes. RAY would therefore need easing exchange inflows and improving futures taker demand to validate any recovery attempt
Until then, the bears retain an advantage across both the spot and futures markets
Raydium’s [RAY] correction from above the $2.18 zone erased its recent breakout attempt, bringing the price directly towards the $1.82 support
The price fall also pulled Raydium towards the lower boundary of its rising channel without breaking the broader structure
Significantly, the latest candle formed a dragonfly doji after testing the $1.82 level, showing buyers were rejected deeper intraday losses at the that time
Additionally, the Parabolic SAR indicator flipped below price at $1.7056, while RSI cooled from overbought conditions to 62.26
Therefore, the $1.82 support level now separates a controlled correction from a potentially deeper retracement
In case bulls successfully defend this level, Raydium could rebound towards the $2.18 area and retest the recently swept liquidity region
However, the rebound prospects could be invalidated in case of a daily close below the $1.82 support, weakening the channel structure
Evans Boto is a crypto-fundamental analyst and journalist at AMBCrypto, specializing in evaluating the intrinsic value and long-term viability of digital assets. He analyzes protocol utility, tokenomics, and on-chain data to cut through market hype and deliver research-driven insights on blockchain, DeFi, and emerging fintech trends
