The Raydium token has risen for five straight days as its protocol volume has rebounded sharply in the past seven days.

rhidium (opinion) to $5.6, its highest level since December 11, and 50% higher than its December low. It has continued to outperform other popular decentralized exchange tokens like Uniswap (UNI(And Pancake Swap)cake).

RAY has been one of the best performing cryptocurrencies in the past two years rising by over 3,100%. Its traded market capitalization jumped to $1.3 billion, while its fully diluted valuation rose to more than $3.1 billion.

Raydium's performance is mostly due to its expansion and becoming the second largest player in the DEX industry after Uniswap.

Seven-day trading volume jumped 60% to $16.58 billion, while Uniswap volume rose 6.4% to $18.2 billion. It has handled transactions worth $316 billion since its inception and $60.68 billion in the last 30 days.

Raidium volume has been rising due to continued momentum in Solana (Sol) Meme Coins. according to Queen Gekkothe market cap of all Solana meme coins is over $21.6 billion, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, Fartcoin, and Popsat being the largest.

Solana's coins are also among the most actively traded assets in the cryptocurrency industry, with their 24-hour volume rising to $4.3 billion.

Radium price analysis

The daily chart shows that RAY price has been in a strong uptrend over the past two years. It rose from $1.2312 in September last year to nearly $6 today.

Recently, the token formed a bull flag chart pattern, which consists of a long vertical line in the shape of a flag. It has now moved above the top side of this flag, indicating a bullish breakout.

The RAY indicator has moved above its 50-day and 100-day moving averages, which is a positive sign. It also jumped above the Supertrend indicator, while the Price Volatility % and RSI pointed higher.

The Supertrend indicator is based on the Average True Range and is a popular trend indicator. On the other hand, PPO and RSI are used to determine the strength of an asset.

Therefore, radiium is likely to continue rising as the bulls target an all-time high of $6.50. A move above this level indicates further gains, perhaps to $7.