$RAY Buyback Removes 3.45M Tokens, Can Bulls Smash $3.70 Resistance Next?

$RAY has dipped to $3.35 in today’s altcoin shakeout, but savvy traders are watching closely. Behind the red candles, Raydium is executing a mega buyback program and rolling out game-changing upgrades that could fuel its comeback.

While short-term charts look shaky, the Solana DEX leader’s fundamentals remain strong with billions in TVL and backing from a major exchange. This pullback might just be the reset before Raydium’s next explosive move.

Beyond the Dip: Raydium’s Multi-Pronged Strategy for Dominance on Solana

Raydium is a unique protocol with a market cap of $906 million, a total value locked (TVL) of $2 billion, and a vibrant community of 250,094 holders.

The network’s pool offerings are versatile, supporting AMM, CLMM (concentrated liquidity), and CPMM.

The CLMM model, similar to Uniswap V3, allows liquidity providers to concentrate capital within specific price ranges, boosting capital efficiency and offering higher returns.

The CPMM design has two iterations: the Anchor-compatible CPMM pools that support Token-22 and custom fee setups, and AMMv4 hybrid pools, Raydium’s legacy constant-product design, and one of the most widely distributed contracts on Solana.

The introduction of LaunchLab marked a strategic leap to counter competitors Pump.fun and PumpSwap. Although Pump.fun previously contributed a substantial portion of Raydium’s revenue, its launch of a proprietary DEX created direct competition.

By offering its own launchpad, Raydium seeks to retain user and creator activity within its ecosystem, leveraging its superior liquidity and technical infrastructure.

Raydium’s reach and reputation increased after the $RAY token was listed on the Upbit exchange.

This event led to a major price rally and drew attention from large-scale investors or “whales,” further boosting market liquidity and token visibility.

Raydium continually enhances its technology to deliver a more efficient and transparent user experience.

The integration with Chainstack’s Solana Geyser plugin provides Raydium with access to real-time, low-latency on-chain analytics, which support better tracking of swaps, fees, and liquidity dynamics. This allows for live analytics dashboards that show metrics like revenue, swap flows, and LaunchLab activity.

Since July 2025, Raydium’s $200 million buyback program has already removed 3.45 million $RAY tokens from circulation, which represents about 9.5% of the token’s 30-day trading volume.

While Raydium is trailing the largest DEXs like Uniswap and PancakeSwap in DEX volumes, at $658 million, it remains a leading innovator and key player in the Solana ecosystem.

$RAY Finds Short-Term Support but Faces Uphill Battle Amid Weak Follow-Through

Raydium’s recent structure shows a textbook example of a short-term bounce fighting against a larger corrective move.

After falling from the local peak near $4.00, the asset pulled back into the $3.30–$3.40 demand zone, where buyers managed to stage a modest recovery, which was short-lived.

This area, previously a breakout base in early August, served as a soft landing zone once again. The asset’s price now hovers around $3.40, but the move lacks the conviction typically required to ignite a sustained reversal.

The 4H chart reveals that $RAY is trading between key moving averages: trapped below the declining 20 SMA ($3.66) while resting precariously above the rising 100 SMA ($3.12).

This compression reflects market hesitation, a standoff between dip-buying bulls and profit-taking bears. The RSI lends further support to this indecision.

Currently near 42, one would be right to say the RSI mirrors a cooling phase, one that in past setups has preceded rebounds, but without confirmation this time. This technical reading aligns with the loss of momentum evident from the MACD, which sits near the zero line with its histogram flattening out.

But perhaps the more revealing narrative comes from the volume footprint data. Just past midday, a notable +23K delta bar surged into the order book, suggesting aggressive buying near the $3.37–$3.40 range.

However, that optimism was swiftly neutralized. Within three candles, a sharp -63K delta reversed those gains, revealing that sellers not only absorbed the pressure but overpowered it just as quickly.

The fact that smaller, low-volume candles followed such an imbalance further reinforces the idea that buyers lacked commitment or were simply testing liquidity pockets rather than initiating trend-altering positions.

For $RAY to escape this consolidation downturn, it must reclaim the $3.60–$3.70 region with strong volume and buyer initiative. Until then, its short-term fate likely rests on whether the $3.30 zone can hold as a base, or if a deeper correction toward the 100 SMA and even the $3.00 level is on the cards.

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