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Raydium’s RAY token traded near $2.15 on Tuesday, down 13% on the day, after losing the $2.50 level and touching $2.0, according to Ambcrypto. Trading volume rose 35% alongside the drop, which the report framed as heavier risk reduction across the market rather than a single-token event.
The token’s move left an open question on the order books: spot holders were clearly stepping back, but futures traders had not abandoned their positions.
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Key facts
- RAY traded near $2.15, down 13% on the daily chart, after falling from $2.50 to $2.0, per Ambcrypto.
- Spot Netflow dropped to -$1.3 million on October 12, then rose to $0.5 million on October 13, the report said, citing CoinGlass.
- Spot Sell Volume reached 3.7 million against Spot Buy Volume of 2.6 million, producing a Buy-Sell Delta of -1.17 million, according to Coinalyze data cited in the report.
- Futures recorded $9.2 million in inflows and $8.1 million in outflows, lifting Futures Netflow 227% to $1.2 million.
- Perpetual Volume climbed from $3.2 million to $9.9 million, an increase of more than $6.7 million.
Spot sellers set the tone
The spot side of the market showed distribution. Ambcrypto reported that a sharp negative Spot Netflow on October 12 gave way to positive netflow the following day, a shift that usually points to rising exchange inflows and holders moving coins to sell. The Buy-Sell Delta confirmed the direction: sell volume exceeded buy volume by 1.17 million.
That is the classic setup for continued softness, because when sellers dominate the spot book, rallies tend to stall before they can build.
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Futures traders are not panicking
The derivatives picture diverged. Ambcrypto reported that futures inflows outpaced outflows, producing the $1.2 million netflow and the 227% increase. Perpetual volume more than tripled across the same window, rising from $3.2 million to $9.9 million.
Higher volume combined with positive netflow suggests traders are still taking positions. Some of that activity may be hedging existing exposure; some may be positioning for sharper moves in either direction. What the data does not show is the kind of forced unwind that would signal capitulation.
$2.0 is the line that matters
Momentum currently favors sellers. Ambcrypto noted that the MACD formed a bearish crossover and fell to 0.18, a reading that indicates bearish momentum building as sellers gain the edge. If spot pressure persists, the report said RAY could fail to hold $2.0, break below the 20-day EMA and drop toward $1.8.
The counter case rests on the futures market. If capital keeps flowing in as it did on October 13, Raydium could defend $2.0 and work back toward $2.50.
This is market analysis, not financial advice. Crypto prices are volatile and uncertain, and personal research is required before any decision.
Why it matters
Raydium is a core venue on Solana, so its token’s behavior is often read as a proxy for sentiment around that chain’s DeFi activity. The divergence between spot selling and futures positioning also highlights how much of current crypto price discovery now happens in derivatives rather than on the spot book, which changes how support levels behave. Ambcrypto’s read is that spot is setting the trend, but derivatives have not yet confirmed a deeper breakdown.
What to watch
The immediate test is whether RAY holds the $2.0 level in the days ahead. A sustained break would put the 20-day EMA and the $1.8 area in view, while a defense would open the path back to $2.50. Continued futures netflow will be the signal to track alongside it.
Reported by ambcrypto.com.
Source: AMBCrypto