Raydium’s token rose by over 12% on Thursday, June 19 as its active users and market share in the decentralized exchange industry retreated. Raydium ( RAY ) price rose to an intraday high of $2.7040, up 40% from its lowest level this week. It then pared back those gains to trade at $2.30, giving it a market capitalization of $598 million. Third-party data shows that Raydium’s platform is under pressure. Data compiled by Artemis shows that Raydium has over 838,000 active transacting users, a figure that has dropped for six consecutive months. It is down 81% from its December level of over 4.4 million. Raydium transacting users | Source: Artemis Additional data shows that Raydium has lost market share in the DEX industry. According to DeFi Llama , its network processed transactions worth over $21.9 billion in the past 30 days, far below PancakeSwap’s $138 billion and Uniswap’s $95 billion. You might also like: Bubblemaps V2 goes live on Open Network By comparison, the platform’s daily volume of $467 million trails other DEX networks such as PancakeSwap, Uniswap, Pump, and Aerodrome. Most notably, Raydium’s monthly transaction volume has dropped by 90%, falling from $124 billion in January to just $12 billion this month. Raydium monthly DEX volume | Source: DeFi Llama The decline is closely tied to the underperformance of Solana ( SOL ) meme coins. CoinGecko data shows that many of these tokens have plunged more than 15% in the past seven days, pushing their total market cap down to $9.7 billion, a steep drop from $30 billion in January. Raydium typically sees higher volume when these tokens are rallying. Lower transaction volume has also weighed heavily on Raydium’s revenue, which has plummeted from $58 million in January to $1.9 million this month. Raydium monthly revenue | Source: Artemis RAY price technical analysis RAY price chart | Source: crypto.news The three-day chart shows that Raydium’s price peaked at $8.5285 in January before pulling back to $2.25. It has since fallen below both the 50-day and 100-day Exponential Moving Averages, which have formed a bearish crossover. A head-and-shoulders pattern has also emerged, a common bearish reversal signal. Based on this formation, the token could be headed for a breakdown toward $1.40, the April 10 low. However, a move above the right shoulder at $3.820 would invalidate this bearish setup. You might also like: AERO price breaks key resistance as futures open interest hits ATH
