RAY, the native governance token of Raydium, the automated market maker (AMM) decentralized exchange (DEX) on Solana, soared 30% on May 17 before reversing gains, plunging to spot rates. RAY Prices Under Pressure According to CoinMarketCap data on May 30, RAY is changing hands at $0.19, stable against the USD, Bitcoin, and Ethereum on the last trading day. RAY has a market capitalization of $41.2 million at this rate, with an average trading volume of $2 million in the past 24 hours. At this pace, RAY remains in a bearish formation as bears peeled back gains posted on May 17, aligning the token with bears from mid-February 2023. Related Reading: Can This THORChain New Feature Push Back RUNE Bears? Like Solana and tokens based on this network, RAY’s bearish price action has persisted and hasn’t reversed losses from mid-November 2022. The collapse of FTX, a crypto exchange, and Alameda Research, the investment wing of FTX, which was heavily invested in Solana, triggered a sharp sell-off of SOL, weighing negatively on RAY and other ecosystems. Raydium Updates The sharp expansion of RAY prices on May 17 coin ..
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