Raydium ($RAY) Posts $40B Month; $5.7M Buybacks Tighten Supply – $5 Incoming?

$RAY is crushing it with a 13.7% rocket ride to $3.65! Solana’s DeFi dark horse is absolutely smashing resistance as traders pile in, but this is no meme pump.

With $40B in monthly volume and game-changing buybacks, this AMM means business. Behind the scenes, Raydium’s becoming Solana’s liquidity war machine—processing billions while competitors sleep.

As a core automated market maker (AMM) integrated with Serum’s decentralized order book, Raydium has established itself as the liquidity backbone of Solana’s DeFi ecosystem. Its unique hybrid architecture combines AMM efficiency with Serum’s order book depth, allowing faster and more capital-efficient swaps than standalone protocols.

One of Raydium’s most powerful growth drivers has been LaunchLab, a platform for new token launches, especially Solana-based memecoins.

Introducing LaunchLab, Raydium's all-in-one token launchpad.

Built for Creators, Developers, and the Community https://t.co/yZVzShVZSJ

More info pic.twitter.com/r6s1DAegWf

On August 9, LaunchLab generated about $900,000 in daily protocol fees, surpassing Raydium’s swap revenue. Importantly, 12% of these fees go toward daily $RAY buybacks, creating a deflationary effect.

In June, Raydium became the primary liquidity hub for xStocks’ tokenized equities, bridging traditional finance assets into its DeFi ecosystem and offering liquidity providers up to $14,000 in weekly $RAY rewards.

Tokenized equities on @Solana

xStocks are bringing Nvidia, Tesla, Circle, Strategy (MSTR), and SPY onchain, revolutionizing internet capital markets for everyone, everywhere; faster and fairer than the traditional systems

Raydium is the hub for tokenized equities on Solana pic.twitter.com/T7q4fa2WRy

Raydium keeps growing in depth, but its future is closely tied to the scalability and growth of the Solana network.

The highly anticipated Firedancer upgrade, set for Q3 2025, seeks to push Solana’s transaction capacity beyond 1 million TPS. Raydium already handles 95% of Solana-based tokenized stock trading, so higher throughput could make its liquidity pools even more attractive for new projects.

However, competition remains fierce, particularly from Orca DEX, which could challenge Raydium’s market share if it offers faster launches or lower fees.

July’s performance illustrates the protocol’s current strength.

Raydium reported a cumulative monthly trading volume of $40.1 billion, representing a 71% month-over-month increase. Protocol revenue soared by 137% to $18.33 million, with $5.7 million allocated to programmatic $RAY buybacks (totaling 3.45 million tokens, including discretionary buybacks).

Month of July Review: @RaydiumProtocol

– $40.1b in cumulative monthly volume, MoM increase of 71%

– $18.33m in protocol revenue, MoM increase of 137%

– $5.7m allocated to programmatic $RAY buybacks (2.1m RAY) + additional discretionary maker-side buyback of 1.35m RAY (3.45m… pic.twitter.com/TTAIe5pmVG

Whether this will propel $RAY past $3.60 resistance toward the $5 threshold depends on maintaining momentum amid network upgrades and intensifying competition.

$RAY’s technical data is quite encouraging. The digital asset has extended its recent bullish structure, holding above the key $3.59 breakout level following a strong push from the $2.98 support zone.

The latest hourly price chart indicates that the breakout was not a fleeting move but rather a structurally strong transition, supported by strong volume, consistent higher lows, and a reclaim of all major moving averages.

The ascending structure leading into the breakout began near August 9, with the 20, 50, and 100 SMAs forming a tight bullish alignment.

Raydium’s price movement consistently respected the 20 SMA as dynamic support until the temporary dip on Monday, August 11, when buyers defended $2.98 and re-established bullish control.

This also set the stage for the breakout through $3.59, a previous resistance level. In addition, the resistance served as a temporary ceiling during early August, so going past this zone into support marks a key psychological shift.

As observed on the price chart, the Relative Strength Index (RSI) of $RAY rose to 68 during the breakout, just a little bit shy of overbought territory, indicating strong momentum without showing immediate exhaustion.

Meanwhile, the MACD histogram has flattened slightly, though the MACD line remains above the signal line, which is safe to say that the bullish momentum is still in play, although with a slight pause in acceleration.

Supporting this argument is $RAY’s volume footprint chart. The most obvious detail is the persistent buying interest above $3.59.

One cluster around $3.62–$3.68 reveals heavy bid-side absorption, visible in the tall green buy imbalances and positive delta candles. Even after a dip, bulls continued to absorb sell pressure, as reflected in the balanced to slightly positive deltas at the $3.63–$3.65 zone.

Despite a momentary influx of sellers during the midday session (evident from the -87.35K delta), buyers returned en masse in the next few candles, regaining control and preventing a breakdown.

The defense of this zone suggests it’s a well-contested value area, likely to serve as a battleground between bulls aiming for continuation and bears attempting to fade the breakout.

Unless volume fades or sellers reclaim $3.59, $RAY appears set for further upside continuation, especially if macro conditions in the broader crypto market remain stable.

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