Raydium crypto surges 14% as negative funding raises short squeeze prospects

Raydium [RAY] spent most of the summer going nowhere. Then in early September, it finally woke up.

Why does that matter today? Here’s the rundown.

Raydium crypto jumps 14% in a day!

Most of the market had a bad week, but Raydium clearly did not get the memo.

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RAY traded around $0.90 before its September breakout and climbed as high as $2.56 on 7 October, an increase of roughly 184%. Even after retreating to $2.31, the token remained more than 150% above its early-September level.

That hardly makes a difference if you think of the bigger picture. Before its breakout on September 5, RAY was around $0.90.

It has more than doubled in the past month alone.

The pace is still there, but the tiredness is obvious. RSI was at 66; back in September, it was running above 80.

Chaikin Money Flow is positive at 0.06, but well off its September highs.

But here’s where it gets interesting.

OI went from about $13 million to over $20 million during today’s rally. At the same time, funding went deep into the red, close to -0.20%.