Raydium Hits $5 Resistance as Price Surges: Can Bulls Hold Against Bears?

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Raydium is testing resistance at $4.20-$5.00, crucial for future price direction.A breakout above $5 could lead to significant gains, while rejection may trigger a correction.As Raydium cryptocurrency continues its upward trajectory, a crucial price point that could determine the next direction for its market movement is on sight. As per the latest update, the digital asset’s price action is at a pivotal level, as it tests a significant resistance zone between the $4.20 to $5.00 range. At the same time, a price surge of 20% was recorded in the last 24 hours validating its ability to reach those levels.According to an observation prepared by Nology, a significant rise from the lows of 2023 was noted by Raydium, reaching key resistance levels. The most recent price action shows a potential reversal, with a possible correction forming in May 2025. The trend appears to be forming an Elliott Wave structure, with waves labeled from 1 to 5.Support levels are drawn around $2.30, while resistance is seen near $10. If the current trend continues, RAY could test higher levels, but the chart also shows a possible decline to lower support in the near future. This trend brings two scenarios in play, the bullish one and the bearish one.Bullish Scenario: A Shallow Wave 2 CorrectionIn the bullish scenario the bullish price action may be interpreted in the light of a shallow wave 2. In this case, Raydium would be resuming its bullish tendency after a minor retracement. If the price breaches the $5 level, the potential upside becomes massive.Such an attempt to overcome the resistance might open the way to a bright move up to $17, and even higher, breaking the $20 bar. This would be a clear bullish development as the market mood will be likely bullish in the upswing.Bearish Scenario: Rejection and Longer CorrectionOn the other hand, in case Raydium is not able to break through the $5 resistance level, it might cause a bearish reversal. In this case the price would be rejected in the level between $4.20 to $5.00 to bring about a more extended correction.Based on time-based Fibonacci analysis, this correction could extend through the summer, potentially concluding around August. Such a scenario would lead to a sustained downtrend, with significant resistance preventing a quick recovery.Raydium Current Market PerformanceTracking the assets market trend as of press time, CoinMarketCap data indicates that Raydium (RAY) is currently trading at $3.69, reflecting an 18.58% increase in the past 24 hours.The token’s market cap has risen to $1.07 billion, with a 24-hour trading volume of $165.05 million, representing a 17.51% increase. Trading data shows a strong uptrend, with the price gaining momentum throughout the day.With the current market trend, the vital resistance area in-between $4.20 and $5.00 is now the level of Raydium to observe. If the price crosses this zone and rallies higher, then it might mean that the price is returning back to a very bullish trend. However, if the price is rejected from this level, there will be a drawn correction.Highlighted Crypto News Today:‌Stablecoin Giant Tether Backs $459M Bitcoin Buy for Twenty One CapitalshareSource link