Bitcoin has started to show signs of strength after a period of consolidation, suggesting that a new bullish phase might be on the horizon.
This shift in momentum is creating ripple effects across the altcoins market, with many coins preparing for their next leg up.
In this environment, $RAY stands out due to its strong association with the Solana ecosystem, which itself is gaining traction and investor attention.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. We also advise setting a risk tolerance level in terms of capital allocation while trading. The industry standard is no more than 2% of your portfolio at any given time. This means if you are in an open position already, it's advised not to take on more trades, which will lead you to be overexposed. Allow current trades to be settled; there will be more opportunities around the corner.
Technical analysis
$RAY saw a remarkable 150% move from $0.14 in March to higher levels, demonstrating strong demand. After this rally, the price retraced to its base and has been consolidating.In early June, $RAY broke out from its retracement downtrend and gave a retest, confirming the breakout.
Currently, it is positioned at around $1.97, which is a key level to watch. Additionally, it has been facing resistance from a trend line descending from its all-time high to the base.
Trading strategy
- Entry: $1.97
- Stop loss: $1.35
Targets
- Take profit 1: $3.36 (69% gain from the breakout)
- Take profit 2: $4 (100% gain)
Cryptonary's take
$RAY is forming a strong bullish structure, aligning with the broader market sentiment. With the ongoing consolidation in BTC and major alts, $RAY is poised for a significant move. The resilience shown by $RAY and its potential to benefit from the meme coin mania makes it a compelling opportunity.Investing in $RAY now, as it gears up for a breakout, follows the classic strategy of buying when others are cautious and selling when the market heats up. This is your chance to position yourself ahead of the next major surge.
Stay alert, stay strategic, and be ready to capitalise on the market's momentum.
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