Raydium's $5 Support Level: A Catalyst for RAY's Recovery?

Raydium's token, RAY, has seen a 20% decline in value due to increased sell pressure and low demand, consolidating around the $5 mark. This level is crucial as it serves as both a psychological and Fibonacci support. If sell pressure continues, RAY could drop to $3.6, but if bulls defend the $5 support, prices might rise to $7.5 or $9.5. The current market structure is bearish, with increased supply on exchanges and decreased demand, suggesting short-term holders are taking profits.