Raydium (RAY) is currently trading at $2.48, reflecting a 5.74% increase over the past 24 hours, indicating a short-term bullish sentiment. The daily price range has been relatively tight, with a high of $2.51 and a low of $2.33, suggesting some consolidation after recent volatility.

The trading volume stands at approximately $54.58 million, which represents 7.64% of the market cap, indicating a healthy level of market activity. The moving averages present a mixed picture; while the 8, 13, and 21 SMA show positive momentum, the 144 SMA indicates a longer-term downtrend with a significant drop of 6.07%, suggesting resistance around $2.64.

The 1-hour RSI is at 60, which points towards a mildly overbought condition in the short term. Conversely, the 7-day RSI at 40 indicates that RAY may be oversold over a longer timeframe, following a notable decline of approximately 24.67% over the past week.

Despite the recent uptick in price, RAY has experienced substantial declines over the last two weeks and month, down 20.29% and 7.09% respectively. The all-time high of $16.83, reached in September 2021, highlights significant depreciation and raises questions about potential recovery levels.

In conclusion, the short-term bullish movement is positive, but the overall trend remains bearish in the medium to long term, compounded by low RSI readings and declining price history. Given the mixed signals and the need for further confirmation of upward momentum, the rating for Raydium (RAY) is a Hold, as traders should monitor for signs of sustained recovery before making a buy decision.