Raydium (RAY) is currently priced at $2.15, reflecting a 3.91% decline over the past 24 hours. The daily trading range shows a high of $2.29 and a low of $2.12, indicating a relatively tight range which suggests market indecision.

Volume stands at approximately 70.67 million, representing 11.32% of the market cap, indicating healthy trading activity. The short-term moving averages are indicating bearish momentum, with the 8 SMA at $2.15 down by 0.15%, while the 55 SMA at $2.25 shows a more significant decline of 4.49%.

The RSI metrics reveal an oversold condition on the hourly chart at 28, suggesting a potential for a short-term rebound. Conversely, the 7-day RSI at 52 shows neutrality, indicating that there has been some price stability over the past week despite the recent downturn.

Over the past 30 days, RAY has increased by approximately 13.87%, with recent upward momentum observed in the 7-day (20.63%) and 14-day (15.25%) price changes. This bullish trend over a longer timeframe contrasts sharply with the current short-term bearish action, presenting a mixed outlook.

Considering the technical indicators, the downward pressure on the shorter moving averages suggests caution, while the oversold hourly RSI could lead to a bounce. However, the lack of significant buying interest in the current volume and the proximity to key support levels around $2.12 raise concerns about immediate downside risk.

Given the current price action, mixed technical indicators, and the recent declines, I recommend a Hold rating. The oversold condition may present a buying opportunity in the short term, but the broader bearish signals should be monitored closely before any aggressive positions are taken.