The cryptocurrency market continues to show signs of weakness, and Raydium (RAY) is among the latest victims. The decentralized finance (DeFi) platform’s native token dropped by 10% within 24 hours, reversing much of last week’s short-lived rally. Despite the recent pullback, RAY remains up approximately 4.8% over the past seven days—but technical data suggests more downside could be coming.

One of the most concerning indicators for RAY is the liquidation data. According to figures from CoinGlass, short traders have not faced any liquidations, while long positions absorbed the full $67,020 in liquidated value during the latest dip. This suggests that traders betting on price declines have been largely accurate, and it could encourage more bearish sentiment among others.

The fact that short liquidations are at zero paints a picture of one-sided momentum. Typically, when a market sees heavy long liquidations and minimal pressure on shorts, it shows that sellers have a firm grip on price direction. For Raydium, this is a worrying signal, especially as the broader crypto market remains in a fragile state.

Adding to the concern is the Taker Buy-Sell Ratio, also known as the Long-to-Short Ratio. This indicator tracks the volume of aggressive buyers versus aggressive sellers. A ratio below 1 suggests that sellers are dominating, and as of now, RAY’s reading sits at 0.7703. This reflects strong sell-side pressure, with sellers clearly outpacing buyers in the market.

However, not all the data points to continued decline. On-chain metrics show a glimmer of support, particularly through spot market activity. Some traders appear to be viewing the recent drop as a buying opportunity. According to CoinGlass, approximately $1.27 million worth of RAY has been purchased recently, with buyers moving assets off exchanges—an action typically associated with accumulation and long-term holding.

Even so, technical patterns on the daily chart suggest the situation could worsen before it improves. RAY has broken below an ascending price channel, a bearish development that often leads to extended declines. When an asset breaks out of such a pattern to the downside, it commonly retraces to the base of the channel. In Raydium’s case, this move points to a possible additional 10% drop from its current level.

Further confirmation of bearish momentum comes from two widely watched technical indicators. The Bull-Bear Power indicator is flashing red, showing growing strength among sellers. At the same time, the MACD (Moving Average Convergence Divergence) has formed a bearish crossover, sometimes referred to as a “Death Cross.” This formation often signals the start of a prolonged downward trend.

While some spot traders continue to accumulate RAY, their efforts may not be enough to offset the dominant selling pressure unless the broader market stabilizes. For now, the trend remains firmly bearish, and unless accumulation picks up significantly or the market sentiment shifts, Raydium could be at risk of deeper losses in the near term.

With no short liquidations, rising sell pressure, and negative technical indicators, RAY appears to be under the control of sellers. Traders and investors will be closely watching key support levels as the next few sessions may determine whether this correction deepens or stabilizes.