The $RAY wave directly validated my intuition. When I entered the market during 2.2, I felt the market was very strong, suggesting a strong market maker was driving the market. Turns out, I was right—the price has now nearly doubled. Fundamentally, RAY is one of the core DEXs in the Solana ecosystem. Raydium's liquidity and trading volume consistently rank among the highest on the entire Sol chain, essentially serving as the "traffic gateway" for DeFi on the Sol chain. Solana's TVL and on-chain activity have continued to rise this year, and RAY, as an infrastructure provider, has naturally been one of the biggest beneficiaries. Furthermore, the RAY team has recently been optimizing market making and introducing new liquidity incentives, showing clear signs of on-chain capital inflows. The price doubling is only the first stage; if the Sol ecosystem continues to gain momentum, RAY's valuation has room to grow. After all, a combination of market maker support and improving fundamentals generally doesn't just lead to a single surge in a bull market.