- THORChain has been one of the most popular tokens in the past few months.
- It has surged from about $0.7824 in June to over $5 today.
- The network is seeing strong user metrics as demand soars.
THORChain (RUNE) price has been in an unstoppable bull run in the past few months, making it one of the top-performing cryptocurrencies in the world. RUNE token surged to a high of $5.37, the highest point since May 9th of 2022. It has surged by more than 580% from the lowest point this year, giving it a market cap of over $1.7 billion.
Why is RUNE price surging?
There are several reasons why the THORChain price has surged recently. Broadly, this rally is in line with the broader crypto surge. Bitcoin has risen to $37,000, the highest point since April last year. It has more than doubled from its lowest point after the FTX collapse. Other coins like Avalanche, Solana, and Cronos have also soared.
The other reason why RUNE price has jumped is the improving ecosystem. The most recent data shows that THORChain is seeing substantial gains in its market share. For one, the swap volume has soared to over $50 billion while the total value locked (TVL) has jumped to over $809 million.
The total swap count has soared to over 16.58 million while the 24-hour trading volume reached over $211 million. In the second quarter, the total volume hit over $2.4 billion while liquidity fees collected hit $3.38 million.
This means that the network is gaining substantial market share in one of the fastest-growing markets in the world. The recent data by CoinMarketCap shows that it has become the second-biggest DEX in the world in terms of weekly volume.
Like other DEX platforms like Uniswap, GMX, and PancakeSwap, THORChain sees more volume when cryptocurrencies are in an uptrend. This also explains why Coinbase stock price has jumped sharply in the past few weeks.
Further data shows that the number of unique addresses performing swaps on ThorChain has risen sharply in the past few months. Most recently, THORChain integrated with Trust Wallet, one of the biggest platforms in the industry.
THORChain price prediction
The daily chart shows that the RUNE price has gone vertical in the past few months. It has moved from about $0.7824 in June to over $5.50. This means that the token has jumped by over 540%. At the same time, the coin remains above the 50-day and 100-day moving averages.
RUNE has also become extremely overbought. The Relative Strength Index (RSI) has soared to over 80 while the Stochastic Oscillator has moved to near 100. Therefore, I suspect that mean reversion will happen soon as some investors start taking profits. This trend could see it retest the key support at $4.50.
