THORChain hits year-high, spikes more than 15% in last 24 hours

THORChain (RUNE) has shown robust performance in the last few days on its way to reaching its highest level of the previous 12 months.

According to crypto price aggregator CoinGecko, the price of THORChain’s native cryptocurrency, RUNE, is currently at a year-high $4.65. The price is 15.1% higher than it was 24 hours ago.

At that time, it began the day with a negative momentum before a bull takeover of the market pushed it to $4.00.

The token has been on the up since THORChain’s third-quarter (Q3) 2023 report affirmed significant progress with milestones for the blockchain.

During the period, THORChain achieved a 114.4% increase in total trading volume, hitting $2.38 billion, with liquidity fees collected reaching $3.38 million.

The release of the report stirred an immediate reaction in the market, triggering an 89% surge in the price of RUNE. An important factor to note is that the global crypto market also gained traction around this time, with a significant positive driver being the forthcoming Bitcoin (BTC) spot exchange-traded fund.

Since mid-October, RUNE has grown by more than 212%. In the last fortnight, its price registered an 85.4% uptick and 37.2% over seven days.

THORChain’s recent rally is also fueled by Thorswap’s remarkable trading volumes, securing its third-biggest DEX position. The network’s operations as a liquidity layer of last resort for centralized exchanges (CEXs) have also fueled its growth.

RUNE’s upside journey began on Oct. 21, as it experienced a two-month consolidation at a strong support zone, leading to a breakout above the 20 DMA. This support level has since upheld an impressive +162% rally in the past month.

Indicators signal a strong overbought condition for RUNE. Per Money Control, the RUNE RSI is hovering around 80, and the MACD shows a bullish level at 47.26, reflecting the current sentiment in the market.