THORChain price rebounded amid the ongoing ecosystem boom and the crypto recovery. RUNE rose to $9, higher than last week’s low of $7.28. This price action mirrors that of Bitcoin, Binance Coin, IOTA, and other altcoins.
THORChain ecosystem growth
THORChain’s RUNE token is doing well, helped by the strong ecosystem growth in the network. Data by CoinMarketCap shows that it has become one of the biggest DEX platforms in the industry.
It handled transactions worth over $400 million in the past 24 hours and has constantly ranked in the top ten of the biggest DEX platforms in the industry. According to its website, it has processed over $129 billion sinceits launch.
THORChain has also continued to add more customers in its ecosystem. It has had over 101.1k unique swappers who have handled 27 million transactions.
Additional data shows that THORChain has become one of the biggest chains in the crypto industry. It has a total value locked (TVL) of more than $1.4 billion, a 52% increase in the past 30 days.
For starters, THORChain is a platform built on the Cosmos technology that enables users to swap tokens in an easy and cost-friendly way. As a Cosmos platform, THORChain has extremely lower transaction costs compared to other platforms.
THORChain’s ecosystem is also growing. Some of the top players in the ecosystem are Rango Exchange, Trust Wallet. RuneScan, and Edge Wallet.
THORChain price has also jumped because of the ongoing token burns. Over 60 million RUNE tokens was burned from the standby reserve. This burn created 20 million RUNE in space for lending collateral in the platform.
The most recent data also shows that lending on THORChain is growing. It averages about 5% of the daily lending volume, a big increase from where it was in 2023.
RUNE price forecast
The daily chart shows that the RUNE price has been in a strong bullish trend in the past few months. It peaked at $11.46 this month and then pulled back to $7.28. This was a notable level since it coincided with its highest point on December 3rd. It was also the upper side of the double-top pattern, meaning it has done a break and retest pattern.
THORChain price has remained constantly above all moving averages while the Relative Strength Index (RSI) has moved above the neutral point. Therefore, the outlook for the RUNE token is bullish, with the next point to watch being at $11.46. This price target is about 25% from the current level.
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