ThorChain price has done well in the past few months even as the fear and greed index retreated. RUNE, the network’s token, soared to $1.73 on Wednesday, 88% above its lowest level in August. This rally makes it one of the top-performing cryptocurrencies in the market.
ThorChain TVL soars
ThorChain is a leading player in the blockchain industry that offers cross-chain lending, liquidity, aggregation, settlement, and swaps easily. The platform makes it possible for users to swap, borrow, and earn on their native assets like Bitcoin, USDT, and Ethereum.
ThorChain has been integrated in over 40 projects over the years. Some of the top integrations are with Viewblock, Rongo Exchange, TrustWallet, Ferz Wallet, and Lends.
It is unclear why RUNE price has done well in the past few weeks even as American stocks and the fear and greed index have retreated. A likely reason is that ThorChain has continued gaining support among users recently.
Data compiled by DeFi Llama shows that the total value locked (TVL) in its ecosystem has surged to over $223 million, making it the 13th biggest chain in the world. It is bigger than top chains like Cardano, Acala, Fantom, Celo, and Algorand.
ThorChain also has other positive stats. It has over $117 million in total liquidity, more than 78.4k unique swappers, and over $13.8 billion in total volume. This means that the network is growing well even as the crypto winter continues.
Further, ThorChain has continued burning its RUNE tokens. Burning is a process where tokens are placed in an inaccessible wallet and completely removed from circulation. Data shows that the cumulative token burns have jumped to over 900k in the past few months.
ThorChain price forecast
The 4H chart shows that the RUNE price has been in a strong bullish trend in the past few months. It has remained above the ascending trendline that connects the lowest swings since August. The current price of $1.730 is an important one since it was the highest swing on August 29th.
ThorChain price is also attempting to move above the 50-period moving average while the Relative Strength Index (RSI) has moved above the neutral point of 50. Therefore, the outlook for RUNE price is bullish, with the next level to watch being at $1.98, the highest point this month.
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