As the broader cryptocurrency market plunged over the past week, THORChain’s RUNE stood out as an exception, surging ahead with a remarkable, bullish rally. Amid a sea of red, RUNE defied the downturn, demonstrating a striking resilience against the bearish wave that has engulfed the market.
Streaming ThorChain Swaps Fuel Demand
A primary driver of RUNE’s remarkable, bullish performance is THORChain’s innovative streaming swaps. Unlike traditional swap methods, streaming swaps allow swappers to secure better-swapping prices by utilizing sub-swaps. Consequently, this offers enhanced flexibility, enabling swappers to optimize their transactions based on time and swap prices.
⚡️ @THORChain processes record volume after introducing ‘Streaming Swaps’.
Ignoring a brutal selloff across the markets, $RUNE is up 40% this week.
— The Defiant (@DefiantNews) August 19, 2023
Additionally, the widespread demand for cheaper swaps in an intensely competitive landscape gives THORChain a unique edge. With the introduction of streaming swaps, the network has positioned itself to cater to this growing demand, which could significantly boost the popularity of THORswap and the RUNE token.
In addition to streaming swaps, THORChain’s rapid expansion across major networks such as Cosmos and Avalanche has bolstered its position, amplifying its utility and capturing increased investor confidence. The network’s foray into the DeFi world is also noteworthy. THORChain recently unveiled that RUNE perps are now accessible on the Hyperliquid DEX.
RUNE Market Performance
The RUNE price has surged from its intra-day low of $1.51 to its monthly high of $1.71 in the previous 24 hours. RUNE’s trading volume climbed by 94.08% to $211,230,019, while its market cap increased by 12.11% to $584,504,039 during the bull rally.
However, with the RUNEUSD price chart showing the Bollinger bands widening and the price action crossing the upper bar, there may be signs of an overbought market. The Stochastic RSI, at 82.44, further underscores this possibility.
Source: TradingView
Typically, when the Stochastic RSI exceeds 80, it is an indicator that the market may be overextended and due for a pullback. As such, a correction or consolidation phase may be on the horizon.
THORChain’s innovative streaming swaps and ongoing expansion efforts have fueled RUNE’s bullish rally, setting it apart from the broader market downturn. However, indicators suggest a potential correction may be imminent, so investors should exercise caution.