THORChain (RUNE) has posted notable gains despite the sluggish performance of major cryptocurrencies like Bitcoin, Ethereum, and Solana in the past week.

The price of RUNE has spiked by 3.01% in the past 24 hours, currently trading at $6.08. The token has traded between a low of $5.79 and a high of $6.24 during this period, showcasing its resilience in the face of market volatility.

Moreover, RUNE has gained 10% over the past seven days, further highlighting its strong performance and ability to maintain an upward trajectory even as the broader crypto market struggles. Let’s find out why.

Several prominent analysts and traders have expressed their bullish outlook on THORChain and its native token, RUNE. Decilizer, a well-known analyst, has noted that RUNE is “absolutely killing it” and holding strong at despite Bitcoin’s recent struggles. The analyst believes that RUNE is making moves toward its $10.4 target with significant volume, and has observed an 11x profit across past scenarios.

Doctor Giving, another analyst, turned bullish on RUNE a few days ago and is waiting to ride the green wave. The analyst has set a short-term target of $10 for RUNE and believes that the token could reach $50 within a year.

$RUNE is Beautifull !!
Turned bullish few days back and waiting to ride the green wave..

$10 is short term target
$50 within a year.. pin this! pic.twitter.com/eo8E2kNSRz

Trader Dona.inj has identified RUNE as one of the strongest coins in the market right now, stating that a break above the green zone will send the token’s price soaring. The trader has advised investors to keep a close eye on RUNE’s price action.

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According to Chris, an X user, the lending feature on THORChain underwent a stress test during the latest market downturn, with RUNE’s price dropping from $11.50 to as low as $4.50. Despite this price fall, the system functioned as designed, with no bank runs or frantic reactions. Instead, loans were organically closed and reopened, demonstrating the robustness and stability of THORChain’s lending mechanism.

Chris goes on to state that THORChain has revolutionized the DeFi space, offering interest-free loans with no expiration. The success of THORChain’s lending feature during the market downturn has instilled confidence in the platform’s ability to withstand volatility and provide a reliable lending solution for users.

Source: Santiment – Start using it today

According to data from Santiment, the overall crypto market has dropped by 3.6% over the past week, with trading volume down by 27% compared to the previous week.

Despite the bearish sentiment and market slump, RUNE, along with TON, KAS, and AKT, has kept traders hopeful, demonstrating its ability to maintain positive momentum in the face of market adversity.

The bullish sentiment surrounding RUNE is supported by the positive outlook of prominent analysts and traders, who have set high price targets for the token in the short and long term.

Read more: Whales Cash In on Tellor (TRB) Price Surge Amid Bullish Market Trends

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The post Here’s Why THORChain (RUNE) Price is Up appeared first on CaptainAltcoin.

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