THORChain (RUNE) continues with its uptrend amid 180% gains in one month

The cryptocurrency market has gained substantially over the past few days. The global cryptocurrency market cap now stands at $2.1 trillion. THORChain (RUNE/USD) has had notable gains over the past month, and it has outperformed most of the market.

In one month, RUNE has gained by 186%. The token is now around 50% below its all-time high, and it has recovered most of the dips made since the beginning of the year.

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RUNE makes a notable uptrend

At the time of writing, RUNE had registered a 20% gain, and it was trading at $10.06, according to CoinGecko. During the past 24 hours, RUNE has gained from around $8.22 to test the resistance above $10.10.

RUNE has failed to hold the resistance level of $10.10, but given the strong buying and market pressure, there is an increased chance that RUNE will test this resistance level again. If it breaks through, the next target of $10.25 will be set.

RUNE has the potential to break further high up towards the next level of $13. The market support is currently strong, and if a strong bullish sentiment continues, RUNE will break to levels above $16. The coin reached these levels in early November when the rest of the cryptocurrency market was on an uptrend.

Developments on THORChain

The price of RUNE has not just rallied because of the market support but also because of the developments happening within the THORChain ecosystem. The launch of ThorFi on the ThorChain ecosystem is expected to have major benefits for the ThorChain ecosystem.

ThorFi is a protocol that will allow lending and borrowing. The decentralized finance (DeFi) sector is highly reliable, and it has been behind the success of some of the leading blockchains in the market, including Ethereum (ETH/USD).

The other major development on THORChain is the launch of synthetic assets on the network. Synthetics are assets that allow users to swap their tokens at a low cost and at fast speeds. With the blockchain system going multichain, these assets will also boost the efficiency of the THORChain network.