THORChain (RUNE) rallies 58% amid network developments

ThorChain (RUNE/USD) has been one of the best-performing tokens in March. The token is up by almost 100% in just one month. The coin has also gained by over 50% during the past week. Its gains are not showing any signs of stopping.

ThorChain is trading at $8.90 at the time of writing, after 15.4% during the past 24 hours. RUNE’s gains come amidst a recovery across the broader cryptocurrency market.

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ThorChain RUNE rallies 58%

RUNE shows signs of progressing with the uptrend if the market support continues. During the past 24 hours, RUNE rallied to $9.28, but it was corrected shortly after. However, there is a possibility of these gains happening again. This could push the token towards a major target of $10.

RUNE is still over 50% below its all-time high despite these gains. If the market support can hold, new highs for RUNE could happen, given that interesting developments are happening in the ThorChain network.

If RUNE hits $10, the next target price will be $13, after which buyers can propel the prices towards $17 and beyond. Buyers looking for assets with a price action could buy RUNE to rally it to a new ATH, which will allow the price to target $20.

At the current prices, RUNE needs to double in price to reach a new ATH, and such a price gain is possible, given that a month ago, RUNE was trading at around $3.40.

Developments on ThorChain

The ThorChain network has been making major developments fuelling the price gain. Recently, THORChain announced the release of a Synthetic Asset trading feature. Synthetic assets are those that allow traders to trade tokens that are backed by other cryptocurrencies and the RUNE token. These assets seek to reduce reliance on wrapped tokens.

The THORChain network also announced plans to launch Thorfinance (ThorFi). The latter is a decentralized finance platform seeking to support lending and borrowing. The network is also reportedly creating a stablecoin known as THOR.USD that will be similar to TerraUSD and LUNA.