Why Thorchain could retest all-time highs sooner than most cryptos
Thorchain is up by over 90% in a month after introducing synthetic assets trading.
Lending and borrowing are coming soon, further adding fuel to the rally.
Thorchain rally is also supported by growing bullish momentum in the broader market.
Thorchain (RUNE) is up by 92% this month, and it is not showing signs of slowing down. In the last 24-hours alone, Thorchain is up by over 18%, and the momentum is rising. The rally has been triggered by a series of network upgrades that could trigger even more adoption going into the future.
The latest news regards the launch of synthetic assets trading on RUNE protocol. Rune has the edge over other protocols offering the same services because it is fast and allows traders to swap assets at a pretty low cost.
Thorchain also has ThorFi coming up soon. This is an equally big deal as it will allow traders to buy and lend on Thorchain. This is pretty much in line with the direction that the DeFi is moving, and that’s cross-chain decentralized exchanges that make atomic swaps obsolete. Such a tech breakthrough puts Thorchain in a unique space for growth as DeFi continues to disrupt finance and banking at an accelerated rate.
What next for Thorchain?
Source: TradingView
Since January 2022, Thorchain has been consolidating between $5.11 and $3.51. However, on March 9th, it broke out of this range and with high volumes. Since then, it has been trending up and is currently close to testing $10. If the current trend continues, Thorchain could easily retest its all-time highs of $21 in the short term.
Thorchain’s odds of retesting its all-time highs are enhanced by the fact that the broader market is currently gaining upside momentum. This means cryptos already showing signs of an upside could draw in more investors and rally more than the rest of the market.
Summary
Thorchain (RUNE) is currently in an uptrend, and in just one month, the coin is up by over 90%. Thorchain’s rally is driven by several key upgrades, including introducing synthetic tokens trading. With ThorFi coming up, the odds are that it could rally even further.
The post Why Thorchain could retest all-time highs sooner than most cryptos appeared first on Coin Journal.
