THORChain (RUNE) price soars as open interest, trading volume spikes

THORChain (RUNE) price has made a spectacular bull run in the past few weeks. The token surged to a high of $2.86, the highest level since August 8th. It has surged by more than 290% from the lowest level this year, making it one of the best-performing cryptocurrencies in the world.

RUNE futures open interest rises

THORChain is one of the biggest players in the Cosmos ecosystem. It is a DeFi platform that enables users to swap, borrow, and earn their native assets. It facilitates native asset settlement across popular cryptocurrencies like Bitcoin, Ethereum, and Avalanche.

THORChain is getting popular among investors, who love it because of its substantial yields. The most recent data shows that the single side yield in the ecosystem for most coins like USDT, USDC, and ATOM are over 15%.

As a result, many investors have moved to the network. In October, the network broke records by processing over $3 billion on-chain transactions. This is important because the network had a volume of $2.3 billion in the third quarter alone. It collected $3/38 million in fees in this period. This means that THORChain is gaining traction among users.

Meanwhile, THORChain’s futures open interest has jumped sharply in the past few months. Data compiled by CoinGlass shows that the open interest jumped to over $53 million, the highest level since October 2nd. Most of this open interest is coming from Binance followed by Bybit, OKX, and Bitget. 

Open interest is an important metric that looks at the volume of unfilled positions in the futures market. A higher open interest figure is seen as a positive thing for a cryptocurrency.

THORChain price forecast

RUNE chart by TradingView

The daily chart shows that the RUNE crypto price has been in a strong bullish trend in the past few months. Most recently, the coin has jumped above the important resistance level at $1.966, the highest point in February. It has also moved above the psychological level at $2.

RUNE has also moved above the 50-day and 100-day Exponential Moving Averages (EMA), which is a bullish sign. The Relative Strength Index (RSI) has moved to the overbought level. Similarly, the Stochastic Oscillator has also moved to this overbought point.

Therefore, the outlook for the coin is bullish, with the next level to watch being at $3.15, the highest level on August 11th last year. The alternative is where the coin retreats to the support at $1.96.