THORChain's RUNE Surges 33% in a Week Amid Record Trading Volume

RUNE, THORChain's native token, has experienced a significant resurgence, climbing 33% in the past week, according to CCN on today's date. This surge follows a period of decline between December 10 and February 20, where the price plummeted from $7.58 to $1.18. Currently, RUNE's price stands at $1.56, breaking free from a prolonged bearish trend. The surge is attributed to increased activity on THORChain, with daily trading volumes exceeding $800 million, marking an all-time high as reported by DeFiLlama. This increase is partially linked to reports from February 25 of the Bybit Hacker using THORChain to launder approximately 20% of stolen funds. Technical indicators, such as the Chaikin Money Flow (CMF) and Money Flow Index (MFI), support the upward trend. The Moving Average Convergence Divergence (MACD) has also turned bullish, and the Parabolic Stop-and-Reverse (SAR) indicator suggests strong support for further price increases. Short-term targets for RUNE's price include $2.38, with a potential climb to $3.49 if buying pressure continues. However, failure to maintain the $1.18 support level could lead to a price crash.