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THORChain (<a href="https://crypto.news/price/thorchain/" target="_blank" rel="noreferrer noopener">RUNE</a>) has shown robust performance in the last few days on its way to reaching its highest level of the previous 12 months. 
According to crypto price aggregator CoinGecko, the <a href="https://www.coingecko.com/en/coins/thorchain" target="_blank" rel="noreferrer noopener">price</a> of THORChain’s native cryptocurrency, RUNE, is currently at a year-high $4.65. The price is 15.1% higher than it was 24 hours ago. 
At that time, it began the day with a negative momentum before a bull takeover of the market pushed it to $4.00. 
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 <img decoding="async" loading="lazy" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/11/image-16-1024x1024.png" alt="THORChain hits year-high, spikes more than 15% in last 24 hours - 29" class="wp-image-14214818">
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 RUNE price chart | Source: CoinGecko
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The token has been on the up since THORChain’s third-quarter (Q3) 2023 report affirmed significant progress with milestones for the blockchain. 
During the period, THORChain achieved a 114.4% increase in total trading volume, hitting $2.38 billion, with liquidity fees collected reaching $3.38 million. 
The release of the report stirred an immediate reaction in the market, triggering an 89% surge in the price of RUNE. An important factor to note is that the global crypto market also gained traction around this time, with a significant positive driver being the <a href="https://crypto.news/spot-bitcoin-etf-will-sec-approve-or-buy-more-time/" target="_blank" rel="noreferrer noopener">forthcoming</a> Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) spot exchange-traded fund. 
 You might also like: <a href="https://crypto.news/rune-becomes-top-gainer-amid-binance-withdrawal-suspension/"> RUNE becomes top gainer amid Binance withdrawal suspension </a> 
Since mid-October, RUNE has <a href="https://crypto.news/thorchain-becomes-top-gainer-as-development-activity-surges/" target="_blank" rel="noreferrer noopener">grown</a> by more than 212%. In the last fortnight, its price registered an 85.4% uptick and 37.2% over seven days. 
THORChain’s recent rally is also fueled by Thorswap’s remarkable trading volumes, securing its third-biggest DEX position. The network’s operations as a liquidity layer of last resort for centralized exchanges (CEXs) have also fueled its growth. 
RUNE’s upside journey began on Oct. 21, as it experienced a two-month consolidation at a strong support zone, leading to a breakout above the 20 DMA. This support level has since upheld an impressive +162% rally in the past month. 
Indicators signal a strong overbought condition for RUNE. Per <a href="https://www.moneycontrol.com/crypto-market/technical-analysis/thorchain/runeinr/daily" target="_blank" rel="noreferrer noopener">Money Control</a>, the RUNE RSI is hovering around 80, and the MACD shows a bullish level at 47.26, reflecting the current sentiment in the market. 
 Read more: <a href="https://crypto.news/ftx-token-and-other-sam-coins-surge-after-bankman-frieds-conviction/"> FTX token and other Sam Coins surge after Bankman-fried’s conviction </a>

THORChain hits year-high, spikes more than 15% in last 24 hours

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