THORChain (RUNE) and PYTH Network Prices Are Pumping—Here’s Why

RUNE and PYTH prices are climbing up lately, making traders take notice. RUNE’s price has jumped quite a bit, and PYTH looks like it might do the same. Market experts have been posting about why they think these tokens are doing well.

THORChain’s price is gaining momentum, posting a 7.67% gain over the past day. Trading volume has also increased by 130%, indicating growing interest and active trading of the token. RUNE currently trades at approximately $6.87, positioning itself among the top ten gainers in the crypto market today.

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Chart analysis indicates a breakout from a symmetrical triangle pattern formed over the last three years. This breakout is seen as a bullish signal, suggesting the possibility of further upward movement. Analysts emphasize the importance of the current retest phase of the upper trendline, which could confirm the breakout and serve as a springboard for price movement toward $20.

Key support lies near $5, with resistance levels at $7.5, $10, and $17.5 to $20. If RUNE holds above the breakout level, the symmetrical triangle’s measured move target aligns with the projected $20 mark. Volume trends will play a role in sustaining momentum, as highlighted by market watchers.

Prominent analyst GlobeOfCrypto1 highlights the bullish pattern and the significance of the retest. The analyst projects that a successful retest could drive a massive bullish wave, pushing RUNE’s price to $20 and beyond in the coming weeks.

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PYTH Chart Analysis

PYTH’s price has also seen upward movement, registering a 3.42% gain over the last 24 hours. Trading volume increased by over 120%, signaling growing market activity. The token trades near $0.4636, with analysts projecting a substantial upside based on technical and fundamental data.

Chart analysis shows PYTH rebounding strongly from a critical support level at $0.2211. This zone has held consistently, indicating strong buyer interest. PYTH’s chart structure suggests a rounded bottom formation, a reversal signal often associated with bullish momentum. The next key resistance is near $1.86, aligning with a 736% price increase from its recent lows.

Fundamental Outlook and Analyst Prediction

Crypto analyst Noktali_kanca outlines PYTH’s growth potential in the blockchain oracle sector. PYTH helps bring real-world information to DeFi apps. The analyst thinks PYTH could grow from $1.65B to $6.73B in market value, which would push its price up to around $1.86.

The rising demand for accurate and reliable data in DeFi positions PYTH as a key player among data oracles. With the increased adoption of decentralized financial services, PYTH’s utility and market value may continue to grow.

Read Also: Fantom (FTM) Price Could Rally 50% as Key Support Holds

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