RUNE Price Analysis: Whale selling sends RUNE down 15% in 24 hours, but long-term fundamentals intact

RUNE, the native token of THORChain, has experienced a massive 15% drop in the past 24 hours as of press time, possibly due to panic, after a large whale sold off on Kraken.

The native token of THORChain, RUNE, faced a sharp 15% drop in the past 24 hours as of press time, a decline that could be attributed to panic following a major whale’s sell-off on Kraken.

The native token of THORChain, RUNE, faced a sharp 15% drop in the past 24 hours as of press time, a decline that could be attributed to panic following a major whale’s sell-off on Kraken.

As per on-chain data, the whale withdrew 2.85 million RUNE, valued at roughly $12.35 Million, and proceeded to sell a portion of it through ThorSwap for Bitcoin [BTC].

As per on-chain data, the whale withdrew 2.85 million RUNE, valued at roughly $12.35 Million, and proceeded to sell a portion of it through ThorSwap for Bitcoin [BTC].

The whale’s activity saw 9.69 BTC being withdrawn to Kraken while the remaining 2.7 million RUNE tokens were sent to Binance.

The whale’s activity saw 9.69 BTC being withdrawn to Kraken while the remaining 2.7 million RUNE tokens were sent to Binance.

Impact of whale sell-off on RUNE’s price

Impact of whale sell-off on RUNE’s price

The whale’s sell-off had an immediate impact, driving the price of RUNE down. However, it did not appear to pose a significant long-term threat to the token’s future value.

The whale’s sell-off had an immediate impact, driving the price of RUNE down. However, it did not appear to pose a significant long-term threat to the token’s future value.

Being a Layer-1 Blockchain DEX with vast usability, THORChain continues to support cross-chain swaps, especially for major Layer-1 blockchains, which bodes well for its adoption potential.

Being a Layer-1 Blockchain DEX with vast usability, THORChain continues to support cross-chain swaps, especially for major Layer-1 blockchains, which bodes well for its adoption potential.

Despite a lack of a clear signal from indicators, which often react more slowly to abrupt price shifts, the RUNE price on the 4-hour timeframe showed signs of recovering.

Despite a lack of a clear signal from indicators, which often react more slowly to abrupt price shifts, the RUNE price on the 4-hour timeframe showed signs of recovering.

After bouncing from the $4.50 range, RUNE/USDT hinted at a recovery attempt with early buying interest. This suggests that the level could become a new support zone.

After bouncing from the $4.50 range, RUNE/USDT hinted at a recovery attempt with early buying interest. This suggests that the level could become a new support zone.

After failing to maintain its support at the ascending trendline, RUNE fell below the $5 level and later stabilized around $4.50.

After failing to maintain its support at the ascending trendline, RUNE fell below the $5 level and later stabilized around $4.50.

The MACD indicator showed a bearish crossover, confirming that bearish pressure had dominated the recent market activity.

The MACD indicator showed a bearish crossover, confirming that bearish pressure had dominated the recent market activity.

However, recent histogram bars indicated a potential slowing down of selling momentum, which gave hope to investors for a gradual recovery in the upcoming sessions.

However, recent histogram bars indicated a potential slowing down of selling momentum, which gave hope to investors for a gradual recovery in the upcoming sessions.

But the previous ascending trendline, which once acted as a support level, turned into resistance, and now RUNE needs to regain momentum and break above this level to signal a bullish reversal.

But the previous ascending trendline, which once acted as a support level, turned into resistance, and now RUNE needs to regain momentum and break above this level to signal a bullish reversal.

If RUNE manages to sustain a move above $5.5, it could eventually climb towards $7.30, the prior high. However, a confirmed reversal would require more buying volume and a clear breakthrough of these resistance levels.

If RUNE manages to sustain a move above $5.5, it could eventually climb towards $7.30, the prior high. However, a confirmed reversal would require more buying volume and a clear breakthrough of these resistance levels.

Volume and TVL

Volume and TVL

In other news, RUNE’s weekly trading volume hit a new all-time high at $78 million, indicating growing market interest despite recent volatility.

In other news, RUNE’s weekly trading volume hit a new all-time high at $78 million, indicating growing market interest despite recent volatility.

Moreover, the total value locked (TVL) of Bitcoin on THORChain has tripled since 2023, highlighting the increasing adoption of THORChain’s cross-chain liquidity services.

Moreover, the total value locked (TVL) of Bitcoin on THORChain has tripled since 2023, highlighting the increasing adoption of THORChain’s cross-chain liquidity services.

These factors suggest that although RUNE faced short-term selling pressure, the long-term fundamentals remained intact, and future price action could benefit from renewed market confidence.

These factors suggest that although RUNE faced short-term selling pressure, the long-term fundamentals remained intact, and future price action could benefit from renewed market confidence.