RUNE price forms giant bearish flag as THORChain swap volume surges

THORChain token is flashing a bearish signal, forming a bearish flag pattern that suggests further downside even as swap volume surges.

THORChain THORChain
rune
-1.41%
THORChain was trading at $1.3050 on Friday, down 82% from its November peak. It is hovering near its lowest level since November 2023 and remains 90% below its all-time high.

RUNE has plunged despite third-party data showing that the network recently recorded one of its best weeks ever. Swap volume on the platform surged 640% over the past seven days to $3.3 billion, making it the sixth-largest player in the decentralized exchange industry.

Additional data from TokenTerminal shows that weekly active addresses nearly quintupled to 5,000, up from this month’s low of 1,000.

However, this surge in activity has been linked to the recent Bybit hack. According to Arkham, Lazarus Group transferred over $240 million worth of Ethereum through the network. The group laundered the stolen Ethereum