THORChain RUNE surges 26% following privacy-focused network upgrade

THORChain (RUNE) experienced a price surge of over 26% following the implementation of its v3.20 network upgrade on August 26. The upgrade enables users to swap privacy-focused assets, specifically Monero (XMR) and Zcash (ZEC), directly for Bitcoin (BTC), Ethereum (ETH), and various stablecoins.

The upgrade has expanded the network's addressable market by connecting privacy users to major cryptocurrencies. This development coincided with a significant increase in trading volume, which grew three-fold to over $20 million. The price rally also triggered a spike in liquidations, with short positions worth ten times the value of long positions being wiped out.

While the 200-day exponential moving average indicates a long-term bullish shift, the token's market structure remains under observation as it attempts to convert the $0.65 resistance level into support.