Terra is still on the move, eyeing new all-time highs. Meanwhile, DeFi activity sees continuous growth, initiating another breakout from LUNA and related tokens.
Terra has received multiple news over the recent days, supporting the bullish movement by LUNA token. The crypto project saw positive updates on Thursday. That was after NEAR declared integrating the decentralized payments platform, Terra.
Terra is an open blockchain network deploying multiple algorithmic decentralized stablecoins, underpinning an investment ecosystem that introduced decentralized finance (DeFi) to the mainstream.
Total Value Locked Climbs on DeFi Activity
Terraform became the second-largest decentralized finance blockchain after hitting over $16 billion Total Value Locked on Wednesday. Another surge in DeFi activity has had Terra hitting another record peak total value locked of $20 billion.
With the TVL increase this week, Terra surpassed Binance Smart Chain, sitting behind the leader, Ethereum. That comes amid continued growth in decentralized finance activity. However, DeFi Llama believes Terra has the opportunity to challenge Ethereum as far as TVL is concerned. Keep in mind that the 2nd-largest crypto has its DeFi TVL at $160 billion.
LUNA Price Reactions
While writing this blog, LUNA wavered above the $99.3 mark with a more than 3% gain. That way, the alternative asset surpassed Wednesday’s all-time high of $98. LUNA has gained over 1,370% in 2021’s second half.
Terra’s Technical Indicators suggest a further upswing soon. Remember, LUNA attained an ATH before cooling after breaking out from the 50 exponential moving average on December 14. However, the Thursday optimistic news saw the crypto shifting to the $100 mark. Yesterday’s sessions saw LUNA gaining more than 10.5%.
A significant break past $100 will see LUNA exploring the next near-term target of $110. Nevertheless, massive hurdles might showcase around the $100 mark.
The recent uptrends had LUNA in the top-ten crypto list by value. The alt ranks 9th as far as market cap is concerned. While publishing this article, LUNA’s capitalization was at $35.20 billion.
LUNA appears unstoppable and may explore the $100 threshold in the upcoming few hours. Furthermore, the alt has maintained upward trends over the past few days. Let us see the upcoming price developments.