LUNA Rocketing with $100 in Sight

Terra has seen plenty of news in recent days, supporting a bullish LUNA move. On Thursday, news of NEAR integration with decentralized payments network Terra was LUNA positive.

Terra is a public blockchain protocol deploying a suite of algo decentralized stablecoins, which underpin an ecosystem that brings DeFi to the masses.

Total Value Locked Surges on DeFi Activity

After having hit a Total Value Locked (TVL) of more than $16bn on Wednesday, Terra became the 2^nd largest DeFI blockchain. Another jump in TVL has seen Terra hit a new record high TVL of $20bn. The jump in TVL this week has seen Terra surpass Binance Smart Chain to sit behind Ethereum in the number 2 spot as DeFi activity continues to surge. There’s some way to go, however, for Terra to catch up with Ethereum, which has a TVL of $160bn according to Defi Llama.

LUNA Price Action

At the time of writing, LUNA was up 2.78% to $96.86, sitting just short of Wednesday’s ATH $98.00. In the second half of the year, LUNA has surged by more than 1,370%. Technical indicators point to further upside ahead. Following a breakout from the 50 EMA on 14^th December, LUNA struck its ATH before easing back. Another news driven rally on Thursday, however, has brought $100 levels back into play. On Thursday, LUNA jumped by 10.5%. A breakthrough to $100 would bring $110 levels into play near-term. We are expecting plenty of resistance at $100, however.

By ranking, the latest price surge has seen LUNA take the number 9 spot by market cap. At the time of writing, LUNA’s market cap stood at $35.19bn.