Terra Touches $100 Following Solana and Avalanche Rally

Key Takeaways

• Terra’s LUNA token hit an all-time excessive of $100 immediately.
• LUNA’s bullish worth motion follows related strikes from Solana and Avalanche, two different Layer 1 tasks.
• The three tokens, collectively dubbed “SOLUNAVAX” by crypto merchants, have soared throughout 2021.

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Amid ongoing hype for Layer 1 blockchains, Terra’s LUNA has hit $100 for the primary time. The asset’s worth motion follows the same trajectory to Solana and Avalanche, which have each soared in current months.

Terra Hits $100

Terra is benefiting from the Layer 1 hype.

The stablecoin-focused blockchain is dwelling to one of many fastest-growing DeFi networks, with a wide range of standard apps together with Anchor Protocol, Mirror Protocol, Terraswap, and Astroport. Its native token, LUNA, is at the moment main a Christmas rally available in the market. It hit $100 for the primary time immediately after rallying over 50% within the final week. It’s since cooled off, buying and selling at $96.53 at press time.

LUNA’s upward transfer comes amid a interval of bullish momentum available in the market following Bitcoin’s rebound from $45,700 to $51,200.

On Monday, LUNA broke prior resistance ranges at round $75 on the day by day timeframe. LUNA has since met psychological resistance at $100.

A number of current developments have served as catalysts for LUNA’s bullish momentum. Whereas LUNA has risen, the overall worth locked on Terra has crossed $21 billion, helped partly by the Astroport change’s ongoing token lockdrop. Terra now holds the second highest complete worth locked in DeFi, trailing solely Ethereum.

LUNA’s worth development has carefully adopted these of two different Layer 1 cash: Solana’s SOL and Avalanche’s AVAX. Each SOL and AVAX have additionally skilled a parabolic rally within the second half of the yr, posting new all-time highs in November. Ethereum’s hovering gasoline charges, beneficiant token incentive packages, and the market’s rising confidence in a multi-chain future can all clarify the rise amongst Layer 1 cash.

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