The Terra Classic (LUNC) ecosystem is experiencing a surge in bullish momentum, closely following the upward trajectory of its sister project, Terra LUNA. Recent market data from Binance-backed Coinmarketcap reveals a remarkable 214 percent increase in Terra Classic LUNC’s 24-hour trading volume, reaching approximately $59 million. This surge in demand for Terra Classic LUNC occurs when the project grapples with legal challenges across various jurisdictions due to a substantial collapse last year that resulted in over $30 billion loss.
Terra Classic LUNC Price Analysis
From a technical perspective, Terra Classic LUNC appears poised for an impending breakout from a multi-week falling trend that commenced last year. This bullish breakout is further supported by the weekly Relative Strength Index (RSI), which has exhibited signs of rising divergence year-to-date. Additionally, many altcoins have initiated an ascent from bear market lows, even as Bitcoin struggles to rally beyond the $27.4k mark.
Network Developments
The Terra Classic LUNC ecosystem has substantially benefited from regular token burns aimed at transforming it into a deflationary environment. With over 72 billion LUNC tokens burned thus far, the development of Terra Classic has made significant strides this year. For example, Terra Classic’s core developers facilitated the participation of DeFi developers in the network through the Cosmwasm v1.1.0 upgrade in June.
Terra (LUNA) witnessed a more than 21 percent surge in the past 24 hours, reaching around 52 cents during the early London market on Thursday. The upswing in Terra LUNA’s price appears to have catalyzed the start of the long-awaited altcoin season, especially as Bitcoin demonstrated short-term weaknesses.
Terra LUNA experienced a more than 450 percent spike in trading volume over the past 24 hours, surpassing $314 million,
How Far Can Terra LUNA Price Rally
Per insights from a prominent crypto analyst with a substantial following of over 196,000 on the X platform, Altcoin Sherpa, Terra LUNA’s price currently stands at approximately 205 times below its all-time high (ATH). Notably, LUNA’s price had plummeted by more than 99 percent following the collapse of the algorithmic stablecoin UST early last year.
In July, Terraform Labs announced the appointment of Chris Amani, the former Chief Operating Officer (COO) of TFL, as Director and interim Chief Executive Officer (CEO) to succeed Do Kwon. It’s worth noting that Do Kwon is currently contending with extradition proceedings in the United States while serving a four-month prison term in Montenegro.
