Terra (LUNA) has reached all-time highs in intraday trading today. The coin went above the $100 mark for the first time. It has however retreated slightly below that but is still nearly 3% up for the day. The rally was largely triggered by increasing positive buzz around layer 1 blockchains. Other similar networks like Solana (SOL) and Avalanche (AVAX) also rallied. Here is what we know so far:
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At the time of writing, Terra (LUNA) was trading at around $99.30, but it had surged above $100 in intraday trading.
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The bullish price action was also seen in other similar Layer-1 chains, including Solana and Avalanche (AVAX).
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The rally is likely to hold as investors continue to bet big on Layer-1 blockchains.
Data Source: Tradingview.com
Terra (LUNA) – price action and analysis
It seems like a very long term ago when Terra (LUNA) was trading slightly above its $54 support. This was even after the coin had rallied nearly 25%. But that was merely a week ago, and it shows you just how fast things can change in crypto.
Over the past few days, LUNA has been gaining upward momentum. But not even the most optimistic analysts saw the coin surging towards its all-time highs before the end of the year. It is indeed a Christmas surprise, and we expect this bullish upturn to hold for longer.
Should you buy Terra (LUNA)
Terra (LUNA) has always been a good investment based on its underlying fundamentals. The chain has seen explosive growth this year too. However, it is the growing interest in Layer-1 blockchains that makes LUNA such a promising project.
In fact, the recent surge to all-time highs was inspired by the positive buzz around Layer-1 solutions. Although the chain faces competition from major players in this space like Solana (SOL), it still offers the promise of excellent returns in the long run. You should therefore consider buying it.