Terra Touches $100 Following Solana and Avalanche Rally

Terra Touches $100 Following Solana and Avalanche Rally

Key Takeaways

  • Terra’s LUNA token hit an all-time high of $100 as of late.
  • LUNA’s bullish sign motion follows identical moves from Solana and Avalanche, two numerous Layer 1 projects.
  • The three tokens, collectively dubbed “SOLUNAVAX” by crypto traders, beget soared all through 2021.

Amid ongoing hype for Layer 1 blockchains, Terra’s LUNA has hit $100 for the primary time. The asset’s sign motion follows a identical trajectory to Solana and Avalanche, which beget both soared in most traditional months.

Terra Hits $100

Terra is taking advantage of the Layer 1 hype.

The stablecoin-focused blockchain is dwelling to 1 of many fastest-rising DeFi networks, with a unfold of favorite apps along side Anchor Protocol, Agree with Protocol, Terraswap, and Astroport. Its native token, LUNA, is currently main a Christmas rally in the market. It hit $100 for the primary time as of late after rallying over 50% in the final week. It’s since cooled off, trading at $96.53 at press time.

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

Terra Luna
Source: TradingView

On Monday, LUNA broke prior resistance stages at around $75 on the day-to-day timeframe. LUNA has since met psychological resistance at $100.

Loads of most traditional tendencies beget served as catalysts for LUNA’s bullish momentum. Whereas LUNA has risen, the total price locked on Terra has crossed $21 billion, helped in phase by the Astroport trade’s ongoing token lockdrop. Terra now holds the second perfect full price locked in DeFi, trailing finest Ethereum.

LUNA’s sign vogue has carefully adopted these of two numerous Layer 1 cash: Solana’s SOL and Avalanche’s AVAX. Both SOL and AVAX beget furthermore skilled a parabolic rally in the second half of the year, posting new all-time highs in November. Ethereum’s soaring gasoline expenses, generous token incentive applications, and the market’s rising confidence in a multi-chain future can all indicate the upward thrust among Layer 1 cash.

Source: TradingView

Whereas several Layer 1 networks beget gained traction in most traditional months, Terra, Solana, and Avalanche had been three of the strongest performers in the final two quarters of the year. The vogue has led several traders to coin the term “SOLUNAVAX” in reference to the market energy and rotations they’ve made between each coin.

Of the three, LUNA is the ideal gainer of 2021. In step with facts from CoinGecko, it turned into trading at $0.65 on Jan.1, meaning it’s posted a 14,670% device. Solana’s SOL has risen 7,800%, while Avalanche’s AVAX is up 3,300% year-to-date.

Restful, all three cash beget outperformed the 2 main cryptocurrencies by a long way. Bitcoin is up around 76% this year, while Ethereum has jumped 446%.

Disclosure: On the time of writing, the author of this piece owned ETH, SOL, and numerous cryptocurrencies.

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