Terra LUNA is nearly at an all-time high after 20% gains

Terra (LUNA/USD) has seen phenomenal growth over the past few weeks, unlike the rest of the cryptocurrency market. The token is just 6% below its all-time high, having gained over 70% over the past month.

Terra has been gaining in both value and adoption of the network. The Terra network is currently ranking as the second-largest one in terms of TVL. Its TVL has left behind other DeFi networks by a large margin.

LUNA makes a strong rebound

LUNA has made a significant rebound during the past 24 hours, gaining by around 20% within the same period. The token has pushed past critical resistance levels and is now eyeing the $100 levels.

At the time of writing, LUNA was trading at $97.44 after a 19.6% gain during the past 24 hours. At this price, the next resistance level lies at $99, after which it could set the next target at $101. At this price, LUNA will be primed towards creating a new all-time high once it breaks past $103.

The broader market support is currently high, and the buyer support for LUNA is strong. Therefore, there is a high possibility that a LUNA ATH will be on the way if the uptrend holds.

The growing adoption of the Terra network further proves that a bullish momentum for LUNA is on the way. The terra network recently surpassed the Ethereum 2.0 deposit contract in staked value. Solana is currently the largest network in staked value, and the growth of LUNA by this metric has proven that its bullish trend is strong.

Terra LUNA’s dip

LUNA has performed well since the beginning of the year. The gains made by this token have been commendable. The market has been volatile, and LUNA has given in to the recession each time. However, the dips have not been as significant as those of the broader market.

If LUNA continues with the downtrend, it could test the lower support level at $84. The token was trading at these levels before the 24-hour bulls hence a correction could take the prices back there.

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