Terra’s Luna token (LUNA) has gained around 15% in the last 24 hours and is currently trading at $2.11. Altcoin has gained more than 51% in the last week.
Launched on a new blockchain called Terra 2.0, the LUNA token has been quietly rallying since Jan. While the exact reason for the rally is unknown, it appears that technical factors may have supported the recent rally.
LUNA broke out of a one-month consolidation range on January 9 and broke through a key resistance level that has blocked its uptrend since November 2022. The bulls used this positive development along with the improving sentiment in the market to push the LUNA higher. Since January 9, LUNA has closed seven of its eight days in green. LUNA broke the key hurdle at $2 as its price surged to an intraday high of $2.24 on Jan. 16.
Other factors in altcoin rise
Also, several different factors may have contributed to the altcoin rally.
Koinfinans.com As we reported, on January 11, Terraform Labs (TFL), the organization responsible for the support and development of Terra, declared victory in one of its legal battles over a class action lawsuit against itself and Terra co-founder Do Kwon. announced.
In addition, Terra shared a post on January 14th. in the tweet He reported that the first step towards creating interfaces for Web 3 has been completed. With the said share, the launch of Station was announced. Launched support for multiple chains such as Station, Terra, Osmosis, Juno, Kujira, Carbon, HuaHua, Crescent, Terra Classic, Mars (testnet) and Sei (testnet). Many other chains will be added before February as multiple integrations for chains like Injective and Prism are actively being worked on.
You can follow the current price action here.