Terra (LUNA) woke up to a good day on Wednesday as the coin made a stunning 30% jump in its price on its way to a high of $3.08.
- Terra accounted for 25.06% of the total token holdings among the top 100 ETH whales
- The price of the LUNA is up 30% today to $3.08
- Bullish momentum is possible and the price may reach $3.25
Despite this, the cryptocurrency immediately saw a price correction as it is trading at $2.69 at press time according to tracking from Koenigku.
However, Terra is looking at a 5.5% increase over the past seven days and a 7.4% higher jump over the past two weeks.
It’s still miles away from its all-time high of $18.87 made on March 28 this year, losing 85.6% of that value.
The good news is that it is currently up 77.6% from its all-time low of $1.53 on August 29, 2022.
Terra rises while flipping Lido Staked ETH tokens
According to online crypto information resource WhaleStats, Terra has become the number one dollar company among the top 100 Ethereum whales, accounting for 25.06% of all token holdings.
By doing so, LUNA was able to get rid of the Lido Staked ETH (stETH) tokens and even bypass the USDC and USDT holdings of whales.
In all, Ethereum whales included in the top 100 whales hold $820 million worth of Terra cryptocurrency.
The assets of the wormhole interoperability protocol were then leveraged by Ethereum whales to exit liquidity, causing an unprecedented rally that drove the price of LUNA to grow by 30%.
Terra also saw a 150% increase in its trading volumes over the past hours, which contributed to the digital asset’s bullish run.
Terra price action at a glance
While Terra’s price has inflated 30%, it remains to be seen if LUNA can reach higher terrain during this time when the cryptocurrency market is looking for a high level of uncertainty among market participants.
It can be recalled that from September 10 to 26, there was a massive sell-off involving the altcoin, which caused its price to drop to the $2 level for psychological support.
This led to the formation of a scientific Terra pattern, which indicates the continuation of the bearish momentum that it had before the recent price rally.
But all is not lost, LUNA, as there is little chance of the token breaking the upper trendline. If that happens, just as it does today, Terra could end up in an upward trend, hitting 20% to $3.25.
As for its intraday performance, the altcoin is in an uptrend but volatility remains high.
Crypto total market cap at $853 billion on the daily chart | Featured image from CafeF, Source: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.