Terra (LUNA), woke to a positive day Wednesday when the token experienced a 30% rise in its price, thereby reaching a peak of $3.08.
- Terra represented 25.06% amongst the 100 top ETH whales’ token holdings.
- Today, the LUNA price jumped by 30% and reached $3.08
- A bullish trend is possible, and the trading price could reach $3.25
However, the crypto experienced a price correction immediately and is currently trading at $2.69 as of press time, according to tracking by Coingecko.
Terra still expects a 5.5% rise in the last seven days, and an even higher leap of 7.4% the next two weeks.
However, it is miles from the $18.87 record set in March 2008 and has lost 85.6%.
It is up by 77.6% from the all-time low $1.53 on August 29, 2022.
Terra Surges As It Flips Lido Staked ETH Tokens
WhaleStats reports that Terra is the number one holding in dollars among the 100 top Ethereum whales. It accounts for 25.06%.
LUNA managed to beat Lido’s staked ETH tokens (stETH), and also beat USDC and USDT holdings by the whales.
The total amount of Terra digital currency held by the Ethereum whales in the top 100 was $820 million.
In order to get liquidity out of Ethereum, the Ethereum Whales used the wormhole protocol asset to leverage it. The unprecedented rally which saw LUNA prices rise 30% was caused by this unique move.
Terra witnessed an additional 150% rise in its trading volumes over the hours preceding the bullish rally.
Terra Price Action At A Glance
LUNA’s ability to reach higher terrain in this market with high levels of uncertainty is still a question.
You may recall that the altcoin experienced a huge sell-off from September 10 through 26, driving the price down to $2 psychological support.
It led to the formation a pennant structure for Terra. This indicated that Terra’s bearish momentum was continuing after the price spike.
LUNA isn’t in jeopardy, however. There is a chance the token might break the overhead trendline. Terra may experience an upward trend and could reach as high as $3.25, as it did today.
In terms of intraday performance, altcoin has a bullish trend. However volatility is high.
Featured image from CafeF, Source: TradingView.com| Featured image from CafeF, Source: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.