A huge spurt in buying volumes was seen in Terra (LUNA/USD) on Friday as it was trading over 5% higher. Investors were seen buying Terra as it was a high gainers on the final day of the year. Luna is now only 15% away from a new all-time high which could soon be taken out in no time looking at the momentum of the previous luna bullish moves. LUNA is the Terra protocol's native token, used for staking, governance and collateral for the network's algorithmic stablecoins. LUNA coin holders can stake their tokens to earn rewards and use their weight to vote on governance proposals for the ecosystem. LUNA has a dynamic supply of 1 billion coins.
Luna broke into the top 10 cryptos after the rally and is now one of the most valued coins in the market. Luna was just priced under a dollar at the start of the year however it rallied by over 12000% in 2021 to hit a all time high of $103.60, however inventors are now concerned on wether Luna will be able to outperform the market once again in 2022 as it is now one of the most valued coins in the market.
A look at the charts-
Luna rallied by over 90% in the rally seen earlier this month in which it hit a all-time high,. After hitting a new all-time high, Luna has corrected by over 20% and has now reversed from the support zone at $80 and could be setting up for a rally to hit a new all-time high soon.
Luna has corrected and retested the support zone at $80 thus the chances of a false breakout have reduced and a new all-time high could be hit soon. Investors can enter above the support zone and aim towards a new-all time high as it is looking like Luna will soon hit a new high.