The post Why Terra Luna Price Surges 29% Today appeared first on Coinpedia Fintech News
Terra Luna, a decentralized payments network, is once again in the spotlight after the token jumped 29% over the last 24 hours and nearly 100% this week. But what’s really driving this surprising comeback?
Let’s break down the key reasons behind LUNA’s latest surge.
Terra Chain v2.18 Upgrade
One of the main reasons behind the recent rise in the Terra Luna token is the successful rollout of the Terra Chain v2.18 upgrade on December 8. This update fixed several bugs, improved network efficiency, and pushed trading volume above $200 million.
Major exchanges also showed strong support, Binance even paused deposits and withdrawals on the Terra (LUNA) network to ensure a smooth upgrade and better user experience.
Do Kwon’s Sentencing Drives Attention
Another major factor behind Terra’s sudden recovery is the renewed focus on Do Kwon’s December 11 sentencing. After pleading guilty to charges linked to the $40 billion Terra crash, U.S. prosecutors are asking for 12 years, while Kwon’s legal team is seeking five years.
This upcoming verdict has created a spike in interest across Terra-related tokens as traders position themselves ahead of the announcement.
Terra Ecosystem LUNC Token Burn Spike
Another big factor boosting sentiment is the sharp increase in Terra Luna Classic (LUNC) token burns. Developers and exchanges like Binance burned nearly 1.57 billion LUNC just last week.
So far, 428 billion LUNC have been burned out of the 6.47 trillion circulating supply.
Meanwhile, this massive burn helped push the LUNC price up nearly 160% in recent days before cooling off around $0.000052.
Terra Luna Price Outlook: Can LUNA Hold Its Gains?
After dropping sharply from $0.1644, buyers returned at $0.098, forming a strong recovery candle that pushed LUNA back above $0.13. The token now trades near $0.1247, but a slight pullback shows short-term selling pressure.
If sellers push the price below $0.1218, LUNA could retest $0.1182 or even $0.1124.
On the bullish side, if LUNA breaks above the $0.1276–$0.1300 resistance zone, the move could open the way for a rally toward $0.1400, and with strong momentum, even a retest of $0.1644.
Meanwhile, the RSI at 47.5 shows LUNA still has room to move higher if buyers regain strength.
Source: https://coinpedia.org/news/why-terra-luna-price-surges-29-today/
