Terra (LUNA) is currently the most staked cryptocurrency on the market. It has overtaken Ethereum in this metric and is expected to hold that position for the foreseeable future. As anticipated, investors reacted quickly. Key points:
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At the time of writing, Terra (LUNA) jumped more than 20% in intraday trading in response to the news.
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Assets staked on Terra are now worth approximately $29.5 billion, with over 226,000 stakers participating.
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The coin broke through important resistance at $90, suggesting a potentially bullish outlook over the coming days.
Data source: TradingView
Terra (LUNA) — How could the bull run unfold?
Markets have rebounded in recent days, with most coins registering gains. But Terra (LUNA) has been especially strong. The token surged more than 20% over the past 24 hours and is trading near $98 at the time of this writing.
More importantly, LUNA has cleared the key overhead resistance at $90, which could indicate the start of a fresh bullish phase. Much of the recent upside appears driven by the news that Terra is now the most staked asset in crypto, taking that crown from Ethereum.
If momentum continues, LUNA could move quickly toward its prior high around $112, and there is potential for it to push past $120 in the coming weeks.
Is Terra (LUNA) a good buy?
Many investors prefer to hold assets that attract strong staking participation, and LUNA is now one of the most significant tokens in that regard. For long-term investors, buying now and holding for about a year could be a reasonable strategy given the token’s fundamental staking demand.
For short-term traders, the probability of continued upside appears high. A reasonable entry point may be below $100, with a potential exit target around $112 or thereabouts, depending on risk tolerance and market conditions.