The LUNA price is gaining momentum as investors focus on the growth of the ecosystem. Terra is trading at $47.45, which is slightly below its all-time high of $49.30. This growth has pushed its total market capitalization to more than $18.7 billion, making it the 11th biggest cryptocurrency in the world.
Terra is a blockchain project that has smart contracts features. These features help developers to build decentralized applications (Dapps) like games and those in decentralized finance (DeFi). In the past few weeks, its DeFi ecosystem has shown some significant growth.
According to DeFi Llama, there are now eight DeFi platforms in Terra that have a total value locked (TVL) of more than $9 billion. This makes it the fourth-biggest platform in the industry after Ethereum, Binance, and Solana. Some of the biggest DeFi platforms in the ecosystem are Anchor, Lido, Mirror, and Terraswap, among others.
The LUNA price also jumped after the latest network upgrade known as Columbus-5. The upgrade went live on Thursday last week. This upgrade was notable because it introduced the Inter-Blockchain Communication (IBC) standard. This standard will let users transfer LUNA, TerraUSD, and other assets from Terra to other networks.
LUNA price forecast
The LUNA price has been in a strong bullish momentum in the past few weeks. It rose to an all-time high of almost $50 this week. It also managed to cross the important resistance level at $44.57, which was the previous all-time high. It has moved above the short and longer-term moving averages and formed what looks like an inverted head and shoulders pattern.
Therefore, the coin will likely keep rising during the weekend as bulls attempt to move above the key resistance level at $50. If this happens, the next key resistance level to watch will be at $60.