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LUNA Extends a Rapid Multi-Week Rally
Terra’s LUNA token traded around $0.2076 at press time, marking a 39% daily increase after fluctuating between $0.147 and $0.243 over the previous 24 hours. The move continues a sharp 7-day rally of 188% and a 30-day gain of 129%, although LUNA still sits more than 98% below its pre-collapse all-time high.
Daily spot volume rose to $418 million, up 38% from the previous day, reflecting a rush of speculative trading. Derivatives activity echoed that momentum. According to CoinGlass, futures volume climbed 5% to roughly $816 million, while open interest surged 18% to $29 million—a sign that traders are building new positions during the push upward rather than merely closing old ones.
Sentencing Hype and Rumors Amplify Market Reaction
Much of the enthusiasm centers on the Dec. 11 U.S. court hearing for Terra co-founder Do Kwon, who was extradited from Montenegro earlier this year. Kwon pleaded guilty in August to wire fraud and conspiracy charges linked to the 2022 collapse of TerraUSD (UST), an event that wiped out roughly $40 billion in value.
Prosecutors are reportedly seeking a 12-year sentence, though traders are watching for a potentially lighter outcome that could represent a turning point for what remains of the Terra ecosystem. Viral but false “release rumors” also circulated online, accelerating social sentiment and fueling a rally that pushed weekly gains close to 200%.
Some observers believe this phase could mark the final chapter of Terra’s legal saga, while others caution that the reaction is purely event-driven. Analysts warn that a harsher-than-expected court decision may trigger swift profit-taking once the ruling is announced.
Recent Upgrades Provide Additional Context
Fundamental developments have also softened some concerns. Terra’s v2.18 network upgrade, deployed on Dec. 8, introduced improved security measures, enhanced Cosmos (ATOM) interoperability, and strengthened the LUNA–USTC mechanism. In addition, Governance Proposal #4844 passed, enabling discounted OTC liquidity routes—an update aimed at easing thin market depth.
Technical Breakout Signals a Shift in Trend
LUNA’s daily chart shows a decisive breakout from a lengthy consolidation period, during which the token remained below its 20-day moving average with limited trading activity. A run of powerful green candles has now driven the price above the upper Bollinger Band, signaling heightened volatility and strong buyer absorption.
The 20-day moving average has already turned upward, reinforcing the shift in short-term momentum. The relative strength index is approaching 80, highlighting firm buying pressure but also hinting at possible near-term exhaustion. Even so, MACD and multiple short- and mid-term moving averages remain aligned to the upside—a setup more commonly seen in the early stages of a trend than at the end of one.
