LUNA Rallies After Terra Becomes Second-Biggest DeFi Platform

The decentralized finance (DeFi) space has grown to hold more than $250 billion in total value locked (TVL). Ethereum remains the leading DeFi blockchain, but several others have been performing excellently in recent months.

Terra Overtakes BSC in Terms of TVL

Terra has become the second-largest DeFi blockchain after overtaking the Binance Smart Chain (BSC) a few hours ago. According to the latest data provided by DeFi Llama, the total value locked on the Terra blockchain surpassed $16 billion a few hours ago, overtaking that of Binance Smart Chain in the process.

The DeFi space has experienced massive growth since the start of the year, with over $250 billion in total value locked. Ethereum remains the leading DeFi platform in the world, and Terra has now taken the second position.

Terra has surpassed the likes of Solana, Avalanche and Tron in recent months, making it the fastest-growing DeFi platform in the market. According to the report, Anchor, a savings protocol that allows users to receive low-volatile yields when they deposit the UST algorithmic stablecoin, is currently the most popular DeFi protocol on the Terra blockchain, with over $7 billion in TVL.

LUNA Rallies by More Than 5%

Terra’s latest milestone has benefited LUNA, the native token of the blockchain. LUNA has added more than 30% to its value over the past week and is now the ninth-largest cryptocurrency by market cap, overtaking Avalanche in the process.

At press time, LUNA’s value has been up by more than 5% over the past 24 hours and is currently trading at $77 per coin. In the past three months, LUNA’s value has soared by more than 180%, making it one of the top performers amongst the leading cryptocurrencies.

LUNA’s technical indicators show that the coin is currently performing excellently. It is one of the best performers in the market at the moment. LUNA’s MACD line is above the neutral zone, while its RSI of 61 shows that it is heading into the oversold region. Furthermore, LUNA is trading above its 100-day moving average of $47.

If the current condition is maintained, then LUNA could rally towards the $85 support level over the coming hours. In the event of an extended rally, LUNA could reach $90 in the coming hours or days.