Terra’s (LUNA) TVL up 17% in 1 Week, Exceeding BSC and Avalanche


Summary:

  • The total value locked on Terra (LUNA) has risen 17% in one week reaching $31 Billion
  • Terra’s TVL has exceeded that of the Binance Smart Chain, Avalanche and Solana
  • Anchor (ANC) on Terra dominates with $15.78 Billion locked
  • The price of LUNA has entered a consolidation phase with $110 to $111 being an area of short-term support

The total value locked on Terra (LUNA) has seen a drastic increment in the last week. According to data shared by @WuBlockchain, the total value locked on Terra (LUNA) has increased by 17% in seven days reaching a value of close to $31 Billion.

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Furthermore, Terra’s TVL has exceeded that of the Binance Smart Chain and its $31 Billion is close to 25% of what is locked on Ethereum.

TVL on Terra (LUNA) Exceeds BSC, Avalanche and Solana

A quick glance at DeFillama.com reveals that the total value locked on Terra (LUNA) has also exceeded the funds locked on the Binance Smart Chain, Avalanche (AVAX), Solana (SOL), Fantom (FTM) and Tron (TRX).

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Terra's (LUNA) TVL up 17% in 1 Week, Exceeding BSC and Avalanche 14
Total value locked on the top 10 blockchains. Source, DeFillama.com

Anchor Dominates TVL on Terra with $15.78 Billion

Further investigating the DeFi protocols on Terra reveals that almost 51% of the total value locked, is held on the Anchor (ANC) protocol followed by Lido and Astroport (ASTRO).

Terra's (LUNA) TVL up 17% in 1 Week, Exceeding BSC and Avalanche 15
Top 3 protocols on Terra. Source, DeFillama.com

LUNA Seems to Be Consolidating at the $110 to $111 Support Zone

With respect to price action, LUNA is currently trading at $114 after setting a new all-time high of $117.91 a few hours ago. Checking the daily LUNA/USDT chart once again reveals that the digital asset is attempting to consolidate at current levelss with the $110 to $111 price area acting as short-term support.

Terra's (LUNA) TVL up 17% in 1 Week, Exceeding BSC and Avalanche 16
LUNA/USDT daily chart

If this area of $110 to $111 fails, LUNA’s previous all-time high of $103.60 could hold for the bulls.

However, LUNA is primed for a pull-back given that the daily MFI, MACD and RSI all point towards an overbought scenario. Additionally, the histograms on the MACD show a low buy volume that could be the first clear signs of weakness for the 7th most valuable digital asset in terms of market capitalization.




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