- LUNA surged nearly 15% daily, pushing weekly gains close to 30%.
- Binance confirmed support for Terra’s v2.21.0 network upgrade without interrupting trading.
- Trading volume increased almost 1,290%, highlighting strong market interest and rising volatility.
Terra — LUNA, surged nearly 15% on September 21 after Binance confirmed support for a major network upgrade. The rally pushed weekly gains close to 30%, while trading volume exploded by almost 1,290%. Investors quickly focused on the upcoming v2.21.0 upgrade and possible network improvements. Meanwhile, technical indicators showed strong momentum despite rising volatility. LUNA now faces fresh attention as traders assess whether buying pressure can continue.
Binance Confirms Support for Terra’s v2.21.0 Upgrade
Binance confirmed support for Terra’s v2.21.0 network upgrade on September 21. The upgrade targets better security, stability, and interoperability across the Terra ecosystem. Developers scheduled the event for block height 22,942,000. Binance expected the upgrade to occur around 15:00 UTC. The exchange planned to suspend deposits and withdrawals around 14:00 UTC. However, Binance confirmed that trading would continue without interruption.
The exchange will manage the technical requirements for Terra-based assets. Deposits and withdrawals should resume after the network reaches stable operating conditions. The Terra Phoenix team also reassured users before the upgrade. Users do not need to complete any manual steps. Validators may briefly pause network activity during the process. Such pauses can help validators complete the required technical changes. LUNA’s price action reflected growing market interest around the announcement.
The token traded near $0.0536 after gaining almost 15% daily. Weekly gains approached 30%, highlighting the strength of the latest rebound. However, the token also recorded sharp price swings during the session. LUNA traded between approximately $0.0464 and $0.0646. Such a wide range showed intense volatility among market participants. Trading volume also rose nearly 1,290% within 24 hours. The volume spike suggested increased attention surrounding the network upgrade.
LUNA Momentum Strengthens as Trading Activity Expands
LUNA’s daily chart showed stronger momentum during the latest advance. The token traded above both the 50-day and 200-day simple moving averages. These levels often help traders assess broader market direction. Holding above both averages may support further bullish attention. The Relative Strength Index also offered useful insight into current momentum.
LUNA’s RSI declined from 71 to approximately 65.52. The move suggested cooling momentum after reaching elevated levels. However, the indicator remained above the neutral 50 level. Derivatives activity presented a mixed picture across the market. Terra futures open interest climbed more than 90% within 24 hours. Total open interest reached approximately $5.10 million during the period. On Binance, futures open interest reportedly doubled over the same timeframe.
However, total LUNA futures open interest fell around 8.55% during the latest four-hour period. This difference suggested uneven participation across exchanges. Some traders increased exposure, while others reduced short-term positions. Rising volatility could continue influencing derivatives activity. Trader Crypto Anu also highlighted LUNA’s sharp price movement.
