Terra posts double-digit gains, beating Ethereum in total staked value on the blockchain
- Terra’s LUNA currently has 226,325 stakers on its network, worth $29.5 billion in LUNA tokens – higher than staked Ethereum.
- LUNA is the most staked cryptocurrency, offering investors an estimated yield of 6.62%, against Ethereum’s 4.81%.
- Terra price posted double-digit gains, 17.5% overnight in the ongoing rally.
- Analysts believe $90 is a key support for Terra price, presenting a bullish outlook for LUNA.
The Terra network’s native token LUNA has overextended its gains, and analysts predict a continuation of its uptrend. Staking rewards on the Terra network exceed Ethereum, making it the most popular blockchain for traders that stake crypto.
Terra’s LUNA is the most preferred staking blockchain
Based on data from Staking Rewards, Terra has flipped Ethereum in staked value on its blockchain network. Currently, there are 226,325 stakers on the Terra network, and this accounts for $29.5 billion in LUNA, the native token.
The rise in staked value on the Terra network has pushed it higher than Ethereum. Currently, the Ethereum network has $25.9 billion in staked value on its network. The value staked on the Terra network is four times that of Ethereum.
Staking Terra on its blockchain offers traders a yield of 6.62% on average. The platform’s native token Terra (LUNA) has posted double-digit gains overnight, offering traders a 17.5% price rally.
Analysts have evaluated the Terra price trend and revealed a bullish outlook. After a retracement of over 20%, Terra is ready for the next leg up. Analysts argue that the next hurdle for Terra price is at $97.20.
@ali_charts, a renowned cryptocurrency analyst, believes that Terra (LUNA) is poised for a $112 or even $120 target rally. The analyst argues that a decisive 12-hour candlestick could propel Terra’s native token higher, on track to a new all-time high.
#Terra $LUNA has reached both of my targets. ✅
— Ali Martinez (@ali_charts) March 9, 2022
A decisive 12-hour candlestick close above $98 could propel #LUNA into a new all-time high of $112 or even $120. https://t.co/fZWAzIqyLm pic.twitter.com/mLd7xSjfiD
FXStreet analysts believe that the Terra price rally is overextended, and a pullback to $75 is likely.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
