Key Highlights
- LUNA recorded a 15% gain within a 24-hour period, pushing its weekly increase to approximately 30%.
- Major cryptocurrency exchange Binance announced backing for Terra’s v2.21.0 network upgrade set for September 21.
- The exchange will temporarily halt deposits and withdrawals on the Terra network during the upgrade, though trading will continue.
- Trading volume for LUNA skyrocketed by approximately 1,290%, accompanied by a significant rise in futures open interest.
- Market analyst Crypto Anu noted the price action reflects a typical pattern associated with network upgrade announcements.
The Terra (LUNA) token experienced substantial upward price movement on September 21 following Binance’s announcement that it would support the blockchain’s planned v2.21.0 network enhancement.
The digital asset was changing hands at approximately $0.0536, representing a gain of roughly 15% during the previous 24-hour trading session. Over the course of the week, LUNA has appreciated by nearly 30%.
During the 24-hour period, the token fluctuated between approximately $0.0464 and $0.0646. This significant price swing occurred in tandem with dramatically increased trading activity.
Market volume expanded by nearly 1,290% during the past day, indicating heightened trader engagement surrounding the upcoming network enhancement.
Major Exchange Backs Network Enhancement
The v2.21.0 upgrade for Terra focuses on enhancing network security features, operational stability, and cross-chain compatibility.
The technical implementation is scheduled to occur at block height 22,942,000 on September 21. According to Binance, the upgrade window is anticipated around 15:00 UTC, with deposit and withdrawal services pausing approximately one hour earlier at 14:00 UTC.
Normal trading operations will continue uninterrupted throughout the upgrade process. The exchange confirmed it would manage all technical aspects for customers holding Terra-related digital assets.
Normal deposit and withdrawal functionality will resume after the upgraded blockchain has been verified as stable.
According to the Terra Phoenix development team, token holders need not perform any manual actions. A brief network interruption may occur as validators implement the upgrade.
Market Activity and Technical Indicators Strengthen
Technical analysis of LUNA’s daily price chart revealed improving momentum indicators. The token was positioned above both its 50-day simple moving average and marginally above the 200-day SMA.
The Relative Strength Index declined from 71 to approximately 65.52. This reading indicates sustained bullish momentum, though intensity has moderated from previously overbought territory.
Futures market data presented a nuanced outlook. Open interest in Terra futures contracts increased more than 90% over 24 hours, reaching roughly $5.10 million.
Specifically on Binance, futures open interest reportedly doubled during the same timeframe. Conversely, aggregate LUNA futures open interest across all trading platforms decreased by about 8.55% in the most recent four-hour window.
In a social media post, cryptocurrency trader Crypto Anu observed that LUNA had generated approximately 40% price movement in connection with the network upgrade, temporary deposit suspensions, and increased market volatility. The analyst characterized this as a recognizable pattern that typically accompanies protocol upgrades.
Currently, market attention centers on the v2.21.0 upgrade implementation, with Binance facilitating the transition as LUNA maintains trading levels significantly above recent lows amid continued elevated market participation.
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