Key Insights:
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Terra (LUNA) hit a new ATH of $116.48 in a breakout session on Saturday.
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A marked increase in Terra’s total value locked (TVL) has supported the current uptrend.
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Technical indicators are bullish, with LUNA holding above its 50-day EMA.
On Saturday, it was a bullish session for LUNA. Following a 2.70% gain from Friday, LUNA jumped by 8.84% to end the day at $115.20.
LUNA struck a new ATH of $116.48 to bring $120 levels into play.
Bitcoin Reserve Drives Terra LTV and LUNA Price Northwards
It was a sixth day in the green from eight sessions, with LUNA rebounding from a mid-week fall to sub-$100.
The latest upswing comes off the back of Bitcoin’s (BTC) latest visit to $48,000 levels. The LUNA Guard Foundation (LGF) has purchased more than $1.4bn in Bitcoin to hold as reserves.
For LUNA, using Bitcoin (BTC) as a reserve and a Bitcoin buying spree supported Saturday’s ATH. At the time of writing, the LGF Bitcoin Wallet was the twenty-ninth largest wallet, holding 30,728 BTC.
Last week, Coindesk confirmed the LUNA Guard Foundation’s Bitcoin wallet to be
bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q.
The chart below shows LGF’s Bitcoin wallet balances for the current year.
Since the LGF’s Bitcoin purchase, Terra’s total value locked (TVL) has jumped by more than $12bn. Around the time of the $1.1bn BTC purchase, Terra’s TVL stood at $17.49bn. At the time of writing, Terra’s TVL was $30.55bn, according to Defi Llama.
Anchor (ANC) remains the dominant protocol (51.50%), with a TVL of $15.73bn, followed by Lido (LDO) with a TVL of $9.42bn.
Over one month, Anchor’s TVL has surged an impressive 35.67%, with Lido up 29.97%.
Adding to the upside on Saturday was the news of a new liquidity pool 4pool with UST, USDT, USDC, and FRAX.
On Saturday, Do Kwon took to Twitter to announce a new partnership with Frax Finance and Redacted Cartel.
Do Kwon described 4pool as,
“an exciting new primitive on all EVM chains where curve lives, balancing truly decentralized stablecoins with offchain liquidity,”