The worlds largest crypto exchange Binance on Monday said it will support the upcoming Terra (LUNA) network upgrade. As a result, LUNA price skyrocketed and extended weekly gains to almost 30%.
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Binance Will Support Terra Network Upgrade
The Terra network is set to undergo a v2.21.0 upgrade today, September 21. This upgrade focuses on strengthening network security, stability, and interoperability.
This is key for the infrastructure behind every transaction and app on Terra. “No action is required from users. A brief network pause may occur while validators upgrade,” said the Terra Phoenix team.
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The network upgrade will take place at block height 22,942,000. It is expected to happen at 16:00 UTC, according to the upgrade countdown data.
Binance will temporarily pause deposits and withdrawals of tokens on the Terra network, supporting the network upgrade and ensuring the best user experience. The crypto exchange added that trading on the network will not be impacted and the exchange will handle all technical requirements for all users.
Binance said LUNA trading will continue as normal. The leading crypto exchange will handle technical requirements for users holding the token on the exchange. Deposits and withdrawals will resume once the upgraded network is considered stable.
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LUNA Price Skyrockets amid Massive Trading Volume
LUNA price has jumped nearly 15% over the past 24 hours, with the price currently trading at $0.0536. The 24-hour low and high were $0.0464 and $0.0646, respectively. Trading volume has also climbed sharply in the last 24 hours, up almost 1290%.
In the daily timeframe, the price is trading above the 50-SMA and just above the 200-SMA at the time of writing. Relative Strength Index (RSI) has dropped from 71 to around 65.52, signaling potential profit booking by traders after the 30% upside in a week.
CoinGlass data showed mixed sentiment in the derivatives market. The 24-hour Terra futures open interest jumped more than 90% to $5.10 million, up 100% on Binance. However, futures LUNA open interest has dropped nearly 8.55% across crypto exchanges in the last 4 hours.
Traders looking to speculate on LUNAs sudden price spikes should evaluate the best crypto futures trading platforms to find competitive fee structures and deep liquidity.