Terra's LUNA scales new heights, hits new all-time high above $100

• Terra price continued its uptrend and hit a new all-time high earlier today.
• Total value locked in Terra has surged 55% over the past week, with a spike in on-chain activity.
• Proponents consider Terra's burn implementation and the negative funding rates as the two key factors driving the token's price higher.

Terra price has crossed the $100 mark with the burn of over 7.5 million LUNA tokens within five days. Proponents believe that the increasing capital inflow is fueling Terra’s price rally. The token hit an all-time high above $98 earlier this week. 

Terra continues uptrend and hits new all-time high

Terra prices hit a new all-time high for a second time in a week. Institutional investors continue pouring capital into the metaverse. The token’s price has moved upwards at a fast pace since the second week of December. 

Terra price crossed $98.20 following the implementation of burn and continued its uptrend to cross $100 earlier today. Analysts are bullish on the token’s price and expect it to climb higher. The next resistance is between $116 and $120, created by the 2.61 external Fib retracement. 

Analysts have evaluated the price trend of the second-largest DeFi protocol and predicted a bull run in Terra. Terra protocol now has $18.2 billion in total value locked (similar to market capitalization) while its competitor Binance smart chain has $16.5. 

@Phoenix_Ash3s, a cryptocurrency analyst notes that Terra price is up over 24 times since the May low.

@CryptoLimbo_, another pseudonymous crypto analyst believes that Terra has further potential for price appreciation after hitting the all-time high above $100. 

Proponents have referred to Terra as “Alipay on the blockchain.”