Terra (LUNA) price jumps 40% as volume surges before Do Kwon hearing

Terra (LUNA) rose about 40% to roughly $0.2076 in the past 24 hours as spot trading volume climbed to about $418 million and futures open interest increased about 18%, according to market data. The token traded between roughly $0.147 and $0.243 over the period.

Over the past week, LUNA gained nearly 200% and is up more than 160% over a month, but it still remains below its pre-collapse high. Daily trading volume was up over 100% from the prior day to around $773 million. In derivatives, 24-hour volume was about $816 million and open interest was near $29 million.

The rally came ahead of Terra co-founder Do Kwon’s Dec. 11 sentencing in the United States. He was extradited from Montenegro earlier this year and pleaded guilty in August to wire fraud and conspiracy tied to the 2022 collapse of the TerraUSD stablecoin, which erased about $40 billion in market value. Prosecutors are seeking a 12-year sentence.

False online rumors about a release circulated in recent days, coinciding with higher social media activity and wider price swings.

Recent network changes provided fresh milestones. Terra’s v2.18 upgrade went live on Dec. 8 with security updates, tighter links with the Cosmos ecosystem and adjustments intended to strengthen the relationship between LUNA and USTC. Governance Proposal 4844 passed, opening discounted over-the-counter liquidity routes aimed at improving market depth during heavy trading.

Chart indicators showed a breakout after a long period below the 20-day moving average. Daily candles pushed above the upper Bollinger Band as volatility widened. Short- and medium-term moving averages turned higher, and momentum gauges such as the relative strength index and MACD were positive. The RSI was near 80.

Traders tracked nearby levels, with support clustered around $0.14 to $0.16 and resistance near the recent intraday peak around $0.24.