Terra [LUNA] has had a good run this week but will it continue

ambcrypto.com:

The DeFi chain, Terra, had a good run these last two days, with its stablecoin UST flipping BUSD to gain the position of the third biggest stablecoin. It also achieved the milestone of becoming the first decentralized stablecoin to reach the top three.

…as UST adoption grew, its concentration in the Wormhole has completely vanished from the meager 3% in January. Uniswap V2, which had the highest concentration until November, currently holds about 11.9% of the UST, while another 4% of the UST is in Curve. The remaining 84% is currently in other unspecified places.

Terra UST distribution | Source: Dune – AMBCrypto

Regardless of its location, UST transfers have been rising steadily, with daily transaction volumes ranging between $200 to $400 million UST. At one point in January, volume spiked to $5.3 billion.

Terra UST transaction volumes | Source: Dune – AMBCrypto

And over the months, this growth helped UST reach the number three spot. In doing so, UST also flipped the condition of Terra’s native token LUNA from being the worst performer of the week to the best performer this week.

Up by 23.52%, LUNA gained back most of the 35.43% loss witnessed this month but still remains 25% away from marking a new ATH.

LUNA price action | Source: TradingView – AMBCrypto

However, should this momentum continue, it won’t be too difficult since price indicators are already supporting a bullish narrative currently. MACD is exhibiting the chances of a bullish crossover in the next 24 hours, and RSI jumped back into the bullish zone within 48 hours.

But not only is it doing well on the investment front, but its performance in the DeFi space has also been no less significant.

Terra’s TVL jumped $3 billion within the last two days, out of which $2