The Terra Classic (LUNC) ecosystem is on the upswing, mirroring its sister project Terra LUNA, as it gains bullish momentum. Recent data from Coinmarketcap, backed by Binance, paints an impressive picture of LUNC’s 24-hour trading volume, which has surged by an astounding 214 percent, reaching a staggering $59 million. This surge in demand for Terra Classic LUNC comes at an important moment as the project faces legal challenges in various jurisdictions stemming from a substantial collapse last year that resulted in losses exceeding $30 billion.

But what’s causing the surge today? Read on.

LUNC Price Analysis

From a technical standpoint, Terra Classic LUNC seems ready for a breakout from a multi-week downward trend that began last year. This bullish momentum is further supported by the weekly Relative Strength Index (RSI), which has shown signs of consistent upward movement throughout the year.

Meanwhile, several altcoins have begun their ascent from bear market lows, even as Bitcoin grapples with resistance around the $27.4k mark.

Read More: Could Terra Classic (LUNC) Price Hit $1? Crypto Expert Weighs In

Cranking the Numbers

The Terra Classic LUNC ecosystem has significantly benefited from regular token burns, creating a deflationary environment. With more than 72 billion LUNC tokens burned to date, Terra Classic’s development has made significant strides this year. Notably, Terra Classic’s core developers have enabled the participation of DeFi developers in the network through the Cosmwasm v1.1.0 upgrade in June.

Terra (LUNA) has witnessed a remarkable surge of over 21 percent in the past 24 hours, reaching approximately 52 cents during the early London market hours on Thursday. This surge in Terra LUNA’s price appears to have kickstarted the long-anticipated altcoin season, particularly as Bitcoin displays weakness.

Terra LUNA has experienced a surge of more than 450 percent in trading volume over the past 24 hours, surpassing an impressive $314 million.

Also Read: Top Altcoins to Keep An Eye On Ahead of a Bullish Q4

Sky’s the Limit?!

According to insights from a leading crypto analyst, Altcoin Sherpa, Terra LUNA’s price currently stands at approximately 205 times below its all-time high (ATH). It’s worth noting that LUNA’s price had plummeted by more than 99 percent following the collapse of the algorithmic stablecoin UST early last year.

In July, Terraform Labs announced the appointment of Chris Amani, the former Chief Operating Officer (COO) of TFL, as Director and interim Chief Executive Officer (CEO) to succeed Do Kwon. Notably, Do Kwon is currently facing extradition proceedings in the United States while serving a four-month prison term in Montenegro.

What are your predictions for the future of Terra Classic LUNC?