It’s hard to imagine Terra making a comeback after LUNA and UST crashed, but Terra Classic (LUC) aims to do just that. LUNC’s latest price action suggests significant interest in the project, and whales may also be looking to get in on the action.

LUNC’s first big price pump happened in the last week of June, in which it rose over 180%. The cryptocurrency has since lost more than half of those gains, but the bulls made a major comeback in the last 24 hours of July 15. As a result, its price jumped by more than 20% in just a few hours.

Source; TradingView

LUNC’s rally over the past 24 hours comes amid the outflows recorded by the Money Flow indicator. Meanwhile, the RSI broke above the 50% level, confirming healthy bullish momentum.

This surge occurred shortly after it was revealed that an address had purchased approximately 8.5 billion LUNCs and then sent it to an address with over 2.6 trillion LUNCs.

Next bullish phase?

Although it has not been confirmed whether the receiving address belongs to Binance, the exchange’s CEO, CZ, confirmed a few days ago that a burn was necessary. This could point to better times for LUNC if its supply drastically drops thanks to a token burn.

LUNC has other advantages. For example, outflows of its supply held by whales hit a low of 43.57% on June 12 and rose to 43.78% at press time.

This confirms that the whales have been buying LUNC over the past three days, hence the build up of bullish pressure. In fact, the volume also saw a significant increase in the last 24 hours of July 15.

Source: Santiment

The developers of Terra Classic have worked hard to bring the network back to its former glory. The measure of development activity has seen a sharp rise since July 7.

This is a healthy sign not only for the network but also for LUNC’s price action. Indeed, evidence of healthy development encourages investors to buy more, particularly if the underlying asset is heavily discounted.

Source: Santiment

Terra Classic is already doing a good job of rebuilding its reputation. However, there is still a long way to go, but scheduled burns along the way should aid its recovery.

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