The analyst, known as The Crypto Dog, claims that it is only a matter of time before decentralized finance (DeFi) payment network Terra hits all-time highs.

   “When BTC calms down, LUNA is clearly at all-time highs. Many charts look bad. This is not one of them.”

Crypto Dog's forecast comes as Terra's ecosystem continues to show strong fundamental signs of growth, despite the downturn in the crypto markets.

DeFi Llama, the decentralized finance monitoring platform, shows that the total value locked in Terra has exploded by nearly 10% in the last seven days and by more than 50% in the last month. A blockchain's TVL represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Terra Luna-2

At the time of writing, Terra was the second-largest blockchain in terms of total value locked in with a TVL of $22 billion according to DeFi Llama. Terra is followed by BSC, Avalanche and Fantom.

Earlier this month, the dollar value of all cryptocurrencies staked on Terra had surpassed its rival Ethereum (ETH) to over $30.20 billion.