Binance has confirmed it will support the upcoming Terra network upgrade to version v2.21.0. The move coincides with a sharp rise in the price of LUNA, which advanced nearly 15 percent over the past 24 hours and extended its weekly gains to almost 30 percent.

Upgrade Details and Timeline

The Terra network upgrade is set to activate at block height 22,942,000. It is expected to occur around 16:00 UTC on September 21. The update aims to improve network security, stability and interoperability. A short pause in network activity may take place while validators complete the process.

Binance stated that it will manage all technical requirements on behalf of its users. Trading of LUNA and other Terra network tokens will continue without interruption during the upgrade window.

Temporary Suspension of Deposits and Withdrawals

To maintain operational security, Binance will temporarily suspend deposits and withdrawals of tokens on the Terra network. The suspension is scheduled around the time of the upgrade. Once the upgraded network is confirmed to be operating in a stable and secure manner, the exchange will restore deposit and withdrawal services. Binance indicated it will not issue a separate notice when those services resume.

Users holding LUNA on the platform do not need to take any preparatory steps. Spot trading and other market activities involving the token remain fully available throughout the process.

LUNA Price Movement and Market Activity

LUNA traded at approximately $0.0536 after the nearly 15 percent gain. In the preceding 24 hours the token ranged between a low of $0.0464 and a high of $0.0646. Trading volume rose by roughly 1,290 percent over the same period.

On the daily chart the price sat above both the 50-day and 200-day simple moving averages. The relative strength index retreated from 71 to around 65.52, consistent with some profit-taking after the recent weekly advance.

In the derivatives market, Terra futures open interest increased by more than 90 percent over 24 hours to reach $5.10 million, with open interest on Binance doubling. In a subsequent four-hour window, however, futures open interest across exchanges declined by 8.55 percent.

The combination of elevated spot volume and mixed futures positioning points to heightened short-term interest surrounding the network upgrade and Binance’s formal support for it.