While everyone is looking at the price of LUNA, few look at the market cap and the supply.
LUNA now has more then 3B in supply. Few days ago it was around 300M!
There was a limit how much LUNA can be printed per day, but that limit was increased and now literally billions of LUNA are printed daily to accumulate everyone that want to exit from UST.
When we are at UST, the market cap there is around 7B now with 12B UST in circulation. At the top it was 18B.
I expect more people to exit UST in the coming days, and maybe there will be some stabilization when the market cap falls under 5B. At this price the UST supply will be somewhere around 7 to 8B .... then there will be furter exits from UST but the price might start to recover, and the market cap will be hovering somewhere between 3 to 5B.
This all is just a speculation
P.S. Its much more now, follow live data here