I don't think the price of LUNA will return to the way it was because LUNA has lost the trust of all investors and I also found that the total supply of LUNA continues to grow. the team has failed to return the UST price and this is the end of the big altcoin called LUNA which was once in the top 10 of CMC, which is to become a meme coin.
Only the supply of Terra Classic kept growing at a non-stop rate (not sure about now). But the new Terra chain will only have 1 billion coins in circulation. Just like you said, the project has lost the trust of all of the investors. It's going to be difficult (if not impossible) to bring the project back to the way it was. With better alternatives on the market, only a small number of people will switch to the newly-created chain.
Whenever it'll have a future or not, will greatly depend on the community itself. If developers, individuals, and startups/companies work together, Terra 2.0 will be going somewhere. Otherwise, not. Crypto behaves in many strange and bizarre ways so anything could happen in the future. Just my thoughts
