Nov 8, 2024
6thTrade
Lido DAO’s token, LDO, has made a strong impression in the market, surging by 13% to reach $1.35 after crypto whales poured in a substantial $90 million, marking a significant vote of confidence. As more active addresses interact with the network, the bullish trend continues to gather steam, indicating a potential path toward new highs. $LDO
Whale Accumulation and Rising Network Activity Bolster Lido
According to on-chain data from IntoTheBlock, Lido’s large holders’ netflow has reached its highest point of the year. This spike suggests that crypto whales are accumulating LDO faster than they’re selling, signaling increased buying interest. Today alone, whales acquired 69.26 million LDO tokens, valued at approximately $90 million. This surge in accumulation has been crucial in driving the token’s price to $1.35, and if this demand holds, LDO could continue its upward climb.
Furthermore, data from Santiment highlights a rise in active addresses on the Lido network, reaching levels unseen since August. This surge in unique participants interacting with LDO reflects a growing interest and engagement from the community, strengthening the current rally and showing promising support for continued growth.
LDO Price Outlook: Can the Rally Continue?
Technically, LDO has been trading within a descending triangle since peaking at $3.34 in March. Traditionally, descending triangles signal a bearish pattern. However, LDO has recently broken above its descending trendline, a bullish signal that could indicate a shift in momentum.
If this breakout holds, LDO may see a 46% rise, potentially pushing the price to $1.96 in the coming days. Under especially bullish market conditions, LDO could reach $2.62, setting up a potential continuation of its strong performance.
However, if LDO slips back into the descending triangle, it risks a reversal to lower support levels, potentially revisiting the $0.88 mark. Investors should monitor these levels closely as they could determine the trajectory of LDO’s price in the near term.
What’s Next for Lido DAO?
As the Lido DAO community continues to show strong engagement and whales maintain their accumulation, the outlook for LDO remains promising. With increasing active addresses and sustained interest from large holders, LDO’s path toward higher levels could attract further attention from the broader crypto market.
Whether LDO achieves its next major milestones at $1.96 and beyond will depend on market momentum and sustained demand, but its current trend signals a noteworthy opportunity for investors looking to ride the bullish wave.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.