Rune Christensen has sold most of his 25M LDO, leaving 647K tokens as he continues divesting from Lido Finance.
Christensen's Solana expansion will include USDS and SKY tokens, boosting DeFi liquidity with rewards for Solana users.
LDO trades at $1.049, below its 50-period EMA, with bearish momentum as traders watch key Fibonacci resistance levels.
Rune Christensen, the founder of Sky, previously known as MakerDAO, has sold the last of his 25 million Lido Finance (LDO) tokens. Christensen, who received these tokens as an initial member of Lido Finance's DAO, has gradually sold most of his holdings since 2022. His latest sale occurred five hours ago when he sold 400,000 LDO for 407,300 USDC at $1.02 per token. Currently, he remains with 647,000 LDO tokens worth about $664,000.
The liquid staking solution devised by Lido Finance provides the facility of staking funds on Ethereum, Solana, and many other blockchains. Its governance token, LDO, has a central role in the control of the Lido DAO. Lido tokens bestow their owners with the power to contribute to decisions on the future development of the platform.
https://twitter.com/spotonchain/status/1844561136718578144 Rune Christensen's Solana Expansion Strategy
At the Solana Breakpoint conference, Christensen announced plans to expand his DeFi protocol, Sky, on Solana via Wormhole, an interoperability protocol. He revealed that the USDS stablecoin and SKY governance token would launch on Solana alongside the tokenized savings rate. Additionally, Christensen mentioned a liquidity incentive program that will reward users with SKY tokens when they engage with Solana's integrated DeFi protocols.
This move shows Christensen's long-term vision for Solana, which he previously praised for its technical resilience, especially following the collapse of FTX. His confidence in Solana is further supported by its codebase quality and its ability to host appchains, a point he made in a 2023 MakerDAO governance post.
LDO Technical Analysis and Market Sentiment
As of now, the price of LDO sits at $1.049, reflecting a slight gain of 0.10%. However, the market remains bearish, with the price currently below the 50-period Exponential Moving Average of $1.078.
Source: TradingView
Traders are closely monitoring Fibonacci retracement levels, with resistance set at $1.146, $1.275, and $1.389. Conversely, support lies around $0.900, which was tested in August.
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