Lido DAO’s value surged 9.91% in 24 hours to reach $1.28, driven by a significant increase in its Total Value Locked (TVL) to $38.17 billion. This move signals strong accumulation by spot buyers and bullish sentiment among investors.
In the past month alone, LDO has gained 45%, with a 10.23% rally in the past day. Off-chain data suggests that investors are positioning for further gains, as the aggregated Funding Rate reached 0.0094% in the last 24 hours. Open Interest rose to $273.66 million, indicating a decisive uptick in bullish positions.
Spot buyers have stepped in, with LDO recording no net outflows from exchanges on August 10th, instead moving tokens into private wallets. This accumulation signal suggests that LDO could aim for a break above $1.50 and potentially reach $2 as the next technical target.
The recent performance update from Lido DAO’s staking protocol also contributed to the rally, with growth in staked token distribution reaching 478.7K stETH. This positive news may have played a key role in shifting sentiment toward a bullish bias.
Source: https://ambcrypto.com/lido-dao-jumps-10-can-38b-tvl-push-ldo-past-2