Lido DAO price has been in a powerful bullish development previously few days.
It has change into the most important DeFi protocol on the planet.
It has a complete worth locked of greater than $6.9 billion.
Lido DAO price has finished nicely in 2023 as demand for liquid staking remained excessive. The LDO token soared to a excessive of $2.68, the best level since August final yr. It has jumped by greater than 80% from the bottom level this yr and by 365% from the bottom level in 2022.
Liquid staking demand rises
Lido DAO is a number one blockchain platform that has advanced into the most important DeFi protocol on the planet. It has a complete worth locked (TVL) of greater than $6.5 billion, making it greater than MakerDAO, which has a TVL of over $6.4 billion. We wrote about this improvement here.
For starters, Lido is a serious participant in a small however fast-growing a part of the blockchain business. It operates a liquid staking platform for a few of the main blockchains like Ethereum, Solana, Polkadot, and Kusama.
For starters, liquid staking is a modified model of staking that’s normally extra versatile in nature. For convectional staking, customers must lock their cash for a sure interval, which is normally a month. Withdrawing funds in that interval normally implies that the consumer will lose their staking rewards.
Liquid staking is extra versatile since customers can withdraw their staked funds at any time. This occurs for the reason that customers are given a staked token. In the case of Ethereum, they’re given the Lido Staked ETH (stETH), which has a complete market cap of over $4.4 billion. Lido Staked Solana (stSOL) has a market cap of over $18 million.
Lido DAO price has rallied due to the upcoming Shanghai improve on Ethereum’s community. The improve will make it doable for individuals to withdraw their staked tokens in Ethereum. They have staked these cash for a number of months. Therefore, traders count on that Lido DAO can have extra demand.
Lido DAO price prediction
The every day chart reveals that the LDO price has been in a powerful bullish development previously few weeks. In this era, it has managed to maneuver above the necessary resistance level at $1.8500, which was the best level on November 4. It has moved above the 25-day and 50-day shifting averages whereas the Relative Strength Index (RSI) has moved to the overbought degree.
Therefore, the coin will doubtless proceed rising within the coming weeks as consumers goal the following key resistance degree at $3. A drop beneath the important thing help level at $1.5 will invalidate the bullish view.
