LDO, the native token of Ethereum’s largest decentralized staking platform, Lido, is today’s top gainer. Its price has climbed by 12% amid the broader uptick in crypto trading activity over the past 24 hours.
LDO trades at a six-month high of $1.50 at press time, with on-chain metrics suggesting the token could be poised for further gains.
LDO Rockets 58% in Five Days as Demand Grows
Readings from the LDO/USD one-day chart reveal that the token has maintained a strong upward trajectory over the past five trading sessions, each closing at a fresh daily high. Over this period, LDO’s price has climbed by 58%, reflecting the rally’s strength.
On-chain data further confirms this bullish outlook. According to Santiment, there has been a significant uptick in the count of daily active addresses involved in LDO transactions over the past week. This signals heightened network activity and growing investor participation.
According to the data provider, active address count surged to a two-year high of 1,205 on August 10, marking the strongest daily demand for LDO in over 24 months.
This surge in engagement suggests that market confidence in LDO’s momentum is building and could continue to hold steady.
Moreover, LDO’s social dominance—a metric that tracks the percentage of crypto-related discussions focused on the asset—has rocketed to a yearly high. Per Santiment, this currently stands at 0.29%, confirming that there is notable online chatter about the token.
The rise in LDO’s social dominance shows it has captured significant attention within the broader market conversation. This growing buzz can be a precursor to increased retail activity and can help fuel short-term price momentum.
LDO Rally Heats Up: Can Bulls Hold Support to Target $1.85?
Continued buying pressure and favorable on-chain sentiment could further drive LDO’s rally, pushing its price past $1.55. A successful breach of this resistance could propel the altcoin to $1.77.
However, if sellers regain control and begin to take profit, LDO risks losing some of its gains and falling to $1.33.
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