Whale Activity Could Signal a Lido DAO (LDO) Price Surge – Here’s What to Watch

LDO's price is up 5% today. Pantera Capital, one of the bigger investment firms in crypto, bought the token during its recent price drop.

Crypto investment firm Pantera Capital purchased $12.9 million in Lido DAO (CRYPTO: LDO) tokens during their recent price drop.

The firm withdrew the tokens from Coinbase Prime (Nasdaq: COIN) at an average purchase price of $1.80 per token.

The total acquisition was made in two separate transactions, with the funds being split between two different wallets, according to blockchain data.

Pantera Capital, one of the larger investment firms in crypto, made the recent acquisition. The firm is known for its long-term bullish stance on crypto and its role in emerging technology.

The recent purchase of Lido DAO tokens is part of a broader strategy to acquire tokens at a discounted price during periods of market weakness. Pantera is betting on the eventual recovery of the crypto market and the potential for Lido DAO tokens to appreciate in value over the long term.

Lido DAO tokens are used to operate the Lido decentralized autonomous organization (DAO), which offers a liquid staking service for crypto assets such as ETH, SOL and MATIC.

The service allows users to earn rewards for staking their crypto without having to lock up their assets for extended periods. In return for providing liquidity, users receive derivative tokens, such as stETH, that can be used in decentralized finance (DeFi) applications.

Lido Finance is currently the largest liquid staking protocol by total value locked (TVL), which stood at $8.1 billion at press time, according to DeFiLlama.

Lido DAO’s Price Movement Within A Bullish ChannelChart: LDO price forms bullish channel on daily time frame

(Source: TradingView)

Lido DAO’s price has seen fluctuations within a bullish channel on the daily time frame.

The lower line of the channel provides support around $1.76, while the upper line shows resistance between $1.90 and $2.00.

At press time, Lido DAO trades at $1.77, close to the lower part of this channel. The price appears to be consolidating near this support level, with the potential for a breakout if it moves past the resistance.

If LIDO’s price can maintain momentum above this channel’s upper boundary, further upward movement is possible, potentially reaching higher levels around $2.40 or more.

The MACD indicator below the chart shows the upward momentum is slowing down. Since the MACD line sits below the signal line, we might see Lido DAO’s price pullback or sideways movement soon.

The positive histogram suggests bulls still have control, but the weakening momentum points to a possible short-term dip before any upward breakout.

Keep an eye on the MACD for any signs of momentum picking up or reversing.

Read Also: Crypto Veteran Warns Cardano Holders: Whales Massively Offloading ADA!

What’s Next For Lido DAO Price?

With the ongoing whale activity and technical indicators pointing toward potential upward movement, Lido DAO’s future appears promising.

However, the market’s behavior around the key support zone of $1.76 and the resistance near $2.00 will be crucial in determining the token’s next steps.

With big investors like Pantera buying more LDO tokens, Lido DAO’s price could jump soon. Keep an eye on whether it breaks through resistance levels or stays in its current range as the price moves through these key points.

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