LDO, the native token of Lido, the largest decentralized staking platform for Ethereum, is today's top gainer. The price has risen by 12% as cryptocurrency trading activity increased overall in the past 24 hours.
LDO is currently at its six-month high of $1.50 at the time of reporting, and on-chain indicators suggest the token may continue to rise.
LDO Surges 58% in 5 Days… Demand Increases
The readings on the LDO/dollar daily chart show that the token maintained a strong upward trend over the past five trading days, closing at a new daily high each day. During this period, LDO's price rose by 58%, reflecting the rally's intensity.
On-chain data further confirms this positive outlook. According to Santiment, a cryptocurrency online data platform, the number of daily active addresses participating in LDO trading has significantly increased over the past week. This indicates increased network activity and investor participation.
According to the data provider, the number of active addresses reached 1,205 on August 10th, marking a two-year high and showing the strongest daily demand for LDO in over 24 months.
This increase in participation suggests that market confidence in LDO's momentum is building and can be maintained.
Moreover, LDO's social dominance—a metric tracking the proportion of cryptocurrency-related discussions focused on the asset—has surged to an annual high. According to Santiment, it is currently at 0.29%, confirming substantial online discussion about the token.
The rise in LDO's social dominance shows it has received significant attention in broader market conversations. This increasing interest could be a precursor to increased retail activity and may drive short-term price momentum.
LDO Rally Accelerates… Will Bull Market Support $1.85 Target?
Continued buying pressure and positive on-chain sentiment could further propel LDO's rally, pushing the price above $1.55. Successfully breaking this resistance could see the altcoin rise to $1.77.
However, if sellers regain control and begin taking profits, LDO risks losing some of its gains and could drop to $1.33.
