Lido price prediction as TVL soars to $7.2 billion

Lido price continued to outperform its peers as demand for the liquid staking platform jumped. The LDO token rose to a high of $2.74, which was the highest level since May this year. It has jumped by more than 460% from its lowest level this year. Its market cap has jumped to over $1.2 billion, making it the 49th biggest crypto in the world.

Lido demand rising

Lido has grown from a relatively small decentralized finance (DeFi) application to the second-biggest platform in the industry after Maker. Its total value locked (TVL) has jumped to more than $7.19 billion.

Lido is relatively different from other DeFi platforms like Aave, Maker, and Uniswap in that it helps people to earn returns from their cryptocurrencies. It uses networks like Ethereum, Solana, Kusama, Polygon, and Polkadot. 

Ethereum has more than $7 billion in total assets while Polygon has over $31 million in staked assets. Solana has more than $113 million in assets. Before its collapse, Terra was its second-biggest ecosystem with billions in assets.

Lido is best-known for its Lido Staked Ether (STETH), which has a market cap of over $6 billion. Holders of the coin currently earn about 3.9% in returns. Solana has about 5.9% returns while Kusama has about 19.9% returns.

Lido price has gone parabolic in the past few months because of the rising demand for the coin. Indeed, a quick look at Google Trends shows that more people are searching for Lido. The recovery is also because the Liquid Staking Ether has started stabilizing and regaining its peg to ETH. At the time of writing, STETH was trading at $1,612 while ETH was trading at $1,655.

Lido price prediction

The daily chart shows that the LDO price has been in a strong bullish trend in the past few days. It has risen by more than 460% from its lowest level in June. It has moved slightly above the 25-day and 50-day moving averages.

The coin has also formed a break and retest pattern by falling to $1.9195. Therefore, there is a likelihood that Lido will continue rising as bulls target last month’s high of $2.7400. A drop below the support level at $1.9195 will invalidate the bullish view.

The post Lido price prediction as TVL soars to $7.2 billion appeared first on CoinJournal.