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Lido price sustains above $3 despite massive surge in profit-taking by LDO traders

  • Lido traders realized $10.17 million profits early on January 26, as LDO price climbed to a peak of $3.048. 
  • Whales have consistently realized profits since December 25.
  • Lido price sustained above $3 despite profit-taking by large wallet addresses, as supply on exchanges plummeted to 5.69%. 

Lido, a liquid staking service for cryptocurrencies like Ethereum, noted a surge in profit-taking activities by LDO holders. On-chain data reveals that whales are taking profits in LDO, consistently since December 25, 2023. 

Despite profit-taking and surge in exchange supply, LDO price sustained above $3. 

Also read: Bitcoin price range bound below $40,000 as retail traders show signs of BTC capitulation

Lido sees spike in profit-taking by large wallet investors

Data from crypto intelligence tracker Santiment reveals that whale wallet transactions valued at $100,000 and more coincide with spikes in Network Realized Profit/Loss. This implies large wallet investors are taking profits in LDO, consistently, since December 25. 

LDO

LDO whale transactions and Network Realized Profit/Loss. Source: Santiment 

LDO Supply on Exchanges climbed from 5.09% of Lido’s total supply on January 9 to 5.69% on Friday, as seen on Santiment. Despite a surge in LDO Supply on Exchange wallets – normally a bearish sign – Lido price has sustained above the $3 level. 

LDO

LDO Supply on Exchanges. Source: Santiment 

At the time of writing, Lido price is at around $3.0007 LDO has climbed past the 38.2% Fibonacci Retracement level ($3.050) of LDO’s rally from $1.458 on October 19 to $4.035 on January 11, 2024. LDO price faces resistance at $3.121 and $3.236, in its uptrend. 

LDO

LDO/USDT 1-day chart 

A daily candlestick close below the 50% Fibonacci Retracement level at $2.746 could invalidate the bullish thesis for Lido. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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