Lido DAO (LDO) price bullish despite selloff pressure

Lido DAO (LDO) is among today's top gainers despite the recent Dragonfly Capital transfer of 461,000 LDO worth about $1.05 million to Binance in a move many believe is a preparation for a selloff. According to a tweet made by Lookonchain, Dragonfly Capital currently holds 8.62 million LDO worth $20 million.

Timeline of Lido-dao

Lido's price was inversely affected by the recent sell-off as it went up in the last 24 hours. The possibility of a continued surge seemed likely as it was backed by positive market indicators and metrics.

Lido Finance has been enjoying immense success thanks to its liquid staking mechanism. As a result, other staking platforms such as RocketPool are starting to notice and emulate Lido's staking model.

Liquid staking tokens drifted upwards on Tuesday as investors waited for the upcoming Shapella upgrade of the Ethereum network. Lido DAO's LDO jumped by 6.5% to $2.47 while Rocket Pool's RPL soared to $47.55.  Shanghai upgrade ahead The biggest Ethereum news of this week will be the upcoming Shanghai upgrade scheduled for Wednesday.

While top cryptocurrencies are trading in the red zone, with most giving up their past week's gains, Lido DAO (LDO) has held on to its gains. The token maintains an over 7% price increase on the weekly chart, reflecting its resilience against the ongoing bearish trend.

Lido, a leading multi-chain crypto staking solution, is witnessing an impressive surge in its total value locked (TVL), as its value recently skyrocketed to a 10-month high of $11.5 billion.

Lido Finance [LDO], in a 28 March tweet, reported a 2% decrease in its Total Value Locked (TVL) over the past week. Despite the high demand for Lido's stETH in the previous month, a reduction in the TVL could signal a gloomy outlook.

The larger staked ETH market has started to reflect regulatory concerns, according to new data. Over the past few weeks, the overall amount of ETH staked through liquid staking derivatives has declined too.

Lido Finance, the largest liquidity staking protocol, has been facing regulatory uncertainty in the United States. Despite making a tremendous market entry in the past few years with over $9.8 billion in total value locked (TVL), Lido Finance has diversified in several chains, including Ethereum, Solana, Moonbeam, Moonriver, and Terra Classic.

Lido has been dominating the LSD (Liquid Staking Derivative) space since the beginning of the year. However, despite its rising TVL and the protocol's positive performance, many investors and validators have lately started to liquidate the assets that were assigned to them.

Putting the global crypto market's ubiquitous downward trend aside, Lido Finance (LDO) token has been moving in a bearish direction over the past week. While the universal bearish trend could have contributed to LDO's downward trend in the past week, research proves it's more than that.