Lido rallies 21%, hits 2-month high – Can LDO bulls hold on?

Key Points

1. LDO's price surged 21.53% to $1.15, retracing slightly to $1.13, with its market cap reclaiming $1 billion.

2. BlackRock's ETH staking filing for its Ethereum ETF (ETHA) boosted demand for Lido's stETH derivatives, as staking primarily occurs through LDO.

3. Lido DAO saw higher buy volume (48.6M) than sell volume (45.7M) on July 17, with consecutive days of positive Buy-Sell Delta.

4. Profit-taking increased, with Spot Netflow hitting a 6-month high of $5.2M before dropping to $2.77M.

5. Technical indicators like RSI (78) and DMI (41) suggest strong upward momentum, but a pullback to $0.97 is possible if resistance is met.