LDO Price Targets Ranging From $6 To $17, Analyst Says – Despite Negative Financial Metrics

Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significant price declines over the past two weeks

Cryptocurrency prices have been largely influenced by the broader market trend, with bearish moments limiting significant gains for most digital assets. Lido Finance, the liquid staking protocol for Ethereum (ETH), has faced the brunt of this market downturn, with its native token, LDO, experiencing substantial declines over the past two weeks.

Lido’s Total Value Locked (TVL) has seen a 1.70% decrease, now standing at $35.39 billion. This decline is primarily influenced by ETH’s price drop, which fell to $3,480 during this period, notably lower than its March peak of $3,990.

Despite the overall decrease in key metrics, there have been some positive developments within the Lido protocol. The platform recently announced a partnership with Mellow Finance as part of the Lido Alliance. This collaboration introduces advanced decentralized finance (DeFi) strategies for stETH holders.

These strategies aim to leverage Mellow Finance’s permissionless Liquid Restaking Token (LRT) creation capabilities. stETH holders can maximize their asset utility through decentralized restaking and accumulate various rewards.

Moreover, the launch of new vaults aims to provide secure and flexible means for engaging with Ethereum staking and DeFi, increasing the liquidity and utility of stETH. This partnership marks the initial phase of the Lido Alliance’s efforts to expand the Ethereum staking ecosystem through strategic collaborations with aligned projects.

However, key metrics indicate a decline in the price of LDO, which may be following the footsteps of ETH, which experienced a drop in price from a peak of $3,990 in March to $3,480 at the time of writing.

Lido’s Total Value Locked (TVL) experienced a 1.70% decrease, now standing at $35.39 billion. This decline is primarily influenced by ETH’s price drop, which fell to $3,480 during this period, notably lower than its March peak of $3,990.

The amount of ETH staked witnessed a mild increase of 0.26%, with a net increase of 19,392 ETH staked over the past week. Similarly, the quantity of (w)stETH in lending pools saw a moderate increase of 1.46%, reaching 2.66 million stETH.

In contrast, the amount of w(stETH) in liquidity pools decreased by 3.13% to 89.3k stETH. Furthermore, the 7-day trading volume for (w)stETH stood at $1.03 billion, down by 19.7% compared to the previous week.

Additionally, the total amount of wstETH bridged to Layer 2 solutions decreased by 2.86% to 136,893 wstETH.

Analyzing the bridging statistics, the distribution of wstETH among various Layer 2 networks is as follows:

- wstETH on Arbitrum: 44,303 (32.3%)

- wstETH on Optimism: 38,060 (27.8%)

- wstETH on dYdX: 26,665 (19.5%)

- wstETH on StarkNet: 18,820 (13.7%)

- wstETH on Aztec: 9,045 (6.6%)

Despite these metrics, crypto analyst Alex Clay remains optimistic about LDO’s future. Clay recently shared bullish predictions for LDO, envisioning significant breakouts if the bullish momentum resumes.

In a recent post on social media site X, Clay emphasized LDO’s 756 days of ascending accumulation, suggesting a potentially “massive breakout.” The analyst further outlined exciting price targets for bullish investors, ranging from $6.3 to $17.2.

LDO is currently trading at $1.88, showing a 3.5% decrease within the 24-hour timeframe and a decline of over 20% in the past two weeks. Notably, the token has witnessed a 74% decrease from its all-time high of $7.30 in June 2021.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ldo-price-targets-ranging-analyst-negative-financial-metrics.html

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