Lido Finance [LDO] surged 13%, hitting a 2-month high of $0.40 amid fresh market demand, according to reports from AMBCrypto. The altcoin maintained an ascending channel over the past month and recovered after three days of weakness, resuming its upward move. At press time, LDO traded near $0.39 after gaining 13% over 24 hours. The price recovery was supported by strong trading activity, with Trading Volume surging 108% to $61.1 million and Market Capitalization increasing 13%, returning LDO to the top 100 cryptocurrencies by market value.
A recently concluded governance vote coincided with stronger market demand, as reported by AMBCrypto. The proposal received unanimous support from participating voters, with 24.4 million LDO backing it. The upgrades proposed new versions of the Community Staking Module and Lido's Curated Module, aimed at improving the protocol's staking infrastructure and validator management. The voting period attracted greater market attention, which may have supported renewed demand for LDO.
Speculators remained active during the voting period and after its conclusion, according to AMBCrypto reports. Open Interest rose 8% to $86.3 million over the past day, while Derivatives Volume climbed 74% to $105 million. Rising Open Interest and Derivatives Volume showed greater participation as traders opened additional leveraged positions. The Long/Short Ratios on Binance and OKX remained above one, with Binance's Top Trader Long/Short Ratio leading at 2.0.
LDO maintained strong upward momentum with the Positive Directional Indicator rising to 41 and the ADX reaching 59, as reported by AMBCrypto. A rising +DI indicated bullish direction, while the elevated ADX confirmed the trend's strength. If demand holds, LDO could reclaim $0.40 and target the $0.46 resistance level. However, stronger whale selling could push the altcoin back toward the $0.35 support level.
Interestingly, whales returned after remaining less active for over a week, according to AMBCrypto analysis. CryptoQuant's Spot Average Order Size showed large whale-sized transactions that reappeared after LDO crossed $0.38. However, Spot Netflow turned positive on July 21st after two consecutive negative readings, with the metric standing near $27,000 at press time. This positive netflow indicates that exchange inflows exceeded outflows, which could increase selling pressure and potentially weaken LDO's market structure during the current uptrend.
