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Lido DAO Counters Solana’s Bearishness To Keep Market Cap at $1.6T

By:
Aaryamann Shrivastava
Published: Aug 3, 2022, 18:01 GMT+00:00

While Lido DAO led the altcoins towards a rally, Solana led the few cryptocurrencies that closed in red today with a 4% drop.

Lido DAO Counters Solana’s Bearishness To Keep Market Cap at $1.6T

Key Insights:

  • Lido DAO emerged as one of the best performers of the day with an almost 30% rise.
  • On the other hand, Solana traded in red, down by 8% in 3 days.
  • Bitcoin and Ethereum rose slightly to trade at $23.5k and $1.66k.

The market noted some improvement today after four days of closing in red as the value of all cryptocurrencies rose by $23.5 billion to reach $1.065 trillion.

Bitcoin and Ethereum joined in the market trend and could be seen changing hands at $23,503 and $1,665, respectively.

Lido DAO Takes the Lead

The DeFi token was up by almost 30% today, trading at $2.69 as the rest of the market followed suit.

LDO had already been engaged in an uptrend for the entirety of July, which helped the altcoin recover the losses it witnessed during the June crash and is now on the way to recovering May’s dip of 57%.

The cryptocurrency still surprisingly has room for improvement as the MACD seems to be maintaining its bullish crossover that took place back in June. The appearance of green bars is a signal of the same.

Plus, the presence of the candlesticks above the basis of the Bollinger Bands indicates that LDO is positioned for a rise.

The divergence of the bands highlights the high volatility, which will work in favor of LDO since the price swings will be bullish.

Solana Tries To Counter

SOL was one of the few cryptocurrencies that traded in red, dropping by 4% in the last 24 hours. This added to the already active downtrend that resulted in an 8% decline in the previous three days.

Should such dips continue occurring, it will become difficult for SOL to recover the 67.44% losses it witnessed between April and May.

The Awesome Oscillator’s fluctuations are evidence of the same. After somehow flipping into the positive zone, the bars of the indicator continued switching between green and red.

At the time of writing, the presence of red bars evinces the change in trend.

The situation is similar with the Parabolic SAR as well since the white dots of the indicator continue to switch their location between above and beneath the candlesticks. This will keep the altcoin in the consolidator.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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