Lookonchain Identifies Ongoing LDO Accumulation by FalconX

Lookonchain, the smartmoney on-chain platform, has identified significant transactions involving LDO, the native coin of the liquid staking solution, Lido. According to Lookonchain, FalconX, an institutional crypto trading platform, has accumulated 6.48 million LDO, equivalent to $9.8 million from Binance, in the past five days.

FalconX withdrew 1.23M $LDO ($1.86M) from #Binance again today.#FalconX has accumulated a total of 6.48M $LDO ($9.8M) from #Binance in the past 5 days.https://t.co/Nc3oc607da pic.twitter.com/10XR7lGxbR

— Lookonchain (@lookonchain) October 13, 2023

According to Lookonchain, the transactions performed by FalconX include a one-time withdrawal of 1.23 million LDO, worth $1.86 million, from Binance today, October 13. Before this withdrawal, Lookonchain posted on October 11 that FlaconX withdrew 5.25 million LDO, equivalent to $8.13 million, within three days. Hence, the smartmoney on-chain platform suggests that FalconX is accumulating LDO.

Besides the identified transactions executed by FalconX, Lookonchain spotted other significant transactions by unidentified freshly created wallets. On October 10, Lookonchain discovered that a fresh wallet withdrew 1.36 million LDO tokens, equivalent to $2.07 million, from Binance. Three days later, the smartmoney platform identified another unknown wallet that pulled 1.88 million LDO tokens worth $2.83 million from the Binance exchange.

LDO traded for $1.55 at the time of writing, reflecting a 2.86% profit for the trading day, according to data from TradingView. The liquid staking token has ranged between $1.38 and $1.68 since the middle of August. From a yearly perspective, LDO rallied to $3.328 last February, marking the highest price the token has achieved in 2023.

LDOUSD Weekly Chart on TradingView

The most recent local low established by LDO coincides with a long-term trendline from June 2022, when the crypto token dropped to an all-time low of $0.4. If the observed accumulation is anything to go by, traders could expect LDO to climb above immediate resistance at $1.62, ahead of the current range at $1.68. Breaking above these levels could open the way for higher LDO prices, with $1.85 as a possible upside target.

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