LDO TVL rises as support moves upward: Can its expansion continue?

ambcrypto.com:

The Total Value Locked (TVL) for Lido [LDO] increased significantly during the past month, according to statistics from DefiLlama. Moreover, LDO experienced tremendous price growth since the start of 2023. What might have fueled the protocol’s expansion, and should LDO investors anticipate a more favorable price movement in the future?

Read Lido’s [LDO] Price Prediction 2023-24

Based on the TVL statistics provided by DefiLlama, Lido Finance has the highest TVL of any Decentralized Finance (DeFi) protocol. The data indicated that its TVL was up by around 18% in the last month. Investigation of the TVL further revealed that, while it had decreased during the previous year, there were indications of an increase.

At the time of this writing, the TVL count was 9.39 billion, while Ethereum [ETH] made up more than 90% of the total value locked on the network.

Source: DefiLlama

According to data from Dune Analytics, Lido presently had the highest proportion of ETH staked. Lido had 31.1% of the ETH staked as of the time of writing. This proportion compares to the second-largest staking platform, which had 11.9%, which could be seen on the chart.

Source: Dune Analytics

Moreover, LDO was trading at about $3.1, down more than 4%, according to a check at a daily timeframe chart. Yet, the token had increased by almost 240% since the start of the new year, notwithstanding the loss that had been reported as of this writing. It was also apparent that its support lines had risen with the value growth. As of the time of writing, the support ranged from $2.9 – $2.6.

Source: Trading View

How much are 1,10,100 LDOs worth today?

Moreover, the Relative Strength Index indicated that the token was in a bull trend. At press time, it was above the 50