Advanced crypto strategist and trader Pentoshi has highlighted the potential for significant growth in two alternative cryptocurrencies. In a statement made to his 847,800 followers on social media platform X, he noted that Ethereum 
$0.000395-based Lido DAO (LDO) is gearing up for a significant price movement.
Upside Potential for LDO
Pentoshi anticipates that LDO will attract traders to take long positions due to U.S. regulators potentially approving the staking of ETH in spot Ethereum exchange-traded funds (ETFs). This development could provide a positive momentum for LDO.
Pentoshi stated, “As applications come in, there could be a major correction in LDO’s price. If you believe ETH staking will be approved, LDO is likely a good investment. The price is rapidly increasing and beginning to reflect this situation.”
Impact of ONDO Finance and the Summit
Pentoshi also pointed out Ondo Finance (ONDO), a DeFi protocol aiming to tokenize real-world assets. It has been suggested that the ONDO Summit, scheduled for February 6, 2025, could contribute to a short-term rise in the crypto asset.
Pentoshi mentioned, “The ONDO summit is in the next 10 days. BlackRock’s chief investment officer will speak there, and they have many connections, which could lead to speculation in the short term. Prices may rise leading up to the event, and then a sell-off could occur based on the news. It could be a good short-term play.”
The trader indicated that he plans to sell ONDO stock right before the event. This strategy aims to capitalize on potential price fluctuations after the event. Currently, LDO is valued at $1.95, while ONDO stands at $1.29.
Pentoshi’s predictions suggest that LDO and ONDO could experience significant price movements due to upcoming regulatory approvals and events. Traders should closely monitor such developments to shape their strategies.
It is crucial to remember that the nature of crypto markets is inherently volatile. Such investments carry high risks, and it is important for traders to conduct their own research and exercise caution.
Considering market trends and relevant developments can be beneficial in investment decisions. The influence of regulatory approvals and major events should particularly be taken into account.
