• Lido, a decentralized finance protocol, witnessed an increase in staked deposits on its platform.
• Layer 2 solutions such as Wrapped stETH [wstETH] increased by 2.01% over the last week on Arbitrum and by 3.03% on Optimism [OP].
• Despite the increasing TVL, the number of unique users on the Lido protocol fell by 7.31% in the past month.

The Lido protocol, a decentralized finance platform, has experienced a surge in the number of staked deposits on its platform in the last week. According to a tweet by Lido on January 24th, the number of staked deposits on the Lido network increased, except for Solana [SOL]. This suggests that more users are choosing to stake their holdings through the Lido platform, indicating that the protocol still has potential for growth.

Along with the increase in staked deposits, Layer 2 solutions such as Wrapped stETH [wstETH] have also seen an increase in usage. Over the last week, wstETH increased by 2.01% on Arbitrum and 3.03% on Optimism [OP], indicating that more users are turning to Layer 2 solutions to stake their assets and Lido is benefiting from this trend. As a result, Total Value Locked (TVL) on Lido has grown by 7.77% in the last week.

However, despite the increasing TVL, the number of unique users on the Lido protocol has fallen by 7.31% in the past month. This implies that while more users are staking their assets on Lido, fewer are actively using the protocol and engaging with its services. Despite this, the revenue generated by Lido has increased by 6.31% over the last week, according to Messari. So, Lido is still generating income and could continue to do so if user engagement increases.

• The Sandbox [SAND] token has had a 55.41% uptick in the last 30 days.
• The direction of the token is largely dependent on Bitcoin’s [BTC] trend, with a 0.97 correlation between the two.
• The Sandbox has recently confirmed new partnerships and there has been increased circulation on the blockchain-based virtual platform.

The Sandbox has been on an unprecedented winning streak lately, with its token, SAND, becoming one of the best performers since the market exited the 2022 blood bath. According to Santiment’s mid-month January report, mid to low-cap assets like The Sandbox [SAND] could carry on with their exceptional performances if the broader market continued to produce green bars.

The report further acknowledged that it was unclear whether the market would continue the bullish run. The direction of the market would largely depend on Bitcoin’s [BTC] trend. As per data by IntoTheBlock, SAND had a 0.97 correlation with BTC at press time. Hence, there was a chance that the token aligned with Bitcoin’s momentum. Meanwhile, the Market Value to Realized Value (MVRV) ratio revealed that holders of the token had massively benefited from the SAND rally. At the time of writing, the 30-day MVRV ratio was 33.83%. Notably, the metric had surged to 38.61% on 15 January. It had, however, retraced a bit before skyrocketing to the current level.

On the part of its development activity, Santiment’s image below showed that The Sandbox was down to 0.95. Prior to the dump, development activity had increased to 2.07. Thus, questions could be raised about The Sandbox’s commitment to upgrading the network. However, a recent team collaboration may have brought an element of positivity to the uncertainty surrounding SAND. In a 17 January announcement, The Sandbox revealed that it had joined forces with Zilliqa, a high-throughput public blockchain.

The collaboration between the two entities was aimed at enabling developers to create games and digital assets on a secure and reliable blockchain. The project would also facilitate interoperability between different blockchains. As part of the partnership, The Sandbox would provide its users with access to Zilliqa’s safe and secure smart contracts. The Zilliqa team would also provide technical support for sandbox players.

The Sandbox also confirmed that it had inked a partnership with Matic Network. The partnership would enable developers to access the Matic Network and create games and digital assets on the Ethereum blockchain. This would further facilitate interoperability between different blockchains. Matic Network was also expected to provide technical support for sandbox players.

The Sandbox has certainly been making the right moves to build on its impressive success. With new partnerships and increased circulation on-chain, the blockchain-based virtual platform could be on the verge of another strong performance if the broader market avoided correction.

Bullet Points
• Binance Coin has recovered from its mid-December plunge, flipping $256 to support and climbing higher.
• Bitcoin’s surge past the $17k mark has created inefficiencies to the south that BNB can fill.
• A move above the bearish order block at $278 may see BNB rise to $300 and $315, while a rejection in the $275-$280 area could lead to a downward price movement.

Binance Coin, the world’s fifth-largest cryptocurrency by market capitalization, has been on the rise in recent days. After a sharp plunge in mid-December, the cryptocurrency has been able to recover, flipping the $256 mark to support and climbing higher. This move was likely supported by Bitcoin’s surge past the $17k mark, creating inefficiencies to the south that Binance Coin can fill.

Looking at the BNB/USDT 4-hour chart, the $278 mark and its vicinity had a strong confluence of resistance levels. Traders could wait for a lower timeframe break in the structure downward before shorting. On the flip side, the $250 area was expected to pose stiff resistance to the price, but the asset was able to flip $256 to support and climb higher.

The strong surge in recent days has left inefficiencies to the south that the price could fill. This gives traders an opportunity to enter short positions, provided the price can break beneath the $270 mark and then retest. A move above the bearish order block at $278 may see Binance Coin rise to $300 and $315.

In conclusion, Binance Coin has been on the rise in recent days, with Bitcoin’s surge past the $17k mark creating inefficiencies to the south that BNB can fill. Traders can wait for a lower timeframe break in the structure downward before shorting, while a move above the bearish order block at $278 may see BNB rise to $300 and $315. On the other hand, a rejection in the $275-$280 area could lead to a downward price movement.

• Cardano [ADA] has been experiencing price oscillations, with recent statistics from Santiment indicating a surge in interest.
• Whale transactions have also ramped up, with ADA’s volume reaching 1 billion on 9 January and 500 million at the time of writing.
• Charles Hoskinson recently announced the launch of a hospital planned for summer, which might explain the recent price increase.

The popular blockchain platform Cardano [ADA] has been experiencing a surge in interest in recent weeks, with the native token’s price oscillations illustrating the overall trend of the market. According to the data from Santiment, the volume of ADA transactions had reached 1 billion on 9 January, a level it last experienced in November 2022. Furthermore, whale transactions have also ramped up, with the amount of volume in the present day standing at approximately 500 million.

These developments might be attributed to the recent Bitcoin rally, which has influenced the crypto market in general. However, another possible explanation is the recent announcement from Charles Hoskinson, CEO of Cardano. Hoskinson recently revealed plans for the launch of a hospital in the summer of 2023, which could contribute to the upswing of Cardano’s token.

The current surge in Cardano’s price may be attributed to the increasing utility of its blockchain platform, which has been exerting great energy to establish itself as a genuine and practicable alternative smart contracts platform. The development of the hospital could be a major step towards developing more relatable utility for the blockchain, and in turn, the token.

Additionally, the RSI metric indicates that the asset might be approaching a price reversal soon. While Cardano’s rally has been successful in accumulating significant value, investors should be wary of any sudden shifts in the market and continuously monitor the metrics for any indicators of reversal.

Overall, Cardano’s [ADA] recent upswing has been encouraging, with the asset’s token experiencing notable price oscillations and increased volume. The launch of the hospital could be a major step towards developing more relatable utility for the blockchain, and in turn, the token. Despite the surge, however, investors should still be cautious and monitor the market for any signs of a potential price reversal.