Litecoin[LTC] has recently experienced a significant surge of 13% in less than 24 hours, following a sharp 20% correction to the pennant resistance level. This impressive recovery comes after a brief period of decline where the altcoin was losing some of its recent gains. The surge in LTC’s price has sparked renewed optimism among investors, with many now speculating on the potential for a sustained rally.
One of the key factors driving Litecoin’s momentum is the surge in whale activity. According to data from IntoTheBlock, large transactions for the altcoin have increased by 7% in the last 24 hours. This uptick in activity indicates a renewed interest from institutional players and high net worth individuals, which is often viewed as a bullish signal for LTC.
In addition to the increase in whale activity, other on-chain metrics also paint a positive picture for Litecoin. Currently, 72% of LTC addresses are in profit, signaling widespread gains for holders. This profitability metric is typically associated with sustained bullish sentiment, as market participants are less likely to sell at a loss.
With growing whale activity and a majority of holders in profit, many are now speculating about Litecoin’s potential to break past the $150 psychological level. The combination of these factors provides a strong foundation for the altcoin’s current bullish run. However, the sustainability of this rally will ultimately depend on broader market conditions.
It’s worth noting that Litecoin’s price movements often correlate with Bitcoin’s trend, meaning any bearish sentiment in the wider crypto market could potentially slow down LTC’s upward momentum. As the market continues to evolve, Litecoin’s ability to maintain its current momentum and reach new highs will be closely monitored by investors.
Overall, the recent surge in Litecoin’s price, driven by increased whale activity and widespread profitability among holders, has reignited optimism in the altcoin. As the market prepares for significant global events, such as Trump’s inauguration, many are eagerly watching to see if Litecoin can break past the $150 mark and continue its upward trajectory in the coming days.