Litecoin (LTC) has recently seen a marked increase in whale activity, according to on-chain data. According to IntoTheBlock data, Litecoin has seen an increase in large transaction volumes in the last 24 hours following days of stagnation. Litecoin’s large transaction volume rose from 73.14 million LTC to 83.17 million LTC, indicating that whales are making moves.
This jump in large holder transaction volume is often seen as increased activity from institutional players and whales who are either buying or selling. The recent increase might indicate that this class of holders might be positioning themselves for a longer-term bullish outlook on Litecoin.
There is growing speculation about the potential approval of a Litecoin exchange-traded fund (ETF) in the United States. This speculation has added fuel to the fire, as an ETF approval could significantly boost Litecoin’s market presence and accessibility.
Is major move coming?
While the exact reasons behind the surge in whale activity remain speculative, network metrics suggest a positive outlook for LTC.
The hashrate of the Litecoin network has recently reached an all-time high, indicating increased miner engagement and improved security. In a recent tweet, the official X handle of the Litecoin Foundation revealed that Litecoin hashrate had reached a new all-time high of 2.24 PH/s at block 2,833,807.
At the time of writing, Litecoin was down 3.84% in the last 24 hours to $122.18 amid mixed trading price action in the broader crypto market, which has seen a handful of crypto assets post slight losses as Bitcoin consolidated above $104,000.
Litecoin price has broadly consolidated in a range since reaching highs of $147 in early December 2024. In the days ahead, eyes are on LTC price to see if the current range trading might give rise to a major move.
Litecoin recently rose above its daily SMA 50 at $111, a sustained hold above this key level might provide Litecoin its much-needed impetus. Meanwhile, a short-term rally might face resistance near $150 while bulls would look to confirm support at the daily SMA 50.
Read the full article here
