According to on-chain analytics platform Santiment, the Litecoin (LTC) network has recently experienced a significant increase in on-chain trading volume, particularly in whale trades. In fact, the transaction volume on the Litecoin network has reached its highest point in two years, indicating a significant increase in market activity. In addition, whale activity on the network has risen to its highest level since January, reflecting a growing interest in this cryptocurrency.
Litecoin (LTC) value rallies
As the third largest proof-of-work secure blockchain, Litecoin currently has a market cap of approximately $6.9 billion. This impressive figure underlines its position as a leading digital asset in the market. In addition, the underlying asset of LTC is up about 50% over the past twelve months, demonstrating its potential as an investment option.
Read: Litecoin Halving Event Sparks Frenzy: Here’s what investors can expect
Litecoin ready for breakout?
Despite the Litecoin price struggling to cross the $100 mark for over two years, recent developments suggest a bullish breakout is on the horizon. The formation of a symmetrical triangle, commonly referred to as a pennant, since February indicates a potential bullish trend. This upbeat outlook is further supported by the upcoming third halving, which is known for generating bullish volatility.
Related: LTC Price Prediction: Litecoin Breakout Fueled by Halving, $140 in Sight – Coinpedia Fintech News
Moreover, the daily moving averages of 50 and 200 have served as support levels in the recent past, following a breakout above USD 90.
DeFi chains
While Litecoin has great liquidity and is listed on most regulated centralized exchanges, it still has some ground to gain to overtake the leading DeFi chains such as Ethereum. The high on-chain activity of the Ethereum ecosystem, fueled by the widespread adoption of its smart contract technology, sets a benchmark that Litecoin is aiming for. However, Litecoin’s longstanding presence in the market positions it as one of the oldest and most trusted digital assets.
