Santiment, the leading cryptocurrency analytics platform, has just revealed through a Twitter post that the number of millionaire addresses in the Litecoin (LTC) network is on a steady rise.
As the much-anticipated halving event looms closer, scheduled to occur within a month, investors and enthusiasts are keeping a close eye on this exciting development.
While the Litecoin market experienced a temporary correction during the 4th of July break, Santiment warned that a subsequent rally may be imminent, fueled by the growing accumulation of LTC by significant players known as whales.
These powerful entities, with substantial holdings in the digital currency, are positioned to make a considerable impact on the market as they navigate the waters of crypto trading.
The surge in Litecoin’s millionaire addresses indicates that the allure of the upcoming halving event has enticed more wealthy individuals to embrace LTC as a potentially lucrative investment.
However, as the countdown to the halving continues, market analysts foresee a potential LTC rally on the horizon. The accumulation of LTC by these wealthy entities sets the stage for a significant shift in market dynamics, potentially propelling the digital asset’s value to new heights.
Litecoin Makes Strong Gains, Trading at $105.05 Despite Daily Dip
As per the latest data, LTC is currently experiencing a marginal decrease of 0.73% on the daily chart. However, this setback fails to overshadow the remarkable gains Litecoin has achieved over the past seven days, with its price surging by an impressive 25.27%.
Litecoin’s upward trajectory is further highlighted when we analyze its monthly performance. Over the course of the past month, Litecoin has demonstrated an overall increase of 11.33%, showcasing its resilience and potential for sustained growth in the market.
Renowned crypto trading expert Michaël van de Poppe, CEO & Founder of MN Trading, has examined the recent chart patterns of LTC. His analysis leads him to predict that Litecoin will likely continue its impressive performance.
He has expressed particular interest in an add-on opportunity in the $99-102 range, suggesting that this could be a favorable entry point for investors.