Litecoin whales are back in the game. Could the price reach $100?

With the bull market established, Litecoin (LTC) whales are returning to the market once again. A number of large transactions have been seen suggesting that these millionaire accounts are emerging.

Litecoin on-chain and whale activity hits four-month high.

As reported by Santiment, an on-chain analytics platform, Litecoin on-chain and whale activity has been increasing recently. In a report published on X (formerly Twitter), Santiment revealed a significant surge in Litecoin on-chain activity.

The chart shared by the tracker also shows a sharp rise in line with the price recovery, which may be the reason why investors are waking up once again. Santiment noted that this recovery in on-chain activity has led to address activity and whale activity on the blockchain reaching levels not seen since June, hitting a four-month high for this metric.

A total of 319,000 daily addresses were active on the network after this metric dropped sharply over the past few months. Weekly whale transactions, or transactions carrying more than $100,000, also increased, reaching a four-month high of 7,418.

This isn’t the only metric to see a surge as dormant LTC addresses start moving again. These addresses, which had previously been inactive for some time, began moving coins, adding to the number of coins currently in circulation.

Is LTC ready to shoot to $100?

The resurgence of on-chain activity for Litecoin is a welcome development for the network, but it’s not exactly optimistic. The reason is how the LTC price has reacted since this activity began, which is not very encouraging.

As the dormant LTC began to move once again, the price began to fall. This suggests that a subset of holders may hold on to a better price and sell their coins after waiting. In this case, the selling pressure was greater than the demand for the coin.

If this continues, the price will continue to fall further and a recovery to $100 is still a long way off. So this recent activity may be investors choosing to sell rather than coming back to engage in buying.

The LTC price has already shown some recovery after falling from the $69 level on Thursday to $67 on Friday. The current Litecoin price is $67.8, down 2.14% over the past day.

LTC sitting at $68 | Source: LTCUSD on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com