Litecoin’s price performance has been relatively muted in recent weeks compared to the surges seen by other major cryptocurrencies such as Bitcoin and Solana, which have reached fresh yearly highs. However, a closer look at on-chain data reveals that key stakeholders within the Litecoin ecosystem like miners and whales have been making bullish moves that could foreshadow a Litecoin price breakout.
After the most recent Litecoin halving event on August 2nd, Litecoin miners reacted by selling off approximately 500,000 LTC between August 3rd and September 5th, likely in an effort to front-run potential losses. However, as the broader crypto market turned bullish in late October, confidence returned to Litecoin miners. They began accumulating their block rewards once again.
After weeks of rapid accumulation, Litecoin miners’ reserves surpassed 2.6 million LTC on November 7th. This is a milestone because it brought miner balances back above the 2.55 million LTC they held immediately after the halving was completed on August 3rd. The miners’ reserves metric tracks coins deposited into known mining wallets, so miners building up holdings during a rally is viewed as bullish.
In addition to the miners, Litecoin has also attracted increased demand from crypto whales recently. Data shows the number of large LTC transactions worth over $100,000 has consistently increased over the past 30 days, hitting a four-month high on November 11th. Rising whale activity typically signals growing institutional interest and often precedes price upside.
With both Litecoin miners and whales appearing primed for a bullish move, the technical picture also suggests a price breakout could be forthcoming. LTC will likely need to break through initial resistance around $78 in order to reclaim the key $80 level. There are nearly 2 million wallets that bought Litecoin at an average price of $77.81, so their selling could spark short-term correction. But if bulls can overcome that wall, Litecoin’s price could be off to the races.
