• Chainlink announces the launch of a strategic reserve of LINK tokens, funded by both off-chain enterprise payments and on-chain service revenue.
• The reserve has already accumulated over one million dollars’ worth of LINK during this early launch phase and plans not to sell them for several years.
• Chainlink price rides a long accumulation trend amid the formation of a cup and handle pattern.

LINK, the native cryptocurrency of the decentralized Oracle Network Chainlink, recorded a sharp upsurge of +10% to reach the current trading value of $18.3. While the buying pressure aligns with the broader market uptick, the coin price gained additional momentum as Chainlink unveiled a strategic reserve to buy back LINK tokens. Here’s how this news-driven rally is bolstering the asset for a bullish breakout from a key accumulation pattern.

Chainlink Launches Strategic Onchain Reserve as Enterprise Adoption Accelerates

On Thursday, August 7th, Chainlink announced the launch of a strategic reserve of LINK tokens, designed to support the long-term growth and sustainability of its network. The initiative plans to fund LINK token accumulation through off-chain revenues from large enterprises using Chainlink services, as well as on-chain service usage.

Chainlink will leverage payment abstraction methods to build its reserve, seamlessly converting off-chain and on-chain revenue streams into LINK tokens. This recently launched infrastructure layer allows clients to pay with their preferred form of choice (e.g., gas tokens and stablecoins), which are then programmatically converted to LINK.

“The launch of the Chainlink Reserve marks a pivotal evolution in Chainlink, establishing a strategic LINK reserve funded using off-chain revenue, as well as from onchain service usage. Demand for the Chainlink standard has already created hundreds of millions of dollars in revenue, substantially from large enterprises. The Chainlink Reserve provides a clear answer to how off-chain revenue and large-scale institutional adoption of the Chainlink standard will be connected back to the growth, security, and sustainability for those standards.” — Chainlink Co-Founder, Sergey Nazarov.

According to the press release, the Chainlink Reserve is already off to a strong start, as they have accumulated over $1 million worth of LINK during its early-stage launch phase. The reserve is expected to steadily grow in the coming months as more revenue will be converted to LINK tokens.

Importantly, Chainlink has no plans to withdraw from the Reserve for multiple years, showcasing its trust in the increasing demand for Chainlink’s unique capabilities.

Also Read: Ethena Price Eyes $1 Rally as Whales Accumulate Over 1B ENA

Chainlink Price Nearing A Major Breakout From Cup and Handle Pattern

The daily chart analysis of Chainlink price shows that the recent correction trend has found a suitable bottom support at $15.68. The resulting reversal pushed the price 20% up to currently trade at $18.5, restoring more than half of the loss it incurred during the correction.

With an internal gain of 10.3%, the coin price teases a bullish breakout from the key supply zone at $18. If the daily candle closes above this resistance, the buyers would gain sufficient support to drive another 10.5% jump to challenge the neckline resistance of the cup and handle pattern at $20.

Technically, the chart setup displays a long U-shaped accumulation trend followed by a temporary pullback to recuperate the exhausted bullish momentum. The recent correction in LINK price action rebounded from the 200-day Exponential Moving Average (EMA), a key technical level often seen as a healthy pullback zone in bullish trends.

Thus, a potential breakout from the $20 resistance will signal a major change in price trend, bolstering the Chainlink price for a 50% surge to hit the $30 psychological level.

LINK/USDT -1d Chart

On the contrary, if the sellers continue to defend the $20 resistance, the coin price could shift to a sideways trend until the price builds sufficient momentum for a breakout.

Also Read: Dogecoin Price Faces 36% Decline Amid Bearish Pattern Formation

• Dogecoin price faces a risk of a $0.189 breakdown amid the formation of a head and shoulders reversal pattern.
• A 43% decline in DOGE future open interest indicates reduced speculative activity, which can lead to lower volatility
• The formation of a rising channel pattern drives a slow yet steady recovery in DOGE’s mid-term trend.
• The on-chain data highlights a significant 1 billion DOGE accumulation from crypto whales today, bolstering the potential price rebound.

DOGE, the largest meme cryptocurrency by market cap, is up 2.98% during Wednesday’s U.S. market hours, reaching a current trading value of $0.2. This bullish uptick aligns with broader market momentum as the majority of major digital coins attempt to bottom their ongoing correction. However, the Dogecoin price gains additional momentum amid the increasing accumulation from crypto whales.

However, the derivative market supports bearish pattern formation in a shorter time frame, signalling the risk of a prolonged correction before the memecoin gains stable support.

Crypto Whales Accumulate 1 Billion DOGE Amid Price Pullback 

From the fourth week of July, the crypto market takes a bearish pullback in an attempt to recuperate its bearish momentum. However, the meme coin market takes a significant hit from this correction due to its inherent volatility. 

Thus, the Dogecoin price is down from $0.288 to a current trading value of $0.205—a 36% decrease in the last three months. Following the price downtrend, the DOGE futures open interest has plunged from $5.35 billion to $3.01 billion, registering a 43% loss.

DOGE/USDT – 4hour Chart

According to Coingecko data, DOGE’s market cap currently stands at $30.87 billion, while the 24-hour trading value wavers at $1.27 billion.

This decline indicates that the derivative traders are closing their active positions in the futures market to secure themselves from current market volatility. As the derivative traders unwind their position, it signals a lack of confidence in short-term price stability, potentially leading to weak market momentum.

DOGE Futures Open Interest | Coinglass

Additionally, the DOGE OI-weighted funding rate has now plunged to 0.0049%, signaling that bullish sentiment is waning. Thus, fewer traders are willing to pay to stay long, indicating fading confidence in a rally.

DOGE Futures Open Interest | Coinglass

The four-hour chart analysis on Dogecoin price shows the recent reversal is likely developing a well-known reversal pattern called an inverted head-and-shoulders. The chart setup is characterized by three peaks, i.e., a middle one that extends higher and showcases a sharp reversal due to intense supply pressure, flanked by two shorter swings on either side.

If the pattern holds, the coin could plunge over 8% to challenge the neckline resistance at $0.189. A potential breakdown below this floor would accelerate the selling pressure for another 18% drop to retest a long-coming support trendline at $0.161.

On the contrary, if the coin price breaks above $0.21, the buyers would strengthen their grip over this asset and invalidate the bearish thesis.

Also Read: Ethereum Price Eyes $4,000 as Institutions Drive Recovery Momentum

Dogecoin Price to Hold Channel Pattern Amid Whale Buying

Since April 2025, the Dogecoin price has witnessed a slight upward incline amid the formation of a rising channel pattern. The altcoin bounced thrice from the pattern’s upper boundary and twice from the lower one, validating the pattern’s ability to influence price direction.

Dogecoin’s past performance within the pattern shows two instances of bullish reversals from the lower trendline, which doubled the coin value in over a month.

Thus, the trendline acts as a high-accumulation zone for buyers to regain their momentum for a bullish rebound.

The flat trajectory of the 100- and 200-day exponential moving averages indicates a lack of strong conviction from buyers or sellers to influence the price direction.

DOGE/USDT – 1d Chart

Despite the mounting bearish momentum, the high-net-worth investors show a renewed interest in this dog-themed memecoin. According to a recent tweet, market analyst Ali Martinez highlighted that crypto whales have bought over 1 billion Dogecoin in the last 24 hours. 

Historically, an accumulation trend from this investor’s class has often coincided with a major market bottom or renewed market recovery. 

Whale Activtiy | Santiment

Alternatively, a breakdown below the channel support would accelerate the bear’s momentum and drive a prolonged downtrend.

Also Read: Ethena Price Eyes $1 Rally as Whales Accumulate Over 1B ENA

• The Ethena price correction develops into the bullish continuation pattern called flag, signaling a potential breakout in the near future.
• ENA TVL surged to 76.2% in the last three weeks to hit $9.2 billion, projecting an active accumulation behavior and a strengthening user base.
• On-chain data from Santiment highlights that crypto whales have bought up over 1 billion Ethena despite the recent price pullback

ENA, the cryptocurrency of the synthetic dollar protocol Ethena, shows a 3.7% drop during Tuesday’s U.S. market. The selling pressure aligns with the broader market pullback, signaling the continuation of the prevailing correction. While the bearish downturn may create distress for retail investors, the crypto whales significantly increased their position in anticipation of a continued recovery. The massive spike in Ethena’s total value locked (TVL) further reinforces the increased investor confidence in this asset despite market uncertainty. Will the coin price reclaim $0.7 again?

Crypto Whales Accumulate Over 1B ENA as Price Dips 

Over the past week, the Ethena price has shown a brief correction from $0.7 to the current trading value of $0.575, accounting for an 18% loss. While the downswing followed a broader crypto market pullback as investors’ sentiment shifted to a post-rally pullback to recoup the exhausted bullish momentum.

The ENA price is currently holding above the 20-day EMA and 38.2% Fibonacci retracement level. Historically, a price pullback to these levels is considered a healthy correction for buyers to regain strength and drive price reversal.

In contrast to the price downtrend, the total volume locked (TVL) in Ethena has recorded a sudden increase from $5.48 billion to $9.66 billion, accounting for 76.2% growth. This surge indicates that users are increasingly locking capital into Ethena’s DeFi ecosystem, potentially attracted by stablecoin yields, staking incentives, or long-term trust in the protocol’s fundamentals.

Total Volume Locked | DeFiLlama

Amid a price correction, the rising TVL suggests increasing accumulation and a strengthening user base, which can set a bullish divergence.

Adding to the bullish note, the market analyst Ali Martinez recently highlighted that whales just bought up over 1 billion EMA in the last few days. His X (formerly known as Twitter) post also tried to create curiosity among traders about whale activity, as he quoted, “What do they know that we don’t?”

Whale Activity | Santiment

Historically, an accumulation trend from high-net-worth individuals has often coincided with major market bottoms and accelerated price rallies, signalling a higher potential for the current market rally to prolong.

Ethena Price Poised For Breakout From Flag Pattern 

The four-hour chart analysis of ENA coin shows the recent price correction resonated within two parallel trendlines of a flag pattern. The chart setup is typically spotted within an established uptrend, as it provides the necessary buyers the necessary pause to recoup bullish momentum. 

The recent golden crossover between the 50 and 200-day EMA slopes reinforces the bullish sentiment in the price for a continued recovery.

Currently trading at $0.5796, the Ethena price is just 10% away from challenging the pattern’s resistance trend line at $0.64. A potential breakout from this resistance will accelerate the bullish momentum and signal the continuation of the travel recovery.

The post-breakout rally could push the price to an initial target of $0.78, followed by an extended leap towards $1. 

ENA/USDT -1d Chart

On the contrary, if the coin price faces overhead supply at the flag’s upper boundary at $0.62, the current correction could extend to the coming weeks before buyers could give a sustained breakout.

Also Read: Litecoin Soars as MEI Pharma Launches $100M Institutional Treasury Strategy

• MEI Pharma, a Nasdaq-listed pharmaceutical company, has bought 929,548 Litecoin tokens to launch a $100 million institutional treasury strategy.
• A symmetrical triangle pattern drives the midterm sideways trend in Litecoin price.
• A potential reversal in LTC could seek pullback support at $105 to recuperate bullish momentum.

Litecoin, the decentralized peer-to-peer cryptocurrency, witnessed heightened volatility on Tuesday, August 5th. During the Asian market hours, the coin price witnessed a temporary surge of 7.2% to reach the 5-month high of $129.16 before getting a complete reversal. The initial buying pressure likely followed MEI Pharma’s recent $100 million LTC purchase and launch of a treasury strategy centered on Litecoin. 

However, the broader crypto market witnessed a bearish pullback during U.S. hours, and thus, the LTC price reverted immediately to currently settle at $120 with an intraday loss of 1.13%.

MEI Pharma Acquires $100M in Litecoin for Treasury Strategy

MEI Pharma, Inc. (MEIP), the California-based clinical-stage pharmaceutical company, has acquired 929,548 Litecoin tokens at an average price of $107.58, establishing a $100 million institutional treasury strategy. The move positions MEI as the first U.S.-listed public company to adopt Litecoin as its primary treasury reserve asset. 

As the LTC price currently trades at $120, the LTC treasury is now valued at about $115 million, projecting an 11.57% gain since acquisition. According to Coinmarketcap data, Litecoin stands as the 19th largest cryptocurrency with a $9.13 billion market cap.

The initiative is being developed in collaboration with GSR, a prominent crypto investment firm, and Charlie Lee, Litecoin creator and MEI board member. 

“Litecoin has long embodied sound, scalable, and decentralized money,” said Mr. Lee. “By initiating this strategy, MEI is taking a clear, institutional step forward that recognizes Litecoin’s role as both a reserve asset and an integral part of global financial systems.”

MEI’s decision to integrate LTC for its financial operations can be attributed to the network’s proven reliability, which shows an uninterrupted uptime of over thirteen years. Its low transaction fee and fast settlement make it an ideal asset for institutional treasury use. Moreover, Litecoin’s wide adoption across major platforms like BitPay, Robinhood, PayPal, and Venmo reinforces its liquidity and utility.

“We’re proud to support MEI’s innovative Litecoin treasury initiative,” said Joshua Riezman, U.S. Chief Strategy Officer, GSR. “This model sets a new institutional standard for integrating digital assets into the financial operations of public companies.”

The company plans to update its corporate identity shortly, potentially expanding into Litecoin mining and other initiatives. MEI continues its clinical research as well, indicating its equal focus on capital innovation.

Litecoin Price Poised for 13% Drop Within Triangle Pattern

The daily chart analysis of Litecoin shows an intense supply pressure at the $129 level, evidenced by the long-wick rejection candle. Interestingly, the price rejection has occurred at the multi-month resistance trendline of a symmetrical triangle pattern.

Since December 2024, the coin price has been resonating within the two converging trendlines of the triangle, driving a mid-term sideways trend.

The LTC price bounced twice from the pattern’s support trendline and thrice from the resistance trendline, indicating how strongly it influences the potential direction. Historically, a rejection from the upper boundary has triggered substantial corrections, often resulting in losses ranging between 41% and 51%.

If the selling pressure persists, the coin price could plunge over 13% to seek support at $105.7. 

LTC/USDT – 1d Chart

However, the daily exponential moving averages of 50 and 100 could potentially back the $105.7 support and shift the LTC price trajectory sideways. The consolidation could recuperate its bullish momentum for a triangle breakout, signaling a major change in its market dynamics.

Key highlights:

• The online performance-based marketing company, SharpLink, has recently accumulated another 18,680 ETH to boost its total holding to 498,711 ETH (worth approximately $1.81 billion).
• Another institutional address purchased 14,006 ETH ($50 million) from the exchange platform OSL.
• Since December 2021, the Ethereum price has witnessed a sideways action resonating within a symmetrical triangle pattern.

ETH, the native cryptocurrency of the Ethereum blockchain, witnessed a sharp rebound of over 10% in the last 48 hours to trade at $3,718. The sharp buying pressure can be attributed to active accumulation by high-net-worth investors and institutions, including SharpLink gaming. Amid the potential rebound, the Ethereum price is likely to re-challenge a multi-year resistance of a major sideways trend, signaling a potential shift in market trend. Is the $4,000 breakout close?

Institutional Investors Follow Buy-the-Dip 

Since last week, the Ethereum price has showcased a brief pullback from a $3,940 to $3,355 low, projecting a 14.84% drop. This downswing aligns with the broader market sell-off as investors’ sentiment shifted to a post-rally correction. 

However, the ETH price was quick to reclaim its lost ground as on-chain data highlights increasing accumulation from crypto-based corporate firms.

According to blockchain tracker Lookonchain, SharpLink Gaming received 18,680 ETH valued at $66.63 from Galaxy Digital through an over-the-counter (OTC) transaction.

Following MicroStrategy’s Bitcoin-centric mode, SharpLink Gaming significantly expanded its Ethereum holdings in early June. Currently, the firm holds a staggering 499,000 ETH at an average price of $3,064, which is estimated to be worth $1.8 billion and has an unrealized profit of $275 million.

Onchain Activity | Lookonchain

In addition, an institutional address has made a substantial purchase of $50 million worth of ETH through the crypto exchange platform OSL. 

According to a recent tweet from EmberCN, the transaction trail reveals that the address withdrew $50 million from Bitget early today and transferred it to OSL. Just 15 minutes before the post, the address received 14,006 ETH, suggesting a purchase price close to 3,570 ETH.

The transactions above highlight a growing trend of institutional entities actively accumulating ETH amid a price pullback. This “buy-the-dip” sentiment is often observed during a strong uptrend, reflecting the confidence of major players in the asset’s continued recovery.

Ethereum Price Stands at a Pivot Level of Triangle Resistance

The daily chart analysis of Ethereum reveals that the recent price correction occurred at the resistance trendline of a symmetrical triangle pattern. Since November 2021, the coin price has been resonating within the two converging trendlines of the pattern, showcasing a long-accumulation trend in action. 

The ETH price has bounced twice from the lower support and three times from the upper resistance, reinforcing the validity of the triangle pattern and its potential to shape the upcoming trend direction.

With an intraday gain of 5.14%, the top altcoin is likely to breach the immediate resistance of $3,725. If the buyers manage to reclaim this level, the price could re-challenge the triangle resistance at $3,900. A potential breakout from this barrier would signal a major change in market dynamics and bolster Ether for a new high above $4,868. 

ETH/USTD – 1d Chart

On the contrary, if the coin witnesses an overhead supply at $3,725, the price could form a lower high swing in the current recovery trend. If materialized, the sellers could force another correction push and aim for a $3,000 breakdown.

Also Read: What Does Historical Trend Say About Solana Price Target in August

Key Highlights:

• The crypto market witnessed a sudden sell-off as U.S. president Donald Trump said he ordered two nuclear submarines to be positioned in the “appropriate regions” amid the escalating tension with Russia.
• A 16% fall in futures open interest indicates the traders are reducing their open position in the derivative market. 
• A rising channel pattern in the daily chart drives the mid-term recovery uptrend in Solana price.

The Solana price plunged over 5.3% during Friday’s U.S. market hours to reach a current trading value of $164. The selling pressure aligns with a broader market sell-off as investors FUD surged amid escalating geopolitical tension between the United States and Russia. The downside pressure gains additional momentum as the derivative market highlights reduced speculative trading for this asset. A deep dive into Solana’s monthly return data shows August has been a challenging period for this asset, and therefore, the price could extend its current correction trend.

Solana Price Tumbles Amid US-Russia Tensions and August Weakness 

In the past two weeks, the Solana price showcased a V-top reversal from $206.3 to the current trading price of $163, accounting for a 21% decline. The selling price aligns with the broader market pullback as the investors’ FUD (fear, uncertainty, and doubt) surges amid the geopolitical tension between the United States and Russia.

As a result, the SOL futures open interest also reverted from $12.01 billion to $10.07 billion, projecting a 16.15% fall. The decline indicates that traders are closing their open positions in the futures market, likely due to the heightened market uncertainty and stop-loss trigger.

SOL Futures Open Interest | Coinglass

Following the sudden pullback in price, traders are getting cautious in the derivative market and are likely moving to the sidelines until broader trends reflect sustainability. 

In addition, Solana’ track record shows that August has repeatedly been a tough month for the asset to drive a sustainable recovery.

So far in 2025, the SOL price has plunged over 5% to currently trade at $164. This pullback follows the path of its recent previous years, like 2024, which recorded a -21.2% loss; 2023, with a -16.7% loss; and 2022, with a -25.8% fall.

However, two notable exceptions stand out—2021, when Solana surged nearly 200%, and 2020, which delivered an impressive 213.6% return, largely fueled by memecoin mania. 

Solana Monthly Returns | CryptoRank

While the ETF speculation and corporate adoption bolster the long-term trend for this asset, the traders must remain cautious in August, as the price could fall back to reassess its position and recuperate the exhausted bullish momentum for the next leap.

Also Read: Here’s Why Ethereum Price Correction Is Far From Over

SOL Price Drive Steady Uptrend with Channel

The daily chart analysis of Sonana price shows the current market pullback reveals a bear cycle within the formation of a channel pattern. Since April 2025, the coin has been steadily resonating within the two ascending trendlines of the channel pattern, offering a steady growth platform for buyers.

The altcoin bounced at least twice from the pattern’s either boundary, indicating the credibility of this structure to influence price movement. With the intraday fall, the coin price currently challenges the 200-day exponential moving average support at $164. 

If the price breaks below this support, the selling pressure would accelerate and push the altcoin another 8% to test the channel support around the $150 psychological level. Historically, the bottom trendline has acted as a strong accumulation zone for buyers, as the previous bullish reversal resulted in strong growth of 60-90%.

SOL/USDT -1d Chart

Until the pattern is intact, the Solana price could prolong its current bullish trend.

Also Read: Litecoin Price For Bullish Rebound as Network Hits 1M New Funded Addresses

Key Highlights:

• Earlier today, a whale wallet, 0xF436, had withdrawn 14,520 ETH for approximately $53 million from crypto exchanges, according to Lookonchain data.
• A double-top reversal pattern in Ethereum’s daily chart bolsters sellers for a potential breakdown below $3,500.
• On-chain analysis from Sentora highlights weak support levels at $3,116 and $2,698.

ETH, the native cryptocurrency of the Ethereum network, witnessed a sharp sell-off of over 4% during Friday’s U.S. market hours. The selling pressure in the crypto market has been gradually accelerating since last week as the broader market trend enters a post-rally pullback. As the on-chain data highlights weak support levels defending the Ethereum price, the current correction could extend to $2,500. Despite the bearish outlook, the crypto whales are actively accumulating ETH, signaling a strong buy-the-dip sentiment for a potential rally.

Ethereum Price To Face Thin Support Zones Below $3,500

In the last 5 days, the Ethereum price witnessed a sharp downfall from $3,942 to the current trading price of $3,535, registering a 10% loss. This downturn showed no signs of easing today, with over 192,994 traders liquidated across the broader market, pushing total liquidations to a staggering $864.89 million.

If the selling pressure persists, the ETH price is likely to be a bearish breakdown from the psychological level of $3,500. If the breakdown unfolds, on-chain data indicates weak support levels for buyers before the price hits the $2,500 level.

According to Sentora’s In/Out the money metric, Ethereum’s nearest support post $3,500 breakdown wavers at $3,160, where approximately 13.87 million addresses hold 6.115 million ETH. Furthermore, at an average of $2,698, around 13.32 million addresses hold 10.41 million Ether coins. 

That said, the $2,436 support holds a substantial 17.42 million volume from 13.44 million addresses, indicating a mass group of buyers are setting at this level.

Global In/Out of the Money | Sentora

The relatively small concentration of Ethereum at higher levels suggests weak support zones above $2,436, increasing the likelihood of bearish or deeper corrections. With fewer tokens held at these levels, there is less incentive for a major crowd to defend them, signaling a higher chance for breakdown.

While the short-term correction may concern retail investors, high-net-worth investors are leveraging this opportunity to accumulate more ETH coins. According to blockchain tracker LookOnChain, a whale wallet 0xF436 has withdrawn 14520 ETH (worth approximately $53 million) from crypto exchanges in the past 9 hours of reporting. 

Whale Acivity | Lookonchain

Additionally, this same whale bought 38,606 ETH worth 148.45 million for SharpLink Gaming in the last five days.

Historically, such active accumulation during price pullback has bolstered the price to hold crucial support and revert to a higher rally.

Double-Top Sets ETH For Major Breakdown 

The daily chart analysis of Ethereum price shows the recent correction has developed into a bearish reversal pattern called ‘Double Top.’ The chart setup displays a simple M-letter structure indicating the overhead supply in the market and a potential price breakdown from the neckline support.

Against the ETH’s last higher formation in price, the momentum indicators show a clearly lower high formation, accentuating the mounting selling pressure in the market.

Thus, a breakdown below $3,500 support will accelerate the bearish momentum and push the ETH price 7.5% down to the 38.2 Fibonacci retracement level at $3,250.

ETH/USDT -1d Chart

If this support fails to hold, the next best defense for Ethereum buyers lies at the 50% retracement level at the $3,000 psychological level.

Also Read: Litecoin Price For Bullish Rebound as Network Hits 1M New Funded Addresses

Key Highlights:

• The Litecoin network has seen a surge in user activity and adoption, with over one million new funded addresses added in the past 18 months.
• A bull-flag pattern drives the current correction trend in LTC.
• The buyers seek pullback support from the fast-moving exponential moving average of 20.
• The formation of the symmetrical triangle pattern drives the mid-term sideways trend in price.

On Thursday, July 18th, the decentralized peer-to-peer cryptocurrency Litecoin slid 2.3% to reach $107.7. The selling pressure aligns with the broader market pullback, signaling the continued prevailing correction. However, the recent on-chain data shows a steady growth in the number of LTC addresses with balances, indicating an increase in the user base and adoption. Will the fundamental support the Litecoin price for a $120 breakout?

LTC Adoption Surges as One Million New Funded Addresses Added

Over the past six weeks, the Litecoin price showcased a parabolic rally from $76 to a recent high of $122.29, registering a 60% growth. A primary catalyst behind this rally was the regulatory development in the United States, but the LTC price gained additional momentum from the increasing number of addresses on its networks.

According to analytics platform Sentora, over one million new funded addresses have entered the Litecoin network in the past 18 months. This milestone reflects a growing base of retail and institutional engagement with LTC as a long-term store of value.

Total Addreses | Sentora

If the trend continues, the coin price could witness organic growth and drive a steady uptrend in the long term.

Flag Pattern Hints Potential Breakout From Price Correction

Over a week, the Litecoin price showcased a brief correction from a $122.3 high to the current trading price of $108.23, registering an 11.5% loss. Interestingly, the pullback resonated strictly within two downsloping trends, which reveals the formation of a bullish continuation pattern called ‘Flag.’

The chart setup is characterized by a steep ascending trendline as a pole, denoting the dominant trend in the market, followed by a short pullback to recuperate the bullish momentum. 

According to Coingecko data, the asset shows a market cap of $8.16 billion and a 24-hour trading volume of $676.15 million. With today’s price drop, the coin signals a bear cycle within the flag channel, which could lead to a 3.5% drop to test the bottom trendline at $104.3.

The momentum indicator RSI below 50% accentuates a bearish sentiment shift in the short-term trend. Until the coin price consolidation within this structure, the current consolidation could prolong to deeper levels. 

LTC/USDT -4hr Chart

Thus, a potential breakout from the pattern’s resistance trendline will intensify the buying pressure and drive a potential 15% surge to hit $126.

Triangle Pattern Drives Sideways Trend in Litecoin Price

The daily chart analysis reveals the coin price has been resonating within two converging trendlines over the past 8 months, indicating the formation of a symmetrical triangle pattern.

The altcoin bounced at least twice from both these trendlines, validating its credibility to influence the price trajectory.

If the aforementioned Flag breakout materializes, the LTC press could retest the upper boundary of a triangle structure. Historical data shows a retest of the pattern’s resistance trendline accelerated the market selling pressure and drove a price correction of 41% to 51%.

LTC/USDT -1d Chart

On the contrary, the LTC price is still positioned above the crucial daily EMAs (20, 50, 100, and 200), indicating the broader market sentiment is bullish. Thus, a potential breakup from the pattern’s resistance trendline will signal a major change in market dynamics and set the price for a $150 breakout.

Also Read: Cardano Witnessing an Increase in Purchases From Institutional Players and Whales