• The Bitcoin price teases a bearish breakdown from the support trendline of a rising wedge pattern.
• Data from CryptoQuant shows a major transfer of 31,968 BTC (worth over $3.78 billion) from long-term holders, sparking a risk of potential sell-side pressure.
• The macroeconomics data accentuate inflationary pressure on the U.S. market, reducing the possibility of an interest rate cut in September.
• Bitcoin’s fear and greed index at 60% reflects that the broader market sentiment is still bullish.

The pioneer cryptocurrency, Bitcoin, takes another dive of 1.15% during the U.S. market hours to trade at the $116,142 mark. The increasing selling pressure can be attributed to dampened investor sentiment regarding the decreasing likelihood of a September interest rate cut. The bearish momentum has further accelerated with the recent movement of dormant Bitcoin, increasing the risk of a potential sell-off. The falling coin price also breached the support trendline of a key reversal pattern. Will the BTC price break below $110?

Bitcoin Price Drops as Dormant $3.78B BTC Moves On-Chain

In the last five days, the Bitcoin price showed a notable pullback from $124,500 to the current trading value of $116,225, projecting a 6.62% loss. A major portion of this pullback came last Thursday as hotter-than-expected U.S. July PPI data had dampened investors’ optimism for a potential interest rate cut in September.

The selling pressure also gained momentum as a substantial amount of dormant BTC was moved. In a recent post from CryptoQuant analyst Maartunn highlighted that approximately 31,968 BTC (worth over $3.78 billion) aged between three and five years were suddenly moved on-chain. 

Data from past cycles show such a spike has often coincided with pivotal market movement. 

• 24 Jan 2024—33,803 BTC transfer aligned with market bottom.
• 23 Mar 2024—95,090 BTC movement was followed by a local top.
• 22 Jun 2024—43,641 BTC exited dormancy, adding extra selling pressure in a drawdown.
• 30 Jul 2024—29,994 BTC transfer coincided with a local top.
• 24 Dec 2024—23,012 BTC moved; also came across a local top.

Typically, the long-term holders are considered “smart money,” who often accumulate in bear phases or at a discounted price and distribute them at a high price in bull runs. If the aforementioned 31,968 BTC are moved to exchanges, a risk of potential selling could bolster the current market pullback.

Also Read: Will Ethereum Price Recovery Surpass the $5,000 Barrier?

Bitcoin Price Faces Prolonged Pullback Amid Wedge Pattern Breakdown 

With the intraday sell-off, the Bitcoin price teases a bearish breakdown from the support trendline of a rising wedge pattern. Since March 2025, the coin price has been actively resonating between the two converging trendlines of this reversal pattern, driving a sustained recovery. 

So far, the coin price has bounced thrice from the upper trendlines and the same with the lower trendline, validating the pattern’s credibility to influence price movement. Historically, a bearish breakdown below the pattern support trendline has triggered a major correction in financial assets. 

The momentum indicator RSI dropping below the 50% mark also reflects a shift in market sentiment towards a bearish outlook. If the daily candle closes below the bottom trendline, the sellers could hold the breached level as potential resistance to extend the current correction.

The post-breakdown fall could push the Bitcoin price below the $112,000 support and hit the $105,280 floor, accounting for a potential 9.5% loss.

BTC/USDT- 1d Chart

On the contrary note, if the sellers failed to sustain this breakdown, it could push the price back within the channel pattern. 

Also Read: Solana Price Faces 12% Fall as SEC Delays Decision on Bitwise Spot SOL ETF

•  A rising wedge pattern supports the mid-term uptrend in Solana price.
• The U.S. delays its decision on the Bitwise spot SOL ETF to assess whether the proposed rule change meets the requirements of the Securities Exchange Act.
• A bullish crossover between the 100-and-200-EMA slopes flashes as a bullish signal for SOL’s long-term trend.

SOL, the native cryptocurrency of the Solana network, plunged over 6.3% during Thursday’s market session to trade at $188.4. The sudden sell-off aligns with Bitcoin’s dips below $120,000 amid the macroeconomic conditions in the U.S. market. However, the Solana price faces additional bearish momentum as the Securities and Exchange Commission (SEC) has delayed its decision on the Bitwise spot Solana (SOL) ETF. Will this altcoin dive into a deeper correction below the $180 floor?

U.S. SEC Delays Decision on Bitwise Solana ETF

On Thursday, August 14th, the crypto market witnessed a sudden sell-off amid the regulatory and macroeconomic developments in the United States. As a result, the Bitcoin price dives below $118,000, and the majority of major altcoins, including Solana, face similar momentum.

However, the Solana price faces additional pressure as the U.S. SEC has delayed its decision on the Bitwise spot SOL ETF. Bitwise submitted this ETF in January 2025 via the BZX Exchange and aims to provide investors with regulated exposure to Solana price movement.

The news has likely demotivated SOL investors, as many were expecting an approval soon, especially as the spot Bitcoin and Ethereum ETFs are gaining strong popularity, attracting a massive flow of funds in this market.

This delay will allow the SEC some more time to assess the application and decide if the proposed rule change meets the requirements of the Securities Exchange Act. The decision also highlights the SEC’s cautious stance on crypto-related ETFs beyond Bitcoin and Ethereum, as even other altcoin applications are facing delays.

Despite regulatory challenges, some analysts believe that the SOL ETF remains among the top candidates to eventually get its approval in the U.S. in 2025

Once approved, the spot SOL ETF would boost Solana’s mainstream adoption and market liquidity, subsequently pushing its coin price for a higher rally.

Solana Price to Drive Prolonged Correction With Wedge Pattern

Following the intraday sell-off, the Solana price currently trades at $190.7 and maintains its current market cap at $103 billion. Interestingly, this reversal occurred precisely at the resistance trendline of a rising wedge pattern of the daily chart. 

Since late February 2025, the SOL coin price has been actively resonating within the patterns of converging trendlines, driving a slow yet steady recovery. So far, the price has bounced thrice from the upper boundary and twice from the bottom trendline, indicating how strongly this structure influences its potential trend movement.

The past performance within the wedge indicates a bearish reversal from the resistance trendline had plunged the coin value in a range from 24% to 47%. Currently, this altcoin stands just 2% short of challenging a key horizontal support of $187.7. A bearish breakdown below this support will accelerate the selling pressure and drive the price another 12.5% down to retest the bottom trendline around the $162 floor.

Until the pattern is intact, the Solana price could maintain its midterm bullish trend.

SOL/USDT -1d Chart

That said, the 100-day exponential moving average has recently crossed above the 200-day EMA slope, accentuating the bullish market sentiment. Therefore, if the coin price holds above the $187.7 mark, it could drive a short sideways trend, regaining its bullish momentum for the wedge pattern breakout.

Also Read: Will Ethereum Price Recovery Surpass the $5,000 Barrier?

• The Ethereum price breaks out from a triangle pattern, signaling a 45-month accumulation zone.
• The current market momentum increases ETH’s price potential to challenge the all-time high resistance of $4,868.
• ETH futures open interest hits a new high of $35.5 billion, suggesting that investors are positioning themselves for significant price movements.

The second-largest cryptocurrency by market capitalization, Ethereum, bounced another 3.2% during Wednesday’s U.S. market hours. The buying pressure today likely followed investors’ optimism towards a potential interest rate cut in September. The recovery momentum gained further traction as the asset recorded a steady outflow from exchanges amid a record high in open interest, signaling the increasing engagement of traders to bet on ETH’s future price. Is the Ethereum price ready for $5,000?

Ethereum Price Recovery Powered by a Flood of Bullish Signals 

In the last two weeks, the Ethereum price witnessed a strong rebound from $3,355 to $4,759, the current trading value, projecting a 41.8% jump. Subsequently, the asset market cap bounced to $572.36 billion.

The buying pressure gained momentum from aggressive inflows into the spot ETH ETFs, which recently hit a milestone of $1.01 billion in flows across all funds on Monday. The increase in institutional adoption, exchange outflow, and open interest is further reinforcing the bullish market sentiment.

In a recent post, crypto analyst burakkesmeci highlighted that over 1.2 million ETH exited crypto exchanges in just one month. This outflow, tracked through the SMA30 (30-day Simple Moving Average), is wavering in the negative region, indicating a continuous trend of ETH moving off exchanges. 

This indicates a high conviction from investors as their assets are moved to private or cold wallets, reducing the risk of them selling in the open market. As of August 12th, 2025, the SMA30 for Ethereum is at -40K ETH, meaning an average daily outflow of 40,000 ETH over the last month.

Ethereum’s Netflow SMA30 | CryptoQuant

Adding to the bullish note, the ETH futures open interest has recently climbed to a new high of $35.5 billion following the price rally. An increasing open interest suggests that traders are positioning themselves for a more substantial market shift, with many expecting the Ethereum price to surge higher.

If the trend continues, the OI jump could support the broader bullish sentiment in the market and bolster the continued recovery.

Furthermore, Ethereum’s options market signals a strong bullish bias as traders continue to pour money into calls, with premium consistency outperforming puts. For August 8th, approximately $82 was paid for a call option, indicating a growing demand for upside exposure. 

ETH: Option Premiums

This bullish tilt remained intact on August 11, with an additional $31.5 million in call premiums. The aggressive bets in call options overputs indicate that traders are anticipating a continued surge in the ETH price.

Ethereum Price Poised For A New High

On August 8th, the Ethereum price provided a decisive breakout from the resistance trendline of a symmetric triangle pattern. From November 2021 to the recent breakout, the coin price resonated within this pattern’s two converging trendlines to drive a long accumulation trend.

The post-breakout rally has now pushed the ETH price over 18% to trade at $4,745, inches from challenging the all-time high barrier of $4,868.

A potential breakout from this pattern would further accelerate the bullish momentum for a higher value, according to the traditional pivot levels. The ETH price could face its next significant resistance at $5,861, followed by $6,800. 

ETH/USDT – 1d Chart

These resistances could halt the anticipated recovery and drive short pullbacks for buyers to regain bullish momentum.

That said, if the triangle breakout holds true, the ongoing recovery should chase a high of $7,931.

Also Read: Cardano Price Eyes $1 Breakout Amid Bullish Patterns and LTH Accumulation

• The Dogecoin price faces a risk of prolonged correction to $0.157.
• The $0.211 level, backed by 50- and 100-day exponential moving averages, stands as a key support level for buyers.
• The formation of a rising channel pattern drives a slow yet steady recovery in DOGE price.
• The derivative market shows a steady bearish momentum in DOGE’s future open interest, which currently stands at $3.32 billion.

DOGE, the largest meme cryptocurrency by market cap, dives over 4.53% to trade at $0.22. The selling pressure aligned with the broader market as Bitcoin reverted just inches away before hitting a new high at $123,236, renewing correction sentiment in the market. As the asset class is more susceptible to fresh market changes due to its natural volatility, Dogecoin faces a major price pullback. The bearish momentum in DOGE could further accelerate as the derivative shows a continued downtrend in further open interests. 

Dogecoin Price Faces Downside Risk Amid Weak Futures Open Interest 

Over the past week, the Dogecoin price showed a sharp recovery from $0.188 to $0.246, registering a 31% growth. The buying pressure likely followed the broader market uptrend, as the majority of major cryptocurrencies showed renewed recovery after a brief correction.

As the support from the broader market weakens, this dog-themed price has witnessed an immediate reversal to its current trading value of $0.22. Simultaneously, Dogecoin’s market cap is pulled back to $33.68 billion.

Despite the price volatility, the DOGE futures open interest shows no major movement from its prevailing downtrend, currently standing at $3.32 billion. This declining or stagnant movement in OI data indicates that derivative traders are either exiting their positions or hesitating to enter new ones due to market volatility.

This lack of fresh capital inflow into derivatives markets could support continued correction in the DOGE price. 

DOGE Futures Open Interest | Coinglass

With the intraday sell-off, the coin price formed a notable lower high formation in the asset’s 4-hour time frame. This downswing indicates a bearish shift in market sentiment as investors follow a sell-the-bounce.

With sustained selling, the Dogecoin price could plunge another 6% to retest the combined support of the 50- and 200-day exponential moving average at $0.211. A bearish breakdown below this floor will accelerate the bearish momentum for a prolonged correction.

DOGE Price Drives a Steady Recovery Within Channel Pattern

The daily chart analysis of Dogecoin price shows the recent market correction as a bear cycle within the formation of a rising channel pattern. Since March 2025, the coin price has resonated actively within the two ascending trendlines of a channel, driving a slow yet steady recovery for buyers.

Within this confined range, the 50-and-200-day EMA acts as a midline pivot level for market participants. The potential breakdown will intensify the seller’s strength in the current momentum to drive another 25% fall to hit the bottom boundary at $0.155.

The bottom trendline has acted as a major accumulation zone for buyers to renew exhausted bullish momentum. Historically, a reversal from the lower trendline had renewed the recovery momentum in price and pushed a rally ranging for nearly 100%. 

The potential downfall could also seek support at $0.189 to slow down bearish momentum. However, until the pattern is intact, the Dogecoin price is susceptible to such high price swings, suggesting a lack of uncertainty from buyers or sellers.

DOGE/USDT – 1d Chart

On the contrary, if the coin price manages to hold $0.211, the buyers could challenge a breakout from the new emerging downsloping trendline to signal renewed buying recovery.

Also Read: Ethereum Price Exits 45-Month Pattern Amid Multi-Tiered Demand Surge

• 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.