Litecoin has distinguished itself as the standout performer in the cryptocurrency market, recording a 10% increase over the past 24 hours despite broader declining market trends.

This notable price movement coincides with heightened accumulation by large-scale investors, commonly referred to as "whales," who have incrementally bolstered their positions throughout the past week. Such activity indicates a growing bullish sentiment, suggesting potential sustained upward movement for Litecoin.

Analysis of on-chain data shows a significant surge—up 103%—in the netflow of Litecoin's large holders over the last week, as reported by IntoTheBlock.

Large holders are defined as addresses holding more than 0.1% of the circulating supply of the asset. Netflow reflects the balance of coins acquired versus sold by these investors within a given timeframe. A spike in large holder netflow signals increased holdings by whale addresses, a bullish indicator likely to propel price gains as these substantial investors forecast the asset's potential growth.

This pattern often encourages retail investors, who interpret elevated whale activity as a sign of confidence in the asset, thereby driving additional demand and contributing to a self-reinforcing cycle that can further elevate Litecoin's price.

Additionally, the Relative Strength Index (RSI) for Litecoin also underscores heightened demand. Presently at 54.08 and increasing, the RSI confirms modest bullish momentum.

The RSI measures an asset's market conditions, identifying levels that are overbought or oversold on a scale from 0 to 100. Readings over 70 suggest overbought conditions primed for a price correction, whereas readings below 30 suggest oversold conditions ripe for upward reversal. With a mid-range RSI trending upwards, Litecoin exhibits a moderate bullish trend with potential for continued price increases.

For the first time in eight days, Litecoin's Elder-Ray Index has turned positive, reflecting a market shift towards bullish momentum with the current index at 4.26.

The Elder-Ray Index assesses the balance between buying and selling pressures in the market. A positive value indicates that buying pressure dominates, which typically suggests ongoing upward price trends. Should these conditions persist, Litecoin's price might surpass $120, potentially reaching $124.03.

However, profit-taking could reverse these gains, potentially reducing Litecoin's price to $109.81.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.