---
title: "Litecoin sees higher whale activity: Santiment"
url: https://diffcoin.com/litecoin-sees-higher-whale-activity-santiment/
description: "Litecoin price has remained in a consolidation phase as signs show that whales are accumulating the token"
published: 2024-09-07
updated: 2024-09-07
author: "Mila"
site: "Diffcoin"
---

# Litecoin sees higher whale activity: Santiment

Litecoin, a peer-to-peer cryptocurrency, remained in a consolidation phase as open interest in the futures market remained muted and as whale activity rose.

## LTC whale activity increases

Litecoin (LTC), created by former Google engineer Charlie Lee, was trading at $64, where it has been stuck at in the past two weeks. This price is about 27% above its lowest point in August and down by 44% from its highest point this year.

The price action correlates with Bitcoin (BTC), which jumped to a record high of $73,800 in March, dropped to $49,000 in August and was trading at $54,000.

According to Santiment, Litecoin has seen a significant increase in whale-buying activity in the past few weeks, a sign that some of them are buying the dip. Santiment has also observed a big increase in the number of social media mentions.

> ⚡️ Litecoin is seeing a consistently higher level of whale activity than usual since late August. On top of this, the level of discussions toward the 19th ranked market cap OG asset has erupted in a big way. Whether or not you are a fan of LTC, this is worth keeping an eye on. [pic.twitter.com/qmxUu2dxBI](https://t.co/qmxUu2dxBI)
> 
> — Santiment (@santimentfeed) [September 7, 2024](https://twitter.com/santimentfeed/status/1832220346956836931?ref_src=twsrc%5Etfw)

However, more Santiment data shows that daily active addresses have retreated sharply in the past few months.

Litecoin had over 327,000 active addresses on Friday, Sep.6, down from 801,000 in June.

![Litecoin daily active addresses](https://crypto.news/app/uploads/2024/09/Litecoin-addresses.jpeg)

Litecoin daily active addresses | Source: Santiment

The other big issue is that Litecoin’s futures open interest has been muted in the past few months. Interest in the futures market stood at over $243 million on Sat. Sep 7, down from the year-to-date high of over $708 million.

Futures open interest is an important metric in the financial market because it shows the outstanding contracts that are yet to be filled. In most cases, a higher open interest is a sign that a coin has more demand among investors.

Meanwhile, Litecoin’s funding rate has retreated from 0.078% earlier this week to 0.0016%. A positive funding rate means holders pay a fee to short position holders. With the funding rate nearing the negative zone, there is a risk that it may continue falling.

## Litecoin below this key resistance level

![Litecoin price](https://crypto.news/app/uploads/2024/09/Litecoin-Price.png)

Litecoin price chart | Source: TradingView

Technically, there are signs that Litecoin is below the descending trendline that connects the highest swings since May 20. It has also remained below the 50-day moving average, pointing to further downside.

If this happens, Litecoin — one of the biggest proof-to-work coins — may drop to the next key support level at $60, its lowest swing on Jan. 3.

A break below that support level will point to a drop to the next key support at $50, its lowest point in August. However, a volume-supported move above the descending trendline will point to more gains.

[Source link](https://crypto.news/litecoin-sees-higher-whale-activity-santiment/)