Since July 13, Litecoin has been on a strong bullish rally with the price climbing steadily past a crucial resistance zone. The coin is now trading above $120, a key level that LTC traders have been eyeing. While the recent rally aligns with the broader crypto market rally which has altcoins like Ethereum and XRP skyrocketing, it highlights Litecoin’s immense potential. 

Litecoin’s dramatic price surge has attracted several predictions. With the altcoin seemingly incoming, some analysts eye the LTC rally to continue. But what really lies ahead for Litecoin? 

LTC Rallies Over 19% Amid Growing Institutional Interest 

According to data by CoinMarketCap, Litecoin (LTC) is currently changing hands at $121.23 marking a 19.29% surge on the day. On the weekly timeframe, the coin is up by over 25% and over 46% on the monthly timeframe. The current price level marks a 4-month high, further confirming the bullish momentum. 

Besides the price, the trading volume of LTC has also surged on the day. As of this writing, Litecoin has recorded a 151.73% surge on the trading volume which currently sits at $2.22 billion. This surge in trading volume depicts heightened market activity over the last 24 hours. 

Additionally, the market cap has also surged to $9.22 billion in tandem with the price. But nonetheless, LTC continues to maintain position 18 based on coin ranking by market cap. 

Litecoin’s rally is majorly fueled by increase in institutional demand around the coin. On Friday July 18, MEI Pharma – a pharmaceutical company – announced its investment of up to $100M for the launch of a private Litecoin treasury. As reported by Crypto Miners, the move marks the first instance for a Litecoin treasury by a public traded firm. 

“@MEI_Pharma $MEIP has secured a $100 million private placement led by @GSR_io, marking the first institutional @Litecoin treasury strategy by a publicly traded company,” Crypto Miners wrote last Friday. 

Following the announcement, the company’s stock under the ticker ‘MEIP’ surged by over 30% indicating a positive take by investors. The move also improved investor interest for LTC, thus leading to the recent rally. 

Litecoin Tops in Transaction Count Over the Last 6 Months

Litecoin network has also topped in transaction count over the last half a year. According to a post by Bitcoin and Litecoin enthusiast Aldo, the network outgrew other networks including Bitcoin and Ethereum in transaction count over the last 6 months. 

Additionally, the network hit an all-time high in terms of hashrate, adoption and real-world use payments, as per Aldo. This shows that Litecoin is growing thus potentially contributing partially to the recent price surge. 

“Behind the scenes, Litecoin has silently just kept on working. It quietly hit all-time highs in hashrate, usage, and real-world payments,” he wrote. 

What’s Next for Litecoin? Analysts Predict 

Crypto analyst Tony “The Bull” is bullish on the price of LTC. In a recent post on X, The Bull believes that Litecoin is breaking out of a multi-year symmetrical triangle. The coin has been moving within a contracting triangle since 2020. 

However, the recent rally past $120, pushes above the upper trendline which has been acting as a tough resistance for LTC. Based on this, the coin could regain bullish momentum. 

Crypto analyst “xb” further supports the bullish outlook for Litecoin. In his analysis, xb eyes $125 as the key level to break. According to him, a breach of this level could send LTC towards $200+. If this happens, Litecoin will confirm a long-term bullish trend. 

“A weekly close above $125 would flip structure and open up continuation toward $200+, reclaiming long-term trend momentum,” xb predicted. 

Despite the bullish outlook, LTC could face a correction. Failure to hold the current price level could create lack of conviction amongst investors thus triggering a massive sell off. Investors and traders must thus remain cautious as the market could shift real quick.