Amid a strong bounce in the altcoin market, Litecoin price has made good gains surging 7% in the last 24 hours and moving to $111. Technical chart patterns suggest that LTC could be gearing for a mega rally to $500 within the next six months and by mid-2025. Additionally, strong network activity can catalyze further LTC gains from here.

Litecoin Price Eyeing Mega Rally to $500

Reiterating his bullish stand, popular crypto analyst Crypto Patel stated that the Litecoin price could be staring at a target of $500. He said that a year back when LTC was trading in the $50-$60 range, investors were still skeptical, however, he continues to believe in the long-term potential of the altcoin.

“Many laughed when I shared these entries, but I’m still holding from $50-$60,” he stated. Patel has outlined interim targets at $296 and $387, with $500 as the ultimate milestone. As per the chart below, LTC could attain these milestones by mid-2025.

Source: Crypto Patel

The crypto has shown strong performance recently, gaining momentum amid broader market optimism, and analysts continue to watch for further price advances. A large part of the Litecoin price rally has come following Donald Trump’s election victory in November after which the altcoin market staged strong recovery. With analysts expecting the altcoin market cap to reach $7 trillion in 2025, LTC could be heading for massive gains as well.

LTC price today added 6.83% and traded at $111.82 with a market cap of $8.42 billion. Its daily trading volume jumped 12% to $683 million at the same time. As per Coinglass data, the Litecoin Futures Open Interest rose 12% to $477 million while 24 hour liquidation has shot up to $1.52 million.

Rising LTC Network Growth and Use Engagement

The Litecoin price increase comes along with a strong boost in its network growth throughout 2024. In a major milestone, the LTC network saw 100% uptime for the first time since 2011.

Besides, Litecoin averaged 401,000 daily active addresses in 2024, reflecting an increase from 366,000 in 2023. Notably, the peak activity occurred in January, with 1.37 million active addresses recorded on a single day.

On the other hand, LTC is among the leading contenders for an exchange-traded fund (ETF) launch in 2025. Notably, Donald Trump’s election win and the incoming crypto-friendly SEC Chair’s appointment have fueled speculation over several other crypto ETFs launch in 2025. If approved, it could escalate institutional participation for the altcoin this year.

The post Litecoin Price Gearing For 5x Rally By Mid-2025, Here’s Why appeared first on CoinGape.

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Filed under: News - @ January 4, 2025 9:17 am