Litecoin eyes $170 on whale surge

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Litecoin aims for $170 amid bullish breakout and whale accumulation

Key points:

• Litecoin’s price has rebounded from $104 to $116, breaking key resistance levels, with technical indicators signaling a potential surge to $170.

• Whale accumulation has surged by 103%, fueling bullish momentum, with on-chain data suggesting $124 as the next resistance level.

News - Litecoin (LTC) has defied market trends, rallying 10% over the past 24 hours as large investors increased their holdings. After dipping to $104 in early February, LTC has recovered swiftly, reclaiming the $110 level and pushing toward a breakout above its descending parallel channel.

Technical breakout in play - LTC has traded within a long-term descending parallel channel since reaching its yearly high of $147 in December 2024. Analysts suggest a breakout above the channel’s $125 resistance could confirm an end to its correction phase, setting the stage for a potential climb to $170.

Momentum indicators are turning bullish, with the RSI rising above 50 and the MACD crossing into positive territory. On-chain data also supports the uptrend, as LTC’s Elder-Ray Index has posted its first positive reading in over a week, reinforcing buying momentum.

Whale activity and market sentiment - Institutional and large holders have increased their LTC positions by 103% in the past week, signaling growing confidence. Historically, such spikes in whale netflow have preceded significant price rallies, as retail investors tend to follow suit.

LTC’s immediate resistance stands at $124, with a breakout potentially propelling it to $170 in the short term. However, if profit-taking emerges, Litecoin could retest support near $109 before continuing its uptrend.

What’s next? - If LTC maintains its bullish momentum and breaks past $125, analysts project a potential surge toward $170. However, sustained accumulation by whales and overall market sentiment will play a crucial role in Litecoin’s trajectory.

Ethereum faces double blow: Profits sink and fees drop below $1M

Key points:

• ETH plunged 18% in a month, reducing supply in profit to 64.19%, its lowest level since October 2024, while investor confidence continues to weaken.

• Ethereum’s daily transaction fees fell below $1 million for the first time since September 2024, reflecting lower on-chain activity and rising competition.

News - Ethereum (ETH) has struggled under selling pressure, losing 18% of its value over the past month and testing key support at $2,553. With only 64.19% of its circulating supply in profit—down from 83% in January—many ETH holders are seeing their portfolios turn red.

Investor sentiment has also taken a hit, with open interest in ETH futures dropping 31% since February, signaling reduced market participation. If the selling trend continues, ETH could decline further to $2,224. However, a reversal could push prices toward $2,811.

Ethereum fees sink as layer-2 adoption rises - Ethereum’s daily transaction fees fell to $731,472 on February 8, marking the first time in five months that revenue dipped below $1 million. The last time Ethereum saw fees this low was during a multi-week slump from August to September 2024.

The drop in fees reflects reduced network activity, partially due to the increasing adoption of layer-2 solutions, which shift transactions off the Ethereum mainnet. While this scaling strategy reduces congestion, it also lowers the fees collected by the Ethereum network.

Meanwhile, competitors like Tron and Solana have overtaken Ethereum in total fees generated over the past three months. Tron is solidifying its dominance in stablecoin transactions, while Solana is gaining traction as a DeFi and memecoin hub.

What’s next? - With ETH struggling to hold key support levels, investor sentiment remains fragile. A further breakdown could push ETH below $2,500, while renewed buying pressure—evidenced by recent accumulation of 330,705 ETH ($833M) in a single day—may provide a lifeline for a potential recovery.

Bitcoin stalls below $100K as fear grips investors

Key points:

• Bitcoin grapples to reclaim $100,000 as the Fear and Greed Index dips into the Fear zone, signaling weak investor confidence.

• Trade war concerns and heavy selling pressure keep BTC range-bound, with $95,869 acting as key support amid liquidation risks.

News - Bitcoin (BTC) continues to trade below the highly anticipated $100,000 mark, facing repeated rejections as investor sentiment weakens. The Fear and Greed Index has dipped into the Fear zone, marking only the second time since October 2023 that the market has shown such widespread caution.

Long-term holders have slowed accumulation, but new investors are stepping in, driving Bitcoin’s adoption rate to 44%. Historically, rising adoption from fresh entrants has been a precursor to long-term price appreciation.

Trade war uncertainty & Bitcoin’s tight range - BTC’s price action remains choppy due to macroeconomic concerns, including the recent U.S. tariffs on steel and aluminum, which have reignited trade war fears. These tensions could lead to higher inflation and potential Federal Reserve rate hikes, making riskier assets like Bitcoin less attractive in the short term.

Technical indicators show that Bitcoin is stuck between two major levels—the 50-day SMA at $99,709 acting as resistance, and the 100-day SMA at $95,825 providing support. Until BTC flips the $100K barrier into support, upward momentum may remain weak.

What’s next?

• A break below $93,000 could trigger $1.7 billion in liquidations, leading to further downside.

• If Bitcoin reclaims $100,000, it could ignite a rally toward higher price targets.

• Investors are watching Trump’s upcoming talks with China’s President Xi Jinping, which could impact market sentiment and Bitcoin’s trajectory.

For now, Bitcoin’s fate hinges on holding support above $95K while awaiting a catalyst for the next big move.

Solana sees $16M inflow: Can bulls defend $200?

Key points:

• Solana’s first major inflow in 10 days reflects renewed investor confidence, with $16 million entering the spot market.

• $200 remains a key battleground—holding above it could trigger a rally toward $258, while failure may lead to a deeper correction.

News - Solana (SOL) has struggled in February, shedding nearly 20% since reaching $252 in January. However, a fresh wave of buying interest has emerged, with Solana recording $16 million in spot inflows—a sign that investors are accumulating at current levels.

Bullish momentum builds amid accumulation - According to Coinglass data, spot inflows often indicate growing confidence in an asset, as investors choose to purchase at market price rather than waiting for further dips. This is further reinforced by Solana’s Balance of Power (BoP) indicator at 0.23, showing that buyers are gaining control over sellers.

Meanwhile, memecoins on Solana, including TRUMP and MELANIA tokens, have contributed to the network’s growing adoption, fueling demand for SOL.

Key levels to watch: Breakout or breakdown? - Solana is currently testing critical support at $200, aligning with the lower boundary of its ascending parallel channel. Holding this level could confirm a bullish reversal and push SOL toward $258 in the short term.

However, a bearish breakdown could trigger a 25% drop, with key support levels at $180, $145, and $113. Selling pressure from large holders, such as PumpFun’s $27 million SOL transfers, adds to downside risks.

What’s next?

• A strong close above $200 could solidify bullish momentum, attracting further inflows.

• If rejection at $220 continues, SOL may struggle, with downside targets at $145 and $113.

• Grayscale’s Solana ETF filing, recently acknowledged by the SEC, could boost long-term institutional interest.

For now, Solana’s fate hinges on whether buyers can maintain control or if selling pressure forces a deeper retracement.

More stories from the crypto ecosystem

• Solana’s make-or-break moment: Why $190, $199 matter for SOL

• Altcoins set to surge 92% – Is Bitcoin’s dominance over?

• Here’s how Pump.fun memecoins could catalyze a delayed altcoin season?

• Bitcoin: Assessing impact of Trump’s 25% tariffs on BTC prices

• Bitcoin’s Leverage Ratio drops: Here’s what traders should look out for

Did you know?

• US endowments embrace cryptocurrency investments – By 2024, several prominent U.S. university endowments and foundations, including the University of Austin and the Rockefeller Foundation, began incorporating cryptocurrencies like Bitcoin into their investment portfolios. This trend reflects a growing acceptance of digital assets in traditional financial circles. 

• Bitcoin's $100,000 milestone – In late 2024, Bitcoin's price exceeded $100,000 for the first time, marking a significant achievement in the cryptocurrency's history. This surge was influenced by increased institutional adoption and favorable regulatory developments. 

• Do Kwon's extradition to the U.S. – Terraform Labs founder Do Kwon was extradited to the U.S. on December 31, 2024, after serving a prison sentence in Montenegro for passport fraud. He pleaded not guilty to fraud charges related to the $40 billion Terra-LUNA collapse and is currently awaiting trial in New York.

Top 3 coins of the day

Litecoin (LTC)

Key points:

• Litecoin was trading at $117 at press time, reflecting a significant 10.03% increase in the last 24 hours.

• The price bounced back from the lower Bollinger Band, suggesting renewed buying interest.

What you should know:

Litecoin's price experienced a strong surge, climbing above the $110 mark after a period of consolidation. The bounce from the lower Bollinger Band signified heightened market activity and buying pressure. The MACD indicator showed a narrowing bearish histogram, hinting at a potential bullish crossover if the momentum persists. Volume spikes accompanied this upward movement, reinforcing the strength of the recent rally. However, the price faced resistance near the mid-line of the Bollinger Bands at $118. Breaking above this level could open the doors for further gains, with the upper Bollinger Band at $129 acting as the next resistance zone to watch. On the downside, the $110 level now serves as a critical support zone. A breach below this level could indicate a retracement toward $100. Traders are advised to monitor the MACD for confirmation of sustained bullish momentum and observe the Bollinger Bands for possible overbought conditions.

Solana (SOL)

Key points:

• At press time, Solana was trading at $204, reflecting a 2.04% increase over the last 24 hours.

• It remained within a recovery phase after bouncing off the lower Bollinger Band.

What you should know:

Solana exhibited a moderate upward move as it climbed to $204, marking a recovery after a brief dip below $190. The price recently rebounded from the lower Bollinger Band, indicating a potential shift in market sentiment towards bullishness. The Bollinger Bands, which were previously expanding, began to converge slightly, suggesting reduced volatility. Moreover, the RSI hovered near 45.21, remaining in the neutral zone but leaning closer to the oversold boundary. This indicated that the bearish momentum may have been losing steam, though it had not yet transitioned into strong bullish territory. Traders monitoring the RSI could look for signs of a breakout above 50 to confirm increased buying pressure. Volume levels were subdued compared to the recent price spikes, which might reflect cautious participation in the market. If SOL manages to break above the $210 resistance, it could pave the way for a test of the next critical zone at $222, which coincides with the mid-line of the Bollinger Bands. However, a failure to sustain the current momentum could result in the price revisiting the support at $190, with a potential dip toward $177 if bearish pressure intensifies. Market participants should closely monitor the RSI and the behavior around the Bollinger Bands for clearer directional cues.

DeXe (DEXE)

Key points:

• At press time, DeXe was trading at $19.50, reflecting a marginal decrease of 0.34% over the last 24 hours.

• It was among the cryptocurrencies experiencing relatively low trading volume, suggesting cautious market sentiment.

What you should know:

DeXe's price faced downward pressure over the past 24 hours, retreating from its previous high of $19.85. The SMA (9) indicator at $20.67 highlighted a key resistance level that the price struggled to surpass, signaling bearish momentum. The Awesome Oscillator displayed weakening bullish momentum as the histogram bars turned shorter and red, reinforcing a possible shift toward bearish conditions. Volume remained subdued compared to the peak levels observed in late December 2024, hinting at reduced market activity. A decline in volume often correlates with indecisive price action, which was evident as DEXE hovered near its support level of $19.00. The next support zone lies around $18.50, a critical level for bulls to defend to prevent further declines. A break below this could pave the way for a retest of $17.00. Conversely, reclaiming $20.00 and flipping the SMA (9) into support could re-establish bullish momentum, potentially targeting $22.00 in the near term. Market participants are advised to monitor the Awesome Oscillator for signs of a potential trend reversal and keep an eye on the $18.50 support zone for trading opportunities.