Litecoin (LTC) recently surged past $100 but quickly corrected back to $95.

Over 351,000 frustrated investors bought LTC between $94 and $101.

Despite setbacks, long-term holders remain confident, with recent trends showing a shift of nearly 2 million LTC to mid-term holders.

Litecoin (LTC), often referred to as the silver to Bitcoin’s gold, has recently experienced a significant price surge, rising from $68 to briefly crossing the $100 mark. However, this milestone was short-lived, as the cryptocurrency quickly corrected, bringing LTC back down to $95. As investors closely monitor the market, the question remains: Can Litecoin climb back up and sustain its position above $100?

The recent price fluctuations have left nearly 351,000 Litecoin investors frustrated, as they have been waiting for LTC to cross the $100 threshold for nearly ten months.

These investors purchased their LTC when the cryptocurrency was trading between $94 and $101, and the recent decline has reset their losses. Approximately 3.96 million LTC, worth nearly $400 million, is currently stuck in limbo due to Litecoin’s unstable price.

Investor Conviction and Litecoin Holding Patterns 

Despite the setbacks, Litecoin investors are demonstrating strong conviction and a willingness to await profitable opportunities during this bull run. Long-term holders, also referred to as Hodlers, have been holding their assets for more than a year and control the majority of the LTC supply. This indicates a level of confidence in Litecoin’s long-term potential.

Interestingly, there has been a notable supply transfer from short-term holders (traders) to mid-term holders (cruisers) in the last three days. Cruisers tend to hold their LTC for between one month and a year, suggesting they are less likely to sell immediately. Nearly 2 million LTC, worth $190 million, have moved into the wallets of cruisers, signaling a positive development for Litecoin’s price stability.

If the previously discussed investor behavior and market conditions influence Litecoin’s price movement, LTC could potentially recover from its present price of $94. A recovery would likely initiate a price increase, and surpassing the $104 level would render the $400 million supply profitable for investors who acquired LTC within the $94 to $101 range.

Converting the $100 level into a support floor could establish a robust base for Litecoin’s continued development. However, an unsuccessful breach or profit-taking by investors might cause the altcoin to retrace. Losing the $96 level would potentially reignite bearish sentiment, and a decline to $90 would negate the bullish outlook.

Saga phones are selling like hotcakes, with one phone selling on eBay for a staggering $5000, as the hype around the BONK token continues to fuel sales of the device. 

Sales numbers of the Saga phone have picked up, with the current “floor” price of the phone hovering around the $2000 mark. 

Saga Phone Selling For Record Prices

Solana’s Saga phones had disappointing sales numbers when they went up on sale. However, according to data from sites like eBay, the devices are selling out fast. The Saga phones are reportedly selling for a price of $2000. However, some Saga phones have sold for even more. Data from eBay has shown that two Saga phones reportedly sold for $5000, while another device sold for a price of $3361. These numbers are from sellers with devices in hand, while several other sellers are waiting for the phone to ship. 

The recent interest in the devices is linked to the surging price of the BONK token. Each Saga phone comes with 30 million BONK tokens, which are currently worth far more than the Saga phone’s $599 price tag. Sensing an arbitrage opportunity, traders have begun scooping up the Saga phone, leading to the device’s demand skyrocketing. With demand rising, the Web3 phone is selling for nearly 10 times its original price on secondary markets such as eBay. 

BONK’s Astonishing Surge 

The BONK token saw an unprecedented surge after it was listed on several major cryptocurrency exchanges. The price increase began when Coinbase announced it was listing the meme token. However, the price took off after Binance announced it was also listing the token, generating considerable excitement among token holders. Binance stated, 

“Binance will list Bonk (BONK) and open trading for these spot trading pairs at 2023-12-15 08:00 (UTC). In addition, Binance will add BONK as a new borrowable asset with this new margin pair on an Isolated Margin within 48 hours from 2023-12-15 08:00 (UTC).”

As a result, sales of Solana’s Saga phone, which came with an airdrop of the BONK token, began gathering steam, with the co-founder of Solana, Raj Gokal, stating, 

“Just so everyone is aware, @solanamobile saga sales have > 10x’d in the past 48 hours and are now on track to sell out before the new year.”

Other Benefits 

Solana’s Saga phone also comes with several other benefits besides the 30 million BONK tokens. These include free access to Helium mobile for a month, along with a free toy. Additionally, apps on Saga’s dApp store will also reward Saga phone users with special benefits and rewards.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.