Litecoin ETF decision delayed! Whales surge, can LTC explode?

On May 5th, the price of Litecoin (LTC) rapidly rose by 5%, reaching $88.65, attracting market attention. Investors are eagerly watching the U.S. Securities and Exchange Commission's (SEC) approval of the spot Litecoin ETF proposed by Canary Capital. However, the regulatory decision was unexpectedly postponed, causing market fluctuations.

ETF pending, market sentiment tense

Canary Capital's Litecoin ETF proposal has long been a hot topic in the crypto market. Data shows that LTC's daily trading volume surged by 56%, surpassing $410 million, indicating investors' high expectations for the ETF approval. Analysts believe that once approved, LTC will become a mainstream investment tool, significantly lowering the barrier to entry and attracting more institutional funds.

However, the SEC unexpectedly delayed the final decision, opting to seek public opinion. Market sentiment instantly tightened, and LTC's price temporarily stagnated, awaiting further news.

Technical analysis and whale movements suggest an imminent explosion

Technical analysis indicates that Litecoin has broken through key moving averages, with prices stabilizing in the $86-$88 range, and short-term resistance set at $90. Support levels are at $84 and $81, with the trend remaining robust.

More notably, on May 4th, the Litecoin network's large transaction volume exceeded $8.62 billion, with many whales continuing to accumulate. Historical data shows that similar whale activities significantly drove prices up before the bull markets of 2017 and 2021, with increases as high as 2000%.

LTC on the verge of a breakout, can whale operations ignite the market?

With the delay in ETF decisions and the continued accumulation by whales, Litecoin is at a critical juncture before a potential explosion. Once regulatory approval is granted, the influx of mainstream capital may trigger a new wave of surges. Can LTC recreate its historical glory in this storm?