On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million.
The chart below shows how the number of addresses owned by these LTH HODLers has changed over the past few years.
As displayed in the above graph, the Litecoin HODLer count has significantly increased during this period. Since the start of last year, in particular, the indicator has seen exponential growth.
Following this sharp rise, the number of addresses carrying coins since at least one year ago has now broken the five million mark, a new record for the cryptocurrency.
This is naturally a positive development for the cryptocurrency, as more LTHs mean more supply that’s locked inside the wallets of these resolute hands, which in turn implies a lesser possibility of selling occurring in the market.
Since Litecoin finished its plunge in mid-August, its price has only moved sideways. When writing, the cryptocurrency is trading at around $63.
While the Litecoin HODLers only going up in number through this slide since July is a constructive sign for the asset, it may not mean much in the short term.
Where the LTC price could go next from here depends on several factors, one of which could be on-chain resistance and support levels. IntoTheBlock has shared the concentration of the investors at the different LTC cost basis price ranges.
Generally, when the price surges to cost basis levels with a high amount of investor concentration, there is a chance that the asset could feel some resistance. This is because these investors, previously in losses, come into the green with the surge, which may entice them to sell and exit the market.
The range ahead of the current one looks to be not that concentrated with holders, which may mean that Litecoin wouldn’t find too much resistance if a surge toward the $69 mark has to happen. However, there are notable percentages of holders in the following few price ranges, making a further surge difficult.
