Can Litecoin Price Hit $150 Amid Rising Institutional Attention?

Litecoin price is back in the spotlight this week, and that was evident by its performance in the first week of August. But perhaps more so due to the statements made by its creator, Charlie Lee.

Lee has been more actively engaged in Litecoin this year, and the world has been taking note of it.

It comes amid demand for Litecoin, especially from the institutional class of investors, has been on the rise over the last few weeks.

Earlier this week, Lee announced a major development that could potentially tip the scales in favor of Litecoin.

NASDAQ-listed pharmaceutical giant Mei Pharma reportedly acquired over $100 million worth of LTC.

The pharmaceutical company reportedly skipped top coins such as Bitcoin and Ethereum in favor of LTC. This development marked one of the first major instances confirming corporate demand for LTC. But that’s not all.

Lee revealed in a recent interview that almost a dozen treasury companies expressed their interest in Litecoin. He also revealed that most of them were outside the U.S.

The Litecoin founder also made bold statements regarding LTC as a transaction medium. He stated that Litecoin could give stablecoins a run for their money as far as transactions were concerned.

Litecoin ETF Approval Hopes Soar

The rising appeal for Litecoin among institutional investors could potentially signal interesting times ahead for LTC.

The rising demand for institutional access to LTC has shifted attention towards the possibility of Litecoin ETF approvals.

Interestingly, there were at least three pending Litecoin ETF applications from key issuers. CoinShares, Grayscale Investments, and Canary Capital submitted Litecoin ETF applications to the U.S Securities and Exchange Commission (SEC) over the last few months.

The market has been optimistic about the chances of approvals before the end of the year. The recent developments, including the major LTC purchase by Mei Pharma, arguably influenced approval probabilities.

The chances of a Litecoin ETF approval before the end of 2025 surged from as low as 65% towards the end of July to 83% as of the last 24 hours.

Litecoin ETF approvals could finally pave the way for a massive tsunami of institutional liquidity to flow into the cryptocurrency.

Litecoin Price Action Recap

The optimism around Litecoin price was clearly evident in its recent movements. LTC surged as high as $129 on Tuesday, which was equivalent to a 25% rally since the start of August.

LTC price traded at $122.48 during writing, up 3.39% in the last 24 hours. However, there was also another key observation that could influence its movement in the coming days.

The cryptocurrency formed a bearish divergence with its RSI, signaling a potential pullback.

The bearish divergence could signal that another pullback might be on the cards. In the meantime. Whale activity signaled low sell pressure and a bias in favor of the bulls.

This suggested a high probability that LTC could maintain its bullish momentum towards $140, a historic resistance level.

LTC previously struggled to maintain a bullish trend, with the price suppressed below $100. This occurred between March and June. However, this recent rally in July and August was backed by a robust volume surge.

For context, LTC volume in the derivatives segment surged as high as $3.95 billion on 6 August. The last time daily volume surged higher than that was on 3 December.

Open interest also surged to a new all-time high of $1.14 billion on 6 August. This surge signaled rising demand in the derivatives segment, which could indicate potentially higher volatility for LTC price action down the road.