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Less than two hours ago, popular blockchain sleuth Whale Alert, which tenaciously monitors large cryptocurrency movements and shares details on their website and on the X platform, spotted a big Litecoin transfer made to the Binance exchange.

This big chunk of LTC, which is about to be sold, has set the cryptocurrency community abuzz. The deposit was made amid an unexpected Litecoin price rise.

200,000 LTC hits Binance from anon wallet

The transfer, carrying 200,000 LTC to Binance, happened earlier today, and it was the equivalent of an impressive $12,765,026.

The community met the news of this enormous Litecoin transfer to the world’s largest crypto exchange, Binance, with a high level of enthusiasm. Several users believe that this LTC deposit indicates that a big market move for Litecoin may be on the horizon. Others believe that a large sell-off may be coming to the digital silver, as Litecoin used to be referred to in the past, next to Bitcoin being called “digital gold.”

In April this year, Litecoin reached a local high of $109 per coin – the price level last seen in July 2023. Currently, LTC is changing hands at $63.33, which is approximately a 36% decline since the peak reached on April 1 and an 84.2% drop since the all-time high of $412.96 scored by LTC on May 10, 2021.

In the last 24 hours, Litecoin has added 3.24%, reaching the $64 price mark. However, since then, LTC has drifted downward by almost 1%.

Bullish LTC turnaround may be on horizon: Santiment

According to a recent report by popular on-chain data aggregator Santiment, recently, LTC discussions on social media have been low. That news was followed by a massive and sudden liquidation of 45,020 net wallets, which held between 0.1 and 1 LTC.

Santiment commented that small investors and traders were capitulating out of this “old gangster” digital asset. However, the analytics team of Santiment believes that once small traders begin to show impatience and capitulate, this frequently indicates that a price reversal for this coin may be on the horizon, and things may start to get bullish once again for it.