Litecoin (LTC), often known as the "silver" to Bitcoin's "gold," has experienced a significant surge in recent weeks. This rise can be attributed to various factors, including technical developments, increased investor interest, and intentional accumulation by miners.

In the past 24 hours, the price of LTC has risen by 12%, reaching $106.40, following a year-to-date increase of 40%. The daily trading volume has surged by 175%, indicating a notable rise in investor participation in the Litecoin market.

Analysts are optimistic about the potential for a substantial upward movement following a prolonged period of decline, with some predicting a significant rise towards $150 or higher. This price trend mirrors a promising breakthrough expected in 2020/2021, further boosting positive sentiment.

According to crypto expert Rekt Capital, a successful retest of the decline and the establishment of support could signal a favorable upswing for the cryptocurrency. In March, Litecoin miners have been steadily accumulating LTC, adding 150,000 LTC to their reserves, totaling 2.2 million LTC. This accumulation strategy helps offset the downward pressure on newly minted coins and reflects miners' confidence in LTC's future price trajectory.

The rise in open interest on Litecoin (LTC) futures contracts reinforces the current optimistic outlook, indicating growing trader confidence in the coin's future trajectory.