Litecoin (LTC) has been experiencing a turbulent period, with its price dipping below $80 due to significant sell pressure. Despite efforts to drive the price up through accumulation over the past couple of weeks, the cryptocurrency has yet to show signs of recovery. However, recent data from Santiment, a popular crypto analytic platform, suggests two potentially bullish indicators for the altcoin, hinting at a possible price rebound in the near future.

One of the key indicators is the surge in active addresses on the Litecoin network, which more than doubled starting from June 4th. According to Santiment, the number of addresses interacting on the network increased from an average of around 345k in May to around 704k in the past week. This significant uptick in network activity and adoption is generally considered a positive sign, indicating a growing interest in Litecoin.

Another bullish indicator is Litecoin's Relative Strength Index (RSI), which has entered into the "opportunity zone" region. This suggests that the asset may be oversold and potentially primed for a price rebound. The RSI is a momentum indicator used to identify overbought or oversold conditions, and a low RSI can signal that an asset is undervalued, indicating a potential buying opportunity.

The combination of the surge in active addresses and the favorable RSI reading could potentially signify a rally for Litecoin in the near future. However, concerns about sell pressure still exist, particularly around the $81-$83 price range. According to a related analysis, around 432,070 addresses acquired a total of 6.67 million LTC, purchasing within this price range. This significant buying activity indicates a strong interest at this price level, and if Litecoin manages to climb back to this range, it is likely that some of these investors may try to sell their holdings in an attempt to break even. In such a scenario, a potential selling pressure could create a resistance around the $81-$83 range.

Despite these concerns, Litecoin has been making significant strides in terms of network activity and adoption. The cryptocurrency briefly emerged as the most active blockchain in the world, surpassing Bitcoin and Ethereum in terms of active addresses, suggesting a surge in usage due to cost and time efficiency. According to IntoTheBlock data, the number of active Litecoin addresses reached the highest level since January, with the total number of transactions hitting 426k during this period of increased network activity. While a majority of this transaction uptick involved smaller transactions under $10, there was also a noticeable rise across transactions of all sizes on the network.

In conclusion, Litecoin's price is poised for a potential comeback, with on-chain indicators signaling a bullish trend. The surge in active addresses and the favorable RSI reading suggest that the asset may be oversold and potentially primed for a price rebound. While concerns about sell pressure still exist, Litecoin's growing network activity and adoption indicate a strong interest in the cryptocurrency, which could drive its price up in the near future. As with any investment, it's essential to conduct thorough research and consult with a financial advisor before making any decisions.