Litecoin has been on a noteworthy upward trajectory, with the LTC price increasing by 12% in the last 24 hours, reaching $106. This surge is backed by a staggering 175% increase in daily trading volume, now at $1.87 billion, indicating a growing interest from investors in the altcoin.

Since the onset of 2024, Litecoin has seen a healthy 43% increase in price, with a majority of the gains occurring in the past week.

In a pivotal development for Litecoin enthusiasts, the cryptocurrency's price soared by 22% following a successful retest of its multi-year macro downtrend, now acting as newfound support.

This breakthrough signifies the end of the longstanding downtrend and the beginning of a new macro uptrend for LTC. Analysts are eyeing the $94 mark as crucial for maintaining this upward momentum, with further gains anticipated if a monthly close above the $122 resistance level is achieved.

"Historically, such a breakthrough and subsequent establishment of support have been indicative of promising trends for Litecoin's uptrend," notes crypto analyst Rekt Capital.

A significant factor contributing to the Litecoin price rally is the accumulation by LTC miners. Data from IntoTheBlock reveals that Litecoin miners have collected 150,000 LTC coins throughout March, bolstering their holdings and contributing to bullish market sentiment.

This miner accumulation suggests a strong belief in LTC's short-term price potential, as miners choose to hold onto their coins in anticipation of further price increases.

Moreover, the Litecoin open interest has experienced a substantial 44% increase, reaching $678.86 million according to Coinglass data.

This surge in open interest alongside price advancements indicates a strong optimistic outlook among traders regarding the continuation of Litecoin's upward trend. It reflects a broader confidence in Litecoin's market potential and its positioning within the cryptocurrency landscape.