The Lighter (LIT) cryptocurrency rebounded strongly after defending a key support level at $1.50, climbing over 16% to trade near $1.81. The surge was accompanied by significant capital inflows into the futures market and notable whale activity, including staking over $2.3 million worth of tokens. Concurrent team buybacks have removed millions of LIT from circulation, contributing to positive market sentiment around the altcoin’s supply dynamics.
The Lighter token recovered after buyers defended the $1.50 support level, pushing its price to a local high of $1.85. As of the latest data, LIT traded at $1.81, marking a 16.4% daily increase alongside a 16% jump in trading volume.
Futures market data from CoinGlass showed a 16% rise in Open Interest to $145.7 million and a 28% increase in volume. The simultaneous rise in these metrics signaled heightened market participation and capital flows.
Futures Netflow surged 237% to $4.08 million, indicating buyer dominance. Furthermore, the Long/Short Ratio climbed above 1, suggesting most traders on platforms like Binance were taking long positions.
A crypto analyst reported two whales deposited $2.32 million worth of LIT into the network’s staking pool. Staking activity typically signals long-term conviction and reduces circulating supply.
Separately, the Lighter team has been actively using fee revenue for token buybacks. Another account, Cryptolycus, stated the buyback program had repurchased over 2.4 million LIT in under a month.
On the technical front, LIT’s Relative Strength Index made a bullish crossover but remained just below the 50 level. The altcoin also flipped its 50-day Exponential Moving Average, signaling strengthened short-term momentum.
