The cryptocurrency Lighter (LIT) has extended its upward trajectory, reaching a three-week high of $2.40 as bullish momentum strengthens across spot and derivatives markets. According to blockchain data, a major Ethereum whale has accumulated $9.1 million worth of LIT over the past two months, including a recent $1 million purchase. On-chain activity has increased, with active addresses rising from 8,900 to 13,200 in the past week, signaling growing network adoption. Derivatives data also shows strong market participation, with open interest climbing 10% to $310 million.
Lighter (LIT) traded at $2.39, marking a 9.23% gain on the daily charts as the altcoin hit a three-week high. The altcoin’s trading volume climbed 53% to $49 million, indicating growing market participation.
A prominent whale has played a major role in sustaining market demand. According to on-chain data, an Ethereum OG whale spent a total of $9.1 million to buy 3.91 million LIT over the past two months. In the most recent purchase, the whale scooped up over $1 million worth of the token and is “continually buying”.
Derivatives markets are also strongly supporting the uptrend. Derivatives Volume rose 77% to $131.18 million, while Open Interest climbed 10% to $310 million. The Long Short Ratio climbed above 1 on Binance and remained below 1 on OKX, with the overall ratio rising to 1.04.
On-chain activity is expanding, with Active Addresses rebounding from July’s drop to rise from 8,900 to 13,200 over the past week. New daily addresses rose from 388 to 493, indicating growing adoption and participation.
The Relative Strength Index (RSI) rose to 58 after forming a bullish two-day pattern. The Stochastic Momentum Index (SMI) also confirms this upside strength. If demand holds, the altcoin could target the $2.70 resistance level.
