Lighter rises 9% as whale buys $9.1M LIT – Is $2.70 next?

Lighter has continued with its upward trajectory, rising to a three-week high of $2.4. As of this writing, Lighter was trading at $2.39
, marking a 9.23% on the daily charts.

Over the same period, the altcoin’s trading volume climbed 53% to $49 million, indicating growing market participation.

Lighter whale raises holdings to $9.1 million

Amid this Lighter [LIT] extended uptrend, it seems whales have played a major role in sustaining the market demand.

According to Lookonchain, an Ethereum OG whale has kept accumulating LIT. Over the past 2 months, the whale has spent a total of $9.1 million to buy 3.91 million.

In the recent purchase, the whale scooped up over $1 million worth of LIT. Even after the recent purchase, the whale is not done and is continually buying.

When a whale buys during a strong uptrend, it shows confidence in the market, expecting continued gains.

Derivatives markets hold strongly bullish

Besides the sustained whale demand, Ligheter’s uptrend seems also strengthened by activities on the derivatives.

According to Coinglass data, Derivatives Volume rose 77% to $131.18 million while the Open Interest climbed 10% to $310 million.

With OI and Volume rising alongside each other, it indicated strong market participation as traders opened new positions.