Lighter [LIT] has traded higher for three consecutive sessions after defending the $2.5 level, flipping the $3 resistance and reaching a local high of $3.2. At the time of writing the token changed hands near $3.18, up 16% on the daily chart, while its market capitalization rose 17% to almost $800 million over the same period.
Licensing plans back in focus
The recovery comes as attention returns to Lighter's stated plan to file with the U.S. Commodity Futures Trading Commission (CFTC) in November. The project has said it will seek Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) licenses, both of which it would need to operate a proposed fully regulated perpetual futures venue.
Lighter has positioned the effort around becoming the first on-chain perpetual futures decentralized exchange approved by U.S. regulators. The plans first drew headlines on October 21, when LIT jumped to $3.9. With November now underway, those expectations appear to have regained traction.
A filing, however, would only begin the process. Review could stretch into the summer of 2027, and approval remains uncertain.
Whale activity and exchange flows
Ahead of the breakout, a whale withdrew 1.15 million LIT worth $3.31 million, according to Lookonchain. The withdrawal was consistent with accumulation, although it did not establish how long the holder intended to keep the tokens.
Broader exchange activity also leaned toward outflows. CoinGlass data showed Spot Netflow turning negative for the first time in four days, standing near -$1.2 million at press time, meaning withdrawals exceeded deposits. That could ease immediate selling pressure if the withdrawn tokens remain off exchanges. Whether buyers can sustain the rally is the next test.
Momentum improves, but confirmation is missing
Momentum indicators have improved without showing clear buyer control. The Moving Average Convergence Divergence (MACD) formed a bullish crossover, with the MACD line rising to -0.19, suggesting bearish momentum is fading. The line remains below zero, so the recovery falls short of a stronger bullish signal.
The Relative Strength Index climbed from 34 to 47 in two days. A sustained move above 50 could support the case for buyers taking control.
If buying persists and $3 holds, Lighter could attempt to reclaim $3.5 before targeting the previous reversal near $3.9. A failure to hold $3 could expose the token to a retreat toward $2.7. Licensing expectations could also lose their pull before any regulatory decision arrives.
