Key Takeaways:
An Ethereum whale has pushed its LIT position to $10 million, yet the token still trades below a key $2.70 supply zone.
Lighter's LIT fell 6 percent in 24 hours to hover below $2.70, even as an Ethereum whale accumulated $10 million worth of the token. The altcoin has consolidated between $2 and $2.70 for six weeks, with the supply zone capping every breakout attempt.
Arkham data shows the whale, an Ethereum OG wallet with a $65 million portfolio, resumed accumulation after days of silence, buying thousands of LIT tokens in exchange for USDS on Cow Protocol. The position reached 4.277 million LIT, worth about $10 million, up from 1.70 million tokens last month and 8 percent higher in the past 24 hours. The wallet still holds $49.95 million in USDS, suggesting it was buying into strength.
The $2.30-$2.70 supply zone has kept LIT in the discount area for a month, with every bounce above $2.30 rejected. The Money Flow Index declined to 43 from 74, and the MACD sits in red, pointing to bearish control at press time.
Beyond the whale, the Lighter team moved 1.87 million LIT, worth $4.57 million, to a fresh wallet, according to Onchain Lens. The internal transfer did not add selling pressure. Retail accumulation reinforced the picture: Token Terminal data shows holders grew from 177 to 6,500, a 36-fold jump year-to-date.
The divergence is stark. On-chain flows point one way while price action points the other. The whale's steady buying, backed by a deep USDS reserve, has yet to overcome the sellers camped at $2.30-$2.70. LIT remains 43 percent below its all-time high of $4.04, and the token's discount-area consolidation has persisted for a month.
The rising positions could help bulls clear the supply zone and expose levels past $3, but only if consolidation shifts into the premium area above $2.30. A sustained hold in the premium zone would signal that buyers are absorbing supply rather than retreating on each bounce. If the whale continues accumulating and the wall breaks, LIT could target the $3 mark and beyond; a whale exit, by contrast, would add selling pressure and likely push the token back toward the $2 floor.
This article is for informational purposes only and does not constitute investment advice.
