Lighter [LIT] has seen a sharp repricing following the immediate impact of the Robinhood narrative supporting price movement.
It rose from approximately $4.00 at the beginning of September to $5.60 on the 24th of September.
This gain of around 40% was after Bitwise launched its Lighter Staking ETP. Though the rally was short-lived, it was primarily boosted by trader anticipation of deeper integration with Robinhood wallets.
On the 30th of September, Lighter took another hit after Robinhood shifted their focus toward BitStamp for eligible U.S. perpetual Futures.
As soon as this was announced, the price broke the $4.00 level of support that had been maintained since the start of September, and the price continued to sell down until it reached $3.6719.
Price then rebounded slightly back to $3.7325. Alongside the decline, LIT’s volume increased by 183% to $204 million during this timeframe. This volume represents the largest sale surge of the period.
A relief bounce remains possible, but $4.00 must be reclaimed to show buyers are returning.
Liquidations amplify the sell-off
