Why is Lighter under $4 despite buybacks, CFTC filings, and $1.64B OI?

On the 22nd of October, Lighter [LIT] rebounded at $2.85 due to bulls regaining control after the October selloff. However, Lighter is facing a test that will ultimately define this bounce's sustainability. Although the price bounced toward $4.00, and the rally appears to be driven by new demand, this rally may be tested once sellers create downward pressure once again. The price broke below $4.00, which acted as prior support, in late September and is currently testing those levels. Buyers have not been able to absorb the recent rejected sellers near $3.98.