In Web Admin Console: Server General→Server Process→CloudLinux, there is a "Cloud Linux" configuration option to specify whether to enable CloudLinux's Lightweight Virtual Environment (LVE) when it exists. You can use LiteSpeed with LVE to achieve better resource management.
Once it is enabled, sometime you may experience “508 Resource Limit Reached” error. Actually it is not a LiteSpeed error, but a message from CloudLinux to show that you may reach the concurrent connections limit. Increase LVE limit may fix the issue.
Please check more details from CloudLinux documentationhere.