Yes, you can. Deactivate theme via Theme Options > http://prntscr.com/i5rtuf and you will be able to activate it on new site. If Deactivate button is not available in Theme Options, this means that you use old theme version. In this case, you can update the theme and deactivate it or delete theme > contact us and provide your purchase code in Private Content section > we will check activation and change the limit for you.
Please note that 1 license can be used for the 1 dev domain and 1 live domain. But keep in mind that you can use our theme license for 1 end product only, read more – https://themeforest.net/licenses/standard