As far as I know, it’s somewhat inevitable that you will lose some quality. I don’t know a ton about the animation side of things, but I know that for still images, it usually takes me some experimenting with export/compression settings to get one that will be under the cap but still look good.
If you don’t have a great program for this, you could just try one of the online ones and experiment with limiting the colors, doing less frames, etc. Any settings it will give you, try them out and see what looks best with your design.
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