Flying jellyfish that had reddish light pulses moving all along its body

I am 40 years old business owner living on Tenerife in the Canary Islands.  When I came out of the mall on top of a hill late in the evening, I noticed what at first looked like a flying lantern with a reddish light inside slowly rising into the sky - which was odd since I've never seen one here on the island.
Then I noticed that the reddish light was pulsating like on a jellyfish - light pulses going along the whole body of the object.  There were probably several dozen such "light streams" going from the top to the bottom of its body.  It also moved in a jellyfish-like fashion.  It made no sound and slowly flew higher.
It's difficult to say how far away it was and as such I don't know its size.  At first I thought that it was fairly small and relatively close-by - like a big flying lantern.  It may have been larger and farther away though.