How do I make a formica countertop which is denim in color a new light
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Use the countertop restoration kit by rustolem or giani
Without retiling, paint is really your option. You just have to make sure that you have the time and commitment to do this correctly. It will take many coats of polyurethane allowing each coat to dry completely and sanding in between. To stand up to normal kitchen wear and tear I would not recommend doing less than 5 coats. Even after the last coat you will still have to be gentle for a month or two while the polyurethane cures. I know this can sound overwhelming but it can be done. You just need to ensure you do it right at the start so then in a year you aren't looking and regretting that you did it in the first place or that your time was wasted. Just keep a picture in your head of how happy you will be with the new look and feel of your kitchen.
You can paint it. There are lots of DIYs here on Hometalk and there are lots of countertop paint kits you could try. Home Depot carries several.