FTT Stuns Investors with 36% Price Surge, Signaling FTX's Resurgence

FTX's native cryptocurrency, FTT, has stunned investors with a dramatic 36% price surge over the past 24 hours. This rise vaulted the token to a monthly high of $2.61

FTX’s native cryptocurrency, FTT, has enjoyed a remarkable 36% price surge over the past 24 hours, making it the top performer among the 100 leading crypto assets and leading the broader market rally.

The catalyst for this surge appears to be FTX’s recent announcement of its court-approved reorganization plan, which is set to begin in January 2025. This development has sparked a bullish sentiment around FTT, with the possibility of the token reclaiming its yearly high of $3.43 and potentially even exceeding it.

On November 21, the now-defunct exchange revealed its strategic steps towards financial recovery. The plan involves finalizing agreements with fund distributors by December, with claimants expected to begin receiving their dues starting January 2025. This announcement has also seen previously dormant tokens being traded actively, showcasing a shift in market activity.

An in-depth analysis highlighted a noticeable surge in FTT’s “Dormant Circulation,” which indicates significant movement of previously inactive coins. This shift could indicate a readiness among holders to sell, which may exert downward pressure on the token’s price. However, it might also signal repositioning by long-term investors who anticipate further gains.

Currently, FTT’s trading value stands at $2.61. If the upward momentum continues, it could break the $2.69 resistance, cross the $3 mark, and approach its annual peak. Nonetheless, if more dormant tokens hit exchanges, it might face downward pressure, testing support at $2.47 and possibly $2.24.

Investors remain optimistic, with the token’s positive funding rate in the futures market indicating a prevailing sentiment of continued price increases. How FTT’s journey unfolds depends on upcoming market dynamics and investor actions.