Santiment, the platform specializing in blockchain intelligence, reported today that FTX Token (FTT), the native token of the defunct FTX exchange, experienced a notable surge in the past 24 hours. According to Santiment, the recent news from Binance served as the primary driver behind the altcoin’s robust performance.
related: FTX’s FTT Token Price Gains Continued Highlights Santiment
The rally in FTT’s price can be attributed to a group of whales who collectively acquired $12.8 million worth of the cryptocurrency in the last 19 days, equivalent to 2.91 million FTT tokens at the current market prices. Additionally, FTT has outpaced Bitcoin (BTC) by an impressive 255% since November 3 of this year.
related: FTX Token (FTT) Surges 53% and Erases Year-to-Date Losses
As of the latest update, FTT has continued its positive momentum, registering an increase of over 18% and trading at $4.28, according to CoinMarketCap. This surge has propelled its weekly performance to over 300% in the green.
Examining the coin’s technical analysis, a symmetrical triangle observed on FTT’s daily chart over the past two weeks was confirmed in the last 48 hours. During the previous trading session, the altcoin witnessed a remarkable 35% surge in value. While there has been a slight correction from the closing price of $4.4429, FTT is currently holding steady.
Despite the recent positive trends, caution is advised as FTT may experience further upward movement in the coming days, potentially flipping the resistance level at $5.6040 into a support level. Traders and investors should be mindful of the daily Relative Strength Index (RSI) line, which is approaching the RSI Simple Moving Average (SMA) line, indicating a potential weakening of buyer strength.
The convergence of these two lines could trigger a notable bearish technical flag, potentially leading to a correction in FTT’s price. In such a scenario, the cryptocurrency might retreat to the key support level at $2.6815.