FTX Token Rallies Again, Outperforms BTC by 255% In 3 Weeks

Santiment, the blockchain intelligence platform, revealed in an X post today that the native token for the collapsed FTX exchange, FTX Token (FTT), underwent another rally over the past 24 hours. In the post, Santiment listed the recent Binance news as the main catalyst for the altcoin’s strong move.

FTT’s price seems to have received a boost from a group of whales, who collectively scooped up $12.8 million worth of the cryptocurrency in the past 19 days, according to the post. This amounts to 2.91 million FTT tokens at current prices. Furthermore, the altcoin has outperformed the market leader, Bitcoin (BTC), by 255% since November 3 this year.

FTT continued to perform over the past 24 hours and was up more than 18% at press time. Subsequently, CoinMarketCap data indicated that the cryptocurrency was changing hands at $4.28. This latest increase in the cryptocurrency’s price also pushed its weekly performance deep into the green zone by more than 300%.

A symmetrical triangle that had formed on FTT’s daily chart over the past 2 weeks was validated throughout the past 48 hours. During yesterday’s trading session, the altcoin saw its value soar more than 35%. Since closing yesterday’s candle off at $4.4429, the cryptocurrency’s value has corrected slightly to trade at its current level.

Nevertheless, FTT may continue to rise in the following few days. This could then lead to the altcoin flipping the $5.6040 resistance level into support. Traders and investors will want to note, however, that the daily Relative Strength Index (RSI) line was closing in on the RSI Simple Moving Average (SMA) line. This suggests diminishing buyer strength.

Should these two lines cross, it would trigger a significant bearish technical flag. Consequently, FTT’s price may undergo a correction. This could see it drop to as low as the key support level at $2.6815.