FTX Token (FTT) defies bearish market sentiment with 35% rally

Following the news that FTX customers will be able to receive full refunds, FTX Token (FTT) recorded an impressive rise the other day.

FTT is up 35.6% in the last 24 hours and is trading at $2.16 at the time of writing. The market cap of the asset rose to $710 million, making it the 108th largest cryptocurrency. Notably, the FTX Token price reached a six-week high of $2.27 around 05:00 UTC, which was last seen in mid-March.

FTT price, RSI, active addresses, profit supply and currency inflow – May 8 | Source: Santiment

According to data provided by Santiment, the FTT Relative Strength Index (RSI) increased from 57 to 62 in the last 24 hours. The indicator shows that the token is currently overheated and high price volatility can be expected.

An RSI below the 50 level could potentially lead FTT to a gradual price increase.

It is important to note that FTX Token currently has no utility and can still be used to pay creditors.

A recent report shows that the FTX exchange has billions of dollars more than it needs to recoup losses inflicted on more than two million customers in November 2022.

According to data from Santiment, FTT has 95 active addresses in the last 24 hours. While this is a sharp decline from the 61 daily active addresses in the last two days, the possibility of whale activity and manipulation remains high.

Moreover, according to Santiment, FTT’s daily exchange entry increased by 75% in the last 24 hours, reaching 302,950 tokens. At this point, some investors and traders may seek short-term profits due to the sudden increase in foreign exchange inflows.

Santiment’s data shows that of the 328.8 million FTT supply in circulation, 230 million are currently in profit.