On September 23–24, FTT experienced a dramatic, attention-grabbing surge. The token hit an intraday high of nearly $1.20, climbing roughly 30% from previous levels, before easing back to around $0.97 at press time as traders booked profits and the initial excitement subsided.
FTT remains up about 22% for the day, with weekly gains at 20% and a 7.9% rise over the past month. Despite this rally, the token is still down roughly 99% from its all-time high of $84.19 reached in 2021.
The surge was accompanied by a sharp increase in trading activity. Spot volume for FTT jumped 281% over 24 hours to $49.6 million. According to Coinglass, derivatives activity also spiked, with open interest rising 38% to $3.3 million and trading volume soaring 1,353% to $30.3 million. These figures indicate a surge in leveraged speculation, which could lead to significant price swings in either direction.
Social signal sparks sharp reaction
The trigger was a brief “gm” tweet from Sam Bankman-Fried’s account on September 23, marking his first notable online activity in months. The post sparked heavy speculation, even though a friend later clarified that they were responsible for the tweet, not SBF himself.
Traders quickly jumped into FTT, mirroring market reactions to previous activity on Sam Bankman-Fried’s account earlier this year.
Community reactions were a mix of humor and skepticism, ranging from memes about “pumping from prison” to doubts about the token’s value, given FTT’s limited utility following the collapse of the FTX exchange. This latest episode underscores how SBF’s account can still drive market volatility, even in the absence of fundamental support.
FTT price technical analysis
The technical outlook shows short-term strength amid mixed overall signals. On the daily chart, FTT briefly spiked above the upper Bollinger Band at $1.05 before retreating. After cooling from overbought levels, the relative strength index (RSI) now sits in neutral territory at 54.7.
Technical outlook
Moving averages suggest potential short-term support for FTT. A bullish bias is indicated as the 10-, 20-, and 50-day EMAs all sit below the current price, with additional support from the 100-day EMA at $0.92. However, the token remains in a longer-term downtrend, with the 200-day EMA at $1.10 still above current levels.
Momentum indicators are mixed. The momentum oscillator and commodity channel index point to short-term exhaustion, while the MACD continues to show a buy signal.
Immediate resistance, should the rally accelerate, lies between $1.05 and $1.20. On the downside, support levels are at $0.90 and $0.80, with a deeper correction potentially testing $0.70.
