The upcoming days are set to be incredibly exciting for FTX token (FTT) holders, as FTX Digital Markets recently announced that it will be reimbursing its creditors. This news comes as a huge relief for those who lost their assets back in November 2022.
Traders and investors have been showing a growing interest in FTT following this announcement. CoinMarketCap data indicates that the token is currently trading around $2, with a price surge of over 4.5% in the past 24 hours. This surge in price can be attributed to the positive news of creditors being reimbursed.
Moreover, the trading volume of FTT has seen a significant recovery, thanks to increased participation from traders and investors.
Recent data from on-chain analytics firm Coinglass reveals that long-term holders and investors have started accumulating FTT. There has been a notable outflow of $2.05 million worth of FTT tokens from exchanges in the last 48 hours, signaling a potential accumulation phase.
This outflow from exchanges presents a favorable buying opportunity and could lead to buying pressure and a further uptrend in the price of FTT.
In terms of price action, FTT has been consolidating within the range of $1.84 to $2.30 for the past couple of weeks and is currently at the lower end of the range. If the token manages to hold above the $1.83 level, there is a strong possibility that FTT could see a 100% increase to reach $3.90 in the future. However, there are resistance levels at $2.30 and $2.75 that may pose a challenge in reaching this target.
Overall, the sentiment in the cryptocurrency market seems to be improving, and the news of creditors being reimbursed could further boost the FTT token. Investors and traders are keeping a close eye on FTT as it continues to show promising signs of growth and recovery.