The upcoming days are going to be super interesting for FTX token (FTT) holders as FTX Digital Markets announced it will reimburse its creditors. On February 4, 2025, FTX creditors shared a post on X (formerly Twitter) stating that FTX is soon going to reimburse its creditors, which seems to be a big relief for those who lost their assets in November 2022.
Following this update on X, investors and traders have shown strong interest and confidence in the FTT token, as seen on CoinMarketCap. The token is currently trading near $2 and has experienced a price surge of over 4.5% in the past 24 hours. This price surge occurred following the creditors’ repayment announcement.
Additionally, during the same period, its trading volume has shown an impressive recovery, due to the notable participation from traders and investors.
Data from the on-chain analytics firm Coinglass revealed that long-term holders and investors have begun accumulating the token. The spot inflow/outflow data showed that exchanges have witnessed an outflow of a significant $2.05 million worth of FTT tokens in the past 48 hours, which indicates potential accumulation.
This massive outflow from exchanges in such a situation suggests an ideal buying opportunity and has the potential to cause buying pressure and a further upside rally.
According to recent price action, FTT has been trading in a consolidation zone between $1.84 and $2.30 for over two weeks and is currently at the lower boundary of the zone.
Based on historical price momentum, if the token holds above the $1.83 level, there is a strong possibility FTT could soar by 100% to reach the $3.90 level in the future. However, before it can reach and rally to that level, there is resistance at the $2.30 and $2.75 levels, which could present a hurdle in achieving the predicted target.
At present, the overall cryptocurrency market sentiment appears to be recovering, and this latest update for creditors could benefit the FTT token.
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