• Crypto & Funx
• 16 Oct, 2024

The surge in FTT's Dormant Circulation, representing coins that had been inactive for over a year, reached a 30-day high.

FTT's positive funding rate of 0.010% indicates bullish sentiment in the futures market.

If the upward momentum continues, FTT could break key resistance levels, potentially reaching $3.43.

FTT, the native cryptocurrency of bankrupt crypto exchange , surged by a staggering 36% in the last 24 hours shooting all the way to the high of $2.96 earlier today. This massive FTT price rally comes against the backdrop of crypto exchange FTX announcing its reorganization plan, scheduled to kickstart in January 2025.

On Thursday, November 21, the defunct crypto exchange FTX confirmed that it has secured the court’s approval for its reorganization plan. FTX debtors plan to finalize agreements with fund distributors in December and will start the claimant reimbursements in January 2025.

This announcement was enough to trigger a massive spurt in the FTT trading activity with several inactive tokens changing hands. Additionally, the on-chain metric shows a surge in FTT’s Dormant Circulation, which measures the number of unique coin transactions after staying idle for 365 days. Following the FTX reorganization announcement on Thursday, the FTT Dormant Circulation climbed to a 30-day high of 213,350.

Photo: Santiment

FTX Token (FTT) Funding Rate and Price Prediction

The positive funding rate for FTT suggests that the futures traders are betting on further growth ahead. As of now, the rate is at 0.010%. For context, following FTX’s announcement on Thursday, it surged to a multi-month high of 0.26% before pulling back.

Photo: Coinglass

As of press time, the FTT token is trading at $2.56. If the bulls show strength and the uptrend continues, the price can break above the resistance of $2.69 and surge further to $3, crossing which it can rally to its 2024 high of $3.43.

Photo: TradingView