Demand for FTX Token Surges High as Price Soars by 60%: Here’s Where the FTT Price May Reach after the $1.6B Repayment Plan

The surge in demand for FTX token has reached new heights as its price has skyrocketed by 60%. This remarkable increase comes on the heels of the platform’s announcement of a $1.6 billion repayment plan, which has garnered overwhelming support from customers, with nearly 95% of votes in favor. This positive development has injected a renewed sense of optimism in the token’s future prospects, sparking hopes of a significant upward trend.

The FTT price has surged by over 60% in recent days, accompanied by a 21% increase in the past 24 hours. The trading volume has also experienced a substantial surge of over 91%, reaching close to $200 million. The question on everyone’s mind now is whether the FTT price will maintain its upward trajectory and potentially surpass yearly highs above $5.

Breaking free from the descending trend line that had constrained its movement earlier this year, the FTT price has shown signs of strength and resilience. The trading volume has surpassed $80 million for the first time since May 2024, indicating a resurgence in investor interest. However, the price faces significant upward pressure, which could pose challenges in the near term.

On the weekly chart, the FTT price has broken free from the descending trend line and is testing key support levels. This marks a significant milestone since the collapse of the exchange in November 2022. The On-Balance Volume (OBV) indicator has shown a bullish divergence, pointing towards a potential increase in buying volume that could sustain the current bullish trend. However, a clear breach above the supertrend levels is essential for the price to continue its ascent.

Looking ahead, the next few days will be crucial for the FTT price as it approaches key resistance levels. The traders’ optimism following the repayment plan announcement bodes well for a sustained upward trend. Market dynamics are also expected to play a role in propelling the FTX token price to new yearly highs, potentially surpassing $6.5.