FTT Surges 30% Following Mysterious “gm” Post on SBF’s X Account
On september 23-24, FTT experienced a dramatic price surge. The token climbed nearly 30%, reaching an intraday high of $1.20. however, it later settled around $0.97 as traders cashed in on their gains.
FTT is up about 22% for the day. Weekly gains stand at 20%, and the token has risen 7.9% in the past month. Despite this jump, FTT remains 99% below its all-time high of $84.19 from 2021.
The surge was accompanied by a sharp rise in trading volume. FTT saw a 281% increase in 24-hour spot volume to $49.6 million.Derivatives activity also spiked, with open interest rising 38% to $3.3 million and volume jumping 1,353% to $30.3 million.
These numbers suggest a rise in leveraged speculation,increasing the likelihood of significant price fluctuations.
The catalyst was a short “gm” message posted from sam Bankman-Fried’s X account on September 23.This was the first notable activity in months. A friend later clarified that they were the ones who created the post, not SBF.
Traders quickly moved into FTT, echoing similar market reactions to prior activity on the account earlier this year.The community responded with memes and skepticism about the token’s value.
Technical analysis shows short-term strength despite mixed signals. On the daily chart, FTT briefly rose above the upper Bollinger Band at $1.05 before falling back. The relative strength index is currently in neutral territory at 54.7.
Moving averages point to potential short-term support. The 10-, 20-, and 50-day EMAs are all below the current price. The 100-day EMA at $0.92 also supports this structure. Though, FTT is still in a longer-term downward trend, as the 200-day EMA at $1.10 is above the current price.
Momentum indicators are split. The momentum oscillator and commodity channel index are bearish, indicating short-term exhaustion. The MACD displays a buy signal. Immediate resistance is between $1.05 and $1.20. Support on the downside can be found at $0.90 and $0.80,with a deeper correction potentially retesting $0.70.
