FTX Token (FTT) Surges 64% Ahead of Crucial Court Hearing on Creditor Repayment Plans

FTX Token (FTT) is making waves in the cryptocurrency world. Why? There’s a lot of buzz around FTX’s plans to pay back creditors and customers.

With a hearing set for October 7, traders are jumping in to buy FTT. Right now, it’s priced at $2.23, showing a 64% increase in just a week.

So, what’s the big deal about this hearing? It’s crucial. If the court gives the green light, people owed less than $50,000 might start seeing some payments by late 2024. Those with larger claims may have to wait until mid-2025.

Data from Santiment reveals something interesting. Long-held tokens are starting to change hands as everyone waits for the hearing. This shift is reflected in the token's age-consumed metric, which tracks how long coins have been held.

Additionally, FTT’s daily active address (DAA) divergence is looking positive. Right now, it’s at 25.46%. This means more people are engaging with the token, which is a good sign for demand.

FTT’s on-balance volume (OBV) is also rising. This metric shows buying and selling pressure. It’s now at its highest since December 2023, up 69% in just four days. A spike like this usually indicates a strong upward trend. It suggests that buyers are gathering the asset, which could lead to higher prices.

If the court approves the repayment plan and buying momentum continues, FTT could break through the resistance level at $4.91. That would set it up to reach $5.98, a price last seen in December 2023. That’s a potential increase of 160% from where it stands now.

On the flip side, if the court denies the repayment plan, we might see a lot of profit-taking. This could push FTT’s price down to $1.