FTT soared 51% to $1.24 before retreating to $1.00 as profit-taking slowed momentum.
A short “gm” post from SBF’s X account ignited heavy speculation and rapid trading.
Open interest rose 53.26% to $4.03M as derivatives volume spiked 2,411.72% higher.
FTT delivered a sudden breakout that captured market attention between September 23 and 24. The token jumped to an intraday high of $1.24, a 51% rise from earlier levels, before easing back to near $1.00 as profit-taking cooled the rally.
The spark came from a brief “gm” post on Sam Bankman-Fried’s X account, the first notable update in months. A friend later clarified they made the post, not SBF himself. Still, the short message was enough to trigger heavy trading interest, echoing past reactions to activity on the account earlier this year.
gm
— SBF (@SBF_FTX) September 23, 2025
The community responded in contrasting ways, with jokes about “pumping from prison” circulating alongside doubts about FTT’s relevance following the collapse of the FTX exchange. Despite lacking utility, the token once again showed how closely tied its volatility remains to the spotlight around SBF.
Market Performance and Volumes
At the time of reporting, FTT holds a 19% daily gain. Weekly growth is now 24.01%, while monthly performance shows a 13.91% increase. Even so, the token remains down 98.95% from its 2021 all-time high of $85.02. Trading activity surged alongside the price spike. Spot volume, for instance, soared 281% in 24 hours to reach $49.6 million.
According to CoinGlass, derivatives markets also lit up, with open interest climbing 53.26% to $4.03 million and trading volume jumping 2,411.72% to $36.63 million. The surge in both spot and futures activity points to a wave of leveraged speculation, leaving FTT exposed to sharp swings in either direction.
Source: CoinGlass
FTT’s Price Action: Key Levels to Watch
On broader time frames, FTT is consolidating within a symmetrical triangle, a formation often linked to market hesitation. The narrowing structure highlights a phase of indecision, where traders await confirmation of the next major move.
Currently, the token trades between the 50% Fibonacci retracement at $1.04 and the 38.20% level at $0.96, both of which act as immediate barriers. Should selling pressure extend below the 38.20% level, focus may shift toward the 23.60% retracement at $0.86, which represents the next support area.
Source:
A deeper slide could test the long-standing base between $0.80 and $0.75. Falling through this range would break the triangle’s lower boundary and hand momentum to sellers, erasing the recent bullish setup. Conversely, reclaiming the 50% Fibonacci mark could strengthen the case for upside continuation.
A move above this point may drive FTT toward $1.12, aligning with the 61.80% retracement and pressing against the triangle’s resistance trendline. Clearing that threshold would signal renewed bullish conviction, potentially targeting the 78.60% retracement at $1.24. A further advance could revisit $1.39, a peak last observed in May.
Momentum Indicators Signal Waning Strength in FTT
The Relative Strength Index (RSI) is trending lower, now at 56.76 after cooling from overbought territory. This shift reflects mounting sell pressure, with the approach toward the neutral 50 level leaving room for either a corrective pullback or near-term consolidation.
The Directional Movement Index (DMI) paints a similar picture. The positive directional line (+DI) holds at 37.17, well above the negative directional line (-DI) at 10.34. However, the sharp downward tilt of the +DI signals fading bullish momentum and the possibility of short-term weakness as buying strength eases.
Related: AVNT Retreats From ATH as Profit-Taking Tests Market Outlook
Meanwhile, the Average Directional Index (ADX) stands at 30.32, a reading that highlights a strong underlying trend. This suggests that while momentum is softening, the broader directional force remains intact and could still drive notable price action in the sessions ahead.
Conclusion
FTT’s latest rally highlights how quickly sentiment can shift when attention returns to familiar catalysts. While short posts from Sam Bankman-Fried’s account continue to drive reactions, the token’s technical picture remains defined by key Fibonacci levels and momentum signals.
With consolidation still in play, traders face a market shaped by speculation, where both upside potential and downside risk remain firmly on the table until a decisive breakout emerges.
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