The combination of many factors in the FTT charts shows that the native token of FTX exchange may be at the start of a bullish divergence. A new analysis by Santiment claims that the activities around this token are increasing, and FTT may start a bull run going back towards an ATH. Santiment believes that climbing whale balances, active addresses, and network growth may affect the FTT price.
Another Attractive Exchange Token?
FTX.com is one of the most popular cryptocurrency exchanges in the industry. It has a considerable user-base and is expanding operations as well. The company purchased the Blockfolio app months ago and recently rebranded it to the FTX application.
It was a strategic step toward adding more mobile users to its ecosystem by providing exchange opportunities inside the app. Expanding operations in other countries is another indication of growth for FTX. The Bahamas subsidiary of the company recently received the DARE Act license in the region. All of these incidents will affect the native token of the exchange, named FTT.
There are many fundamental indicators showing the growth and bullish movements of the FTT token. According to the latest tweet and report by Santiment, the token may be at the start of a bullish divergence. FTT recorded an ATH of $85 early this month but currently is trading at about $53. Analysts believe it can change the direction and even grow more.
Santiment tweeted about the recent incidents for FTT:
“#FTX’s native exchange token $FTT is seeing rapidly climbing whale balances, active addresses, network growth, and several other metrics that will typically indicate that #bullish divergences are being formed.”
The detailed report points at the recent news about the Bahamas subsidiary of the FTX company. But it continues focusing on on-chain data that is interesting. As mentioned above, on-chain activity or active addresses is a good report showing possible growth for FTT. The chart in the report says the on-chain activity for FTT is now at an all-time high. Besides, network growth is at an all-time high for this exchange token. Another metric that is at an all-time high is the whales’ balances.
Santiment thinks that maybe whales are moving their tokens outside of the exchange to hold them for longer. The data shows that the balance of the FTT wallet of the FTX exchange is declining. It can be an outflow signal that shows possible long-term profits. But aside from all of these metrics, the price is in a downtrend, and we should wait and see if a trend change happens.