In the cryptocurrency market today, FTX Token (FTT) has captured attention with an impressive surge of over 15% in the last 24 hours, driven by speculation trending on the X platform.
SBF Pardon Speculation
The recent spike in FTT's price comes on the heels of a speculative post by [@WallStreetMav](https://x.com/WallStreetMav/status/1871016751866970472) on the X platform. The post suggested that President Joe Biden might pardon Sam Bankman-Fried (SBF), the controversial founder of FTX, who has been embroiled in legal battles and accusations of fraud following the platform's dramatic collapse. Adding fuel to the speculation, Elon Musk replied, stating that he "would be shocked if this did not happen," referring to the possibility of SBF receiving a pardon.
What’s Ahead for FTT?
Amid this speculation, FTT has broken out of the upper resistance trendline of its falling wedge pattern triangle at $3.00. This breakout pushed its price to a key resistance level of $3.57, where it faced rejection. Currently, FTT is trading at $3.25, consolidating after the breakout. The chart reflects FTT’s strong historical performance in similar situations. In mid-November, the token displayed a comparable falling wedge pattern and broke out with substantial momentum, rallying by an impressive 70% from $1.71 to $2.97 within two weeks. If FTT manages to clear the $3.57 resistance, the price is likely to surge towards the next major resistance at $4.31, representing a potential 40% rally from the breakout level.
Conclusion
While the speculation around SBF’s potential pardon is purely hypothetical, it has undoubtedly sparked renewed interest in FTT. Traders should watch the $3.57 resistance level closely as a break above this could fuel the next leg of the rally.
Interest in FTT is revived by rumors and speculation. Future price trajectories depend on overcoming key resistance levels. Investment safety requires thorough analysis.
