FTX Token has performed well this year, significantly outperforming other cryptocurrencies as attention turns to impending fund distributions.

FTX symbol (Fast money transfer) was trading at $3.50 on Monday, representing a rise of more than 245% from its September lows and pushing its market value to more than $1.1 billion.

These gains could continue into January as FTX's bankruptcy case reaches its final stages. The next phase will include distributing more than $16 billion in funds to creditors and customers.

In mid-December, FTX Estate announced that a US court had approved its Chapter 11 reorganization plan, which is scheduled to take effect on January 3. Creditors can begin filing claims on that date, with initial distributions expected 60 days later.

FTX Real Estate has Selected BitGoa leading cryptocurrency custodian, and Kraken as the main intermediaries for this process. Additional partners can be added to manage large-scale distribution. The heightened anticipation surrounding these events has contributed to FTT's recent rise.

FTX, once one of the world's largest centralized cryptocurrency exchanges worth $30 billion, collapsed in 2022 after revelations of funds being commingled.

Sam Bankman-Fried has since been sentenced to 25 years in prison. Rayan Salama, one of the company's senior executives, was sentenced to 7.5 years in prison, however Our reports suggest It can be reduced for more than one year. Carolyn Ellison was sentenced Up to two years to cooperate with prosecutors.

FTX token price analysis

The daily chart shows that FTT has been in a strong uptrend since bottoming at $1,013 in July. It has reached the 50% Fibonacci retracement level.

The FTT remains above its 50-day and 200-day moving averages, which formed a golden crossover pattern on October 7 - a bullish signal in technical analysis.

However, there are signs that a double top pattern is forming at $4.31, with a neckline at $2.50. The double top is a popular reversal pattern, indicating a potential pullback in price as market participants price in dividends.

On the other hand, a break above the $4.31 resistance could lead to further gains, which could push FTT to a 2023 high of $5.95 – roughly 75% above its current level. A drop below the $3 support level would invalidate the bullish outlook.