In defiance of prevailing market pessimism, FTX Token (FTT) has staged an impressive rally in the past day, buoyed by recent news of potential full reimbursement for FTX customers.

With a remarkable 35.6% surge in the last 24 hours, FTT is currently trading at $2.16, propelling its market capitalization to $710 million and solidifying its position as the 108th-largest cryptocurrency. Notably, FTT reached a six-week high of $2.27 around 05:00 UTC, a level not seen since mid-March.

According to data from Santiment, the FTT Relative Strength Index (RSI) has climbed from 57 to 62 in the past 24 hours, indicating that the token is currently experiencing overheating, potentially signaling increased price volatility ahead. Traditionally, an RSI below the 50 mark suggests a gradual price uptrend, highlighting FTT's bullish momentum.

However, it's worth noting that FTX Token currently lacks utility, although it could still serve as a means of payment for creditors. Recent reports suggest that FTX exchange holds billions of dollars more than necessary to compensate for the losses incurred by over two million customers in November 2022.

Despite its impressive rally, FTT's market activity still raises some concerns. Santiment data reveals a surge in daily active addresses from 61 to 95 over the past 24 hours, indicating heightened whale activity and potential market manipulation. Additionally, FTT's daily exchange inflow surged by 75% to 302,950 tokens, suggesting that some investors and traders may be eyeing short-term profits amid the sudden influx of tokens into exchanges.

However, amidst these fluctuations, data from Santiment also reveals that a significant portion of FTT's circulating supply—230 million out of 328.8 million tokens—is currently in profit, indicating sustained investor confidence in the token's potential for further gains.

As FTX Token continues to defy market sentiment and register impressive gains, investors and traders remain cautiously optimistic about its future trajectory, especially in light of ongoing developments within the FTX ecosystem and broader cryptocurrency market dynamics.