Three one-chain metrics suggest that the FTX price breaks out

The central theses

• approximately 36 whales have joined the FTT network in the last three days.
• In addition, more than 1,400 addresses with FTT-TOKEN now interact every day.
• Since the network grows exponentially, prices could catch up soon.

The FTX exchange token has recorded an increase in network activity in the past few days after it has become known that CEO Sam Bankman-Fried welcomed the regulation with open arms.

Ftt whales buy

On September 20, subsidiaries from the FTX cryptocurrency exchange in Gibraltar and on the Bahama's licenses for operation within the regulatory framework of both nations received. Sam Bankman-Fried, CEO of FTX, said that the company is "striving to maintain close cooperation with the local supervisory authorities" in order to promote the growth of cryptocurrencies worldwide.

The token of FTX, FTT, recorded a significant increase in network activity after the regulatory green light. It seems that great investors have hurried to include more FTT in their portfolios.

The chart of Santiment's owner distribution shows that the purchase pressure behind FTT has increased dramatically in the past three days. The behavioral analysis company recorded a significant increase in the number of addresses that contain FTT worth millions of dollars.

The number of addresses with 10,000 to 1,000,000 FTT rose sharply. About 36 new whales have been included in the ranks of the TOP-TTT owners, which corresponds to an increase of 30 % in a relatively short time.

The recent increase in the number of major investors may seem insignificant at first glance. However, if you consider that the average whale holds between $ 560,000 and $ 56 million, a sudden increase in purchase pressure can mean millions of dollars.

Network activity explodes

The number of active FTT addresses has also increased exponentially in the past few days. About 1,440 addresses have interacted with FTT tokens in the last 24 hours, which corresponds to an increase of 172% since September 19.

Such a sudden increase in the number of active wallets can be seen as a positive sign because it has led to increasing prices in the past.

The bullish thesis is further confirmed by the network growth, which has increased to a new all-time high.

This on-chain metric is often regarded as one of the most accurate price forecasts. In general, a constant increase in the number of new addresses that have transferred a certain token for the first time leads to rising prices.

These three on-chain indicators indicate that the FTT may be preparing to resume its upward trend in the next few weeks. Although the prices have had a dive of 44% since September 9, the increasing activity in the network indicates a V-shaped recovery towards new all-time highs.