FTX Token (FTT) has jumped 14% in price over the last 24 hours. This makes it the top gainer in the market. However, it's important to note that this surge is mostly due to speculative trading. There's not much real demand for FTT right now.

Even with this price increase, the negative Chaikin Money Flow (CMF) suggests a possible pullback. Currently, the CMF is at -0.26. This indicates a bearish divergence with the price of FTT.

What does this mean? Simply put, the rising price might not last. The rally seems driven more by speculation than by strong market demand. Often, this kind of situation signals an upcoming reversal. If selling pressure increases, we could see the price drop as the upward momentum fades.

Additionally, the Parabolic Stop and Reverse (SAR) indicator supports this bearish view. Right now, the dots of this indicator sit above FTT's price. This reflects a general bearish sentiment around the altcoin.

The Parabolic SAR helps traders identify trends and potential price reversals. When the dots are above the price, it usually signals a bearish trend. Traders often take this as a cue to sell or short the asset.

As speculative trading cools off, FTT's price is likely to correct itself. It might lose some of its recent gains. Fibonacci Retracement analysis suggests that the altcoin could drop to a support level of $1.25. If that support fails, we could see it decline further to around $1.

However, if FTT sees a surge in new demand, this bearish outlook could change. In that case, the asset might maintain its upward trend, breaking through resistance at $2.93 and potentially climbing as high as $3.53.