FTX Token has staged a significant recovery, climbing 20.7% in 24 hours as trading activity exploded across the market. According to reports from AMBCrypto, the token's volume rose 1,087.55% to $29 million, highlighting a sudden return of speculative demand after weeks of muted participation. The rally arrived after FTT briefly revisited a major support zone near $0.2235, where buyers stepped in aggressively and reversed the decline.
Derivatives traders increased their exposure during the recovery phase, with FTX Token's Open Interest rising 23.97% to $750.5K, indicating that participants opened new positions as the price advanced. As reported by AMBCrypto, this increase carried greater significance because it occurred alongside rising volume and higher prices. The opposite occurred compared to price rallies driven by short covering, where Open Interest typically declines as positions close. New contracts entered the market while FTT pushed higher, suggesting traders were actively positioned for further upside.
Recent price action showed buyers defending the $0.2235 support zone after FTT experienced a sharp breakdown at the beginning of June. According to AMBCrypto reports, following that reaction, price reclaimed the $0.2846 level and returned to a trading range that had previously acted as support throughout March and April. The RSI recovered significantly, rising to 50.69 after recently falling near oversold territory below 30, suggesting that selling pressure had eased considerably.
Sentiment across futures markets continued favoring buyers despite recent volatility, with the OI-Weighted Funding Rate standing at 0.2093%, remaining comfortably in positive territory. As reported by AMBCrypto, positive Funding Rates generally indicate that long traders have paid premiums to maintain positions, reflecting confidence in further upside. The funding remained positive throughout much of the recent recovery phase, suggesting bullish positioning persisted even during periods of price weakness.
The latest rebound has placed FTT directly below the major resistance zone at $0.3824, an area that repeatedly rejected advances during previous rallies. According to AMBCrypto analysis, a decisive move beyond that level would strengthen the recovery structure, whereas another rejection could return attention to the $0.2846 support area. The combination of rising volume, higher Open Interest, and positive funding rates has supported the recovery, with the current rebound potentially developing into a larger trend reversal if buyers push through the $0.3824 barrier.
