FTT's 20% pop and 1,087% volume spike have traders whispering "trend reversal" — $0.3824 decides

FTX Token [FTT] climbed 20.7% in 24 hours as trading volume surged 1,087.55% to $29 million, according to market data. The rebound followed a retest of a major support zone near $0.2235, where buyers absorbed selling pressure and reversed the slide. Derivatives activity tracked the move higher, with FTT Open Interest rising 23.97% to $750,500 as new positions entered alongside rising prices rather than closing into the rally. The combination of expanding volume, higher Open Interest and an advancing price is generally read as fresh long demand rather than short covering, since short-covering rallies typically coincide with declining Open Interest.

Price action showed FTT defending the $0.2235 area after an early-June breakdown, reclaiming the $0.2846 level and returning to a range that had previously acted as support across March and April. The Relative Strength Index recovered to 50.69 after dipping below 30, indicating that recent selling pressure had eased. FTT was last positioned directly beneath a major resistance zone at $0.3824, an area that has rejected multiple prior advances. A decisive close above that level would extend the recovery structure, while another rejection would put the $0.2846 support back in focus.

Sentiment in the futures market remained tilted toward buyers. The OI-Weighted Funding Rate stood at 0.2093%, in positive territory, and has stayed positive through much of the recent recovery phase, reflecting that long traders have continued to pay premiums to hold positions. The persistence of positive funding alongside rising Open Interest signals that bullish positioning has been maintained even through periods of price weakness. Elevated funding rates can, however, heighten liquidation risk if the trend suddenly reverses, making the $0.3824 test a focal point for market participants.