FTX Token’s 20% rally raises trend reversal hopes – But can FTT confirm?

FTT rebounded sharply as volume, Open Interest, and bullish funding rates accelerated.

Written by Erastus Chami

Reviewed by Renuka Tahelyani

Updated 07:00 EDT June 9, 2026

FTX Token [FTT] has staged a sharp recovery from its recent sell-off, climbing 20.7% in 24 hours as trading activity exploded across the market.

Volume rose 1,087.55% to $29 million, highlighting a sudden return of speculative demand after weeks of muted participation.

The rally also arrived after FTT briefly revisited a major support zone near $0.2235, where buyers stepped in aggressively and reversed the decline.

Open Interest climbs alongside the rally

Derivatives traders also increased their exposure during the recovery.

FTX Token’s Open Interest rose 23.97% to $750.5K, indicating that participants opened new positions as the price advanced. This increase carried greater significance because it occurred alongside rising volume and higher prices.

In many cases, price rallies driven by short covering produce declining Open Interest as positions close.

Here, the opposite occurred. New contracts entered the market while FTT pushed higher, suggesting traders were actively positioned for further upside.

Although Open Interest remained modest compared to previous cycle peaks, the latest increase showed that derivatives activity had started supporting the broader recovery rather than lagging behind it.

FTT rebounds sharply from a critical floor

Recent price action showed buyers defending the $0.2235 support zone after FTT experienced a sharp breakdown at the beginning of June.

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.

RSI also recovered significantly, rising to 50.69 after recently falling near oversold territory below 30.

The shift suggested that selling pressure had eased considerably.

Meanwhile, the latest rebound placed FTT directly below the major resistance zone at $0.3824, an area that repeatedly rejected advances during previous rallies.

A decisive move beyond that level would strengthen the recovery structure, whereas another rejection could return attention to the $0.2846 support area.

Bullish positioning remains firmly in place

Sentiment across futures markets continued favoring buyers despite the recent volatility. The OI-Weighted Funding Rate stood at 0.2093%, remaining comfortably in positive territory.

Positive Funding Rates generally indicate that long traders have paid premiums to maintain positions, reflecting confidence in further upside.

Funding remained positive throughout much of the recent recovery phase, suggesting bullish positioning persisted even during periods of price weakness.

This behavior aligned with the Open Interest increase, reinforcing the idea that traders have maintained a constructive outlook.

However, elevated Funding Rates can also increase liquidation risks if the price suddenly reverses, making upcoming resistance tests especially important.

To sum up, FTT has rebuilt strength after defending the $0.2235 support zone and reclaiming $0.2846. Rising volume, higher Open Interest, and positive funding rates have all supported the recovery.

If buyers push through $0.3824, the current rebound could develop into a larger trend reversal.

However, failure to overcome that barrier would likely attract renewed selling pressure and place the focus back on recently reclaimed support levels.