FTX Token (FTT) is making headlines as the standout performer of the day, defying the downtrend seen across the broader market with an impressive rally. While the total crypto market capitalization took a hit, dropping by $53 billion over the last 24 hours, FTT has stood out by surging 7% and outperforming other major assets. With on-chain data signaling a growing bullish sentiment towards FTT, the altcoin seems poised for further gains.

Standing out from the crowd, FTT's recent surge is backed by a notable increase in spot inflows, marking a shift in market sentiment towards the altcoin. The modest spot inflows of $205,000 on Wednesday indicate a rising demand for FTT at the current market price, showcasing renewed interest in the asset.

Moreover, the token's rising open interest further bolsters the bullish outlook, currently standing at $2.03 million and increasing by 10% in the last 24 hours. Open interest reflects the number of outstanding derivative contracts that are yet to be settled, and a surge in open interest during a price rally signifies increased trader participation and confidence in FTT's upward momentum.

Looking ahead, FTT's price action suggests the token is aiming to consolidate above its 20-day exponential moving average (EMA), pointing towards a potential bullish trend in the market. Traders are closely watching for FTT to break above the $2.27 resistance level, which could pave the way for further gains towards $2.57. However, a scenario of profit-taking could see FTT retracing to $1.94.

As FTT continues to defy market trends and attract positive sentiment, the potential for further gains remains high, with traders closely monitoring key levels for potential price movements.