- SPX is looking to capitalize off the memecoin market gains and break above $1.37.
- Derivatives data showed $23.65 million in new long positions, pushing Open Interest up 17% to $139.17 million.
In the past 24 hours, SPX6900 [SPX] rallied significantly, gaining over 10% and extending its four-week bullish streak to a cumulative 16%.
Market analysis indicated a high probability of the rally continuing, though certain established barriers could still limit upward movement.
Meme-fueled madness
The recent surge in SPX appears linked to the strong performance of the memecoin sector over the past seven days.
Per Artemis, memecoins have been the top-performing crypto asset class, with a 3.9% gain placing them at the top of the sector leaderboard. Tokens like FLOKI and Dogecoin [DOGE] have notably benefited from this surge.
Source: Artemis
Adding further support to SPX’s rally is a significant rise in derivatives trading activity, with both liquidity and long positions increasing.
Derivatives go long and loud
As of this writing, CoinGlass showed SPX’s Open Interest Weighted Funding Rate at 0.0076%, a level firmly in positive territory.
A positive Open Interest Weighted Funding Rate indicates that the majority of open positions are from long traders anticipating further upside, signaling a bullish market sentiment.
Source: CoinGlass
Moreover, not only are most contracts positioned long, but these traders have also injected more capital, pushing Open Interest higher.
Traders added $23.65 million worth of new positions to SPX in just 24 hours, pushing Open Interest up by 17% to $139.17 million.
Spot investors turn bearish as resistance bites
SPX’s gains follow a breakout from a bullish triangle pattern in the past day, typically a signal of a broader upward move, potentially targeting $1.74 at the top of the current channel.
However, the rally now faces headwinds, particularly at the $1.37 resistance level. In the last 24 hours, SPX has made two failed attempts to break through this price point.
Source: TradingView
In the spot market, bearish sentiment appears to be rising.
Over the past 24 hours, spot investors have sold off approximately $527,000 worth of SPX after two days of steady accumulation. If this selling pressure continues, SPX could decline, reinforcing resistance at current levels.
Indicators still favor a bullish case—for now
On the technical side, the MACD flashed a Golden Cross as the MACD line climbed above the signal line. This crossover historically aligns with short-term bullish breakouts, provided momentum sustains.
Source: TradingView
Adding weight to the case, the Money Flow Index (MFI) surged to 74.53, well above the typical 50–70 bullish band. This suggested strong capital inflows and persistent buy-side pressure.
With the MACD rising and MFI confirming aggressive accumulation, SPX could soon retest $1.38–$1.40.
However, the divergence between derivative optimism and spot caution is worth watching. If funding support weakens or selling intensifies, the rally may lose steam.
For now, all eyes remain on $1.37, the level that could either cap or crown this meme-backed run.
