Author：Encryption Jianghu

Key Takeaways

What signals are driving SPX’s current rally? 

Rising open interest, whale accumulation, and strong EMA support are fueling bullish momentum.

What resistance level could SPX target next? 

If demand persists, SPX may attempt a move toward the $0.72 resistance zone.

Spx6900 [SPX] prices have posted a strong 17% surge over the last 24 hours, at press time. The surge precedes the latest institutional players and large holders’ move to increase their exposure.

SPX‘s Open Interest (OI) has risen to $29 million, matching the level last seen on November 18. Historically, such accumulation phases often precede strong bullish price reactions.

Could SPX be setting up for a repeat scenario?

Whale accumulation adds fuel to the rally

Whale wallets have been consistently adding more positions at the current trading price, according to the recent CryptoQuant’s data.

The renewed appetite from futures whales suggests that large players are preparing for a potential continuation, especially as SPX trades comfortably above a key Exponential Moving Average support zone.

That’s not all, SPX Long/Short Ratio indicated a surging long dominance. The ratio stood at 1.67 at the time of writing.

The ratio had recorded a significant daily surge, reflecting a shift in the market dominance sentiments as the holders of long positions book more profits.

Open Interest signals stronger market conviction

OI climbing back to $29 million is significant because the last time SPX touched this level, traders witnessed an immediate price expansion.

The current rise suggests that leveraged positions are building again, and the market is leaning into the idea of renewed bullish momentum.

With liquidity improving and long positions still in dominance, the token could be setting up for another attempt at higher resistance levels.

Can SPX target $0.72 next?

At the time of writing, SPX was holding above a key EMA support, restoring a favorable market structure. 

On the daily chart, the token appears to be building momentum toward the $0.72 resistance level. 

If buyer demand continues to reflect the patterns seen at this open interest level, SPX could make another attempt to break into the next resistance zone around $0.72.

However, the market will still need sustained whale participation and stable funding conditions for the rally to extend further.

As it stands, the combination of rising OI, whale accumulation, and EMA support keeps momentum firmly in play as bulls aim for a prolonged bullish run.