SPX Surges 10% in 24 Hours Driven by Memecoin Sector Gains

SPX, a prominent index, has surged by over 10% in the past 24 hours, extending its four-week bullish streak to a cumulative 16%. This rally appears to be driven by the strong performance of the memecoin sector, which has seen significant gains over the past seven days. Tokens like FLOKI and Dogecoin have notably benefited from this surge, with memecoins leading the sector with a 3.9% gain.

Derivatives data shows a significant rise in trading activity, with both liquidity and long positions increasing. As of the latest data, SPX’s Open Interest Weighted Funding Rate stands at 0.0076%, indicating that the majority of open positions are from long traders anticipating further upside. This signals a bullish market sentiment. Traders have added $23.65 million worth of new positions to SPX in just 24 hours, pushing Open Interest up by 17% to $139.17 million.

SPX’s gains follow a breakout from a bullish triangle pattern, typically a signal of a broader upward move. 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. In the spot market, bearish sentiment appears to be rising, with spot investors selling 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.

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. 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. Market analysis indicated a high probability of the rally continuing, though certain established barriers could still limit upward movement.