Whales Are Returning to SPX in Force
The SPX market is currently experiencing a strong bullish momentum phase, driven by converging technical signals and a notable return of massive players. The recent 17% surge places the cryptocurrency in a crucial zone.
The activity of SPX whale wallets has seen a notable acceleration in recent days. On-chain data reveals that several addresses classified as whales have considerably increased their positions, generating an unusual accumulation volume for this asset. One whale purchased $3.3 million worth of SPX.
This demand translates into sustained buying pressure that keeps the price above critical support levels. Large-scale transactions are multiplying, demonstrating renewed confidence in the project’s medium-term prospects. Historical data shows that these whale accumulation phases typically precede significant price movements.
The ratio between accumulation and distribution clearly leans toward massive buying. Blockchain metrics confirm that outflows from exchanges to private wallets have increased substantially, a sign of intent to hold rather than engage in speculative trading.
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Open Interest Climbs and Reinforces Bullish Momentum
Open Interest on SPX derivative contracts is showing impressive growth that accompanies the price increase. This simultaneous rise constitutes a particularly bullish technical indicator, suggesting that new capital is entering the market rather than simply recycling existing positions.
Trading volumes have also surged, providing the necessary liquidity to support a potential trend continuation. The funding rate remains positive without reaching excessive euphoria levels, which still leaves room for additional appreciation before entering an overheated zone.
The leverage levels used by traders remain moderate compared to historical peaks, reducing the risk of cascading liquidations that could abruptly reverse the trend. This healthy configuration provides a favorable environment for organic price progression.
Technical Configuration Points Toward $0.72
From a chart analysis perspective, SPX is trading above its key exponential moving averages, with solid support established by the 50 EMA. The price structure forms an ascending pattern characterized by increasingly higher lows, a typical signature of a robust uptrend. The bullish CVD divergence confirms this influx of liquidity.
However, the token is facing a daily Order Block. This zone will be difficult to break through and will require a new wave of buyers. The next liquidity zones are located at $0.85 and between $0.98 and $1.18, which constitutes the final crucial zone for SPX.
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