SPX is trying to leverage the upward momentum from the memecoin market, targeting to exceed $1.37.
SPX has recorded outstanding growth in the last 24 hours with an increase of over 10%, supported by the explosion of memecoins and strong derivatives trading activity.
MAIN CONTENT
SPX increased over 10% in 24 hours and maintained a continuous upward trend for 4 weeks with a total of 16%.
Memecoins lead the cryptocurrency asset group, driving the explosion of SPX.
Derivatives data shows that new Long positions increased by $23.65 million, pushing Open Interest up to $139.17 million (up 17%).
SPX strongly increased thanks to the booming memecoin market?
According to data from Artemis Analytics, memecoins are the top-performing cryptocurrency asset group in the past week, rising about 3.9%. Tokens like FLOKI and Dogecoin (DOGE) have clearly benefited from this trend, driving SPX to continue rising.
The memecoin ecosystem is attracting significant interest, contributing to positive price fluctuations for SPX and related tokens.
Tran Viet, Cryptocurrency Market Analysis Expert, 07/2025
How does derivatives activity boost optimistic signals for SPX?
Data from CoinGlass shows that the Open Interest Weighted Funding Rate of SPX is at 0.0076%, in the positive zone. This data reflects that the majority of open positions are Long, indicating traders' optimistic sentiment towards SPX.
In 24 hours, traders added $23.65 million in Long positions, pushing Open Interest up 17% to $139.17 million, contributing to the bullish trend.
What technical obstacles could limit the increase of SPX?
SPX has broken out of the bullish triangle pattern, aiming for a target of $1.74. However, the resistance level at $1.37 is creating strong resistance, as SPX has twice failed to break this price level in the past 24 hours.
Market strategists believe that if selling pressure continues to increase, SPX may decline, thus reinforcing the current resistance zone.
What does the technical indicator forecast about the SPX trend?
The MACD has just formed a Golden Cross as the MACD line crosses above the signal line, a typical sign of short-term bullish trends. At the same time, the Money Flow Index (MFI) reached 74.53, exceeding the 70 threshold, indicating strong capital inflow and sustained buying pressure.
These signals indicate that SPX may challenge the price level of $1.38 – $1.40 in the near future.
The agreement of technical indicators along with large capital inflows creates favorable conditions for SPX to continue to break out, however caution is needed with the divergence between derivatives and the spot market.
Nguyen Huy, Cryptocurrency Technical Analyst, 07/2025
Compare the increase of SPX with other memecoin asset groups
Asset Group 7-day Increase Role in Memecoin Market Dynamics (FLOKI, DOGE) +3.9% Main momentum driving SPX SPX +10% in 24h, +16% in 4 weeks Fomo thanks to memecoin's upward momentum + Many Long positions Other Altcoin Groups +1.5% to +2.5% Stable growth but not explosive
Frequently Asked Questions
What is SPX and why is it rising sharply? SPX is a token related to the memecoin group, benefiting from the memecoin boom. Derivatives data also shows many Long positions, reflecting optimistic sentiment. How do memecoins affect SPX? Leading growth of memecoins at +3.9% has led to strong capital inflow into SPX, helping to push this token's price up sharply. How does derivatives data support the forecast for SPX? A 17% increase in Open Interest and a positive Funding Rate indicate that most investors expect SPX's price to continue rising. What is SPX's important resistance level? SPX is facing resistance at $1.37, a crucial price level for the next trend. What signals are the technical indicators giving? Both MACD and MFI support the scenario of price increases in the short term, but investors should be cautious of selling pressure.
Source: https://tintucbitcoin.com/memecoin-tang-spx-but-pha-canh-bao/
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