The recent rally in SPX Price saw a remarkable surge of over 230% from May to mid-June, almost reaching its all-time high of $1.77. This parabolic advance was triggered by a golden cross on May 6, signaling a bullish trend in technical analysis. The price of SPX coin followed a classic parabolic rally structure, breaking through key resistance levels and reaching a peak just below the previous all-time high.
However, open interest spiked to $171M before experiencing a sharp 25% decline, indicating that overleveraged long positions were liquidated. Spot outflows also hit $6.4M on June 14, suggesting strategic exits from the market. The price correction intensified on June 14, with SPX now consolidating above crucial support at $1.30.
Technical indicators such as RSI and MACD point towards a cooling off period rather than a collapse. RSI has dropped from overbought levels to 40.19, while MACD shows a bearish crossover, indicating waning momentum. The Balance of Power indicator is soft at 0.12, with BBTrend and BBP showing weakening bullish energy.
In the derivatives market, open interest collapsed by 25% after reaching an all-time high of $171.7M. Long/short ratios flipped bearish across major exchanges, with traders closing long positions or opening shorts as the rally lost steam. Spot flow reversal confirmed profit-taking, with net outflows recorded on major exchanges.
Looking ahead, SPX coin currently trades at $1.39, with $1.30 acting as crucial support. A successful hold at this level could see the price testing $1.50 and potentially retesting the all-time high of $1.77 by late June. On the downside, failure to hold $1.30 could lead to targets at $1.18 and $1.05 based on Fibonacci retracement levels.
Overall, SPX shows signs of stabilization, with traders advised to monitor volume near $1.50 and RSI flattening for confirmation of bullish continuation. The recent rally and subsequent cooldown reflect a healthy market rotation. The next move in SPX will determine the trajectory of the meme cycle leg in the coming sessions.