SPX falls 12% in 24 hours – But THIS metric sparks recovery hopes

Key Takeaways

SPX dipped 12% in 24 hours, with the $1.15 demand zone now acting as the key support. Whale accumulation is rising, but seller dominance in spot and futures markets keeps downside risks alive.

SPX6900 [SPX]  prices have seen a sharp 12% drop in the past 24 hours, at press time. A move that puts its market structure under intense pressure.

The token was trading slightly above the key $1.15 demand zone, a level that could determine whether the recent selling pressure is merely a short-term shakeout or the beginning of a deeper decline.

Meanwhile, the stochastic RSI was flashing bullish signals. With the RSI in the oversold zone, a potential price reversal may be on the horizon.

Source: TradingView

Whales are making moves

Whale activity offers a glimmer of hope to SPX bulls that are already in longs positions.

According to AMBCrypto recent analysis on CryptoQuant whale activity data, large buyers are still stacking orders right at this demand zone, signaling that some heavy market players are viewing the dip as an opportunity to accumulate more long positions.

In past cycles, such accumulation has helped slow down bearish momentum, giving prices room to breathe, and for SPX the same development could come into play.

Source: CryptoQuant

Seller still in dominance despite the bullish indicators

Still, the market bias is not entirely bullish. Spot trading remains dominated by sellers, and Futures data shows bears keeping the upper hand.

That imbalance means the $1.15 floor will be tested, and whether it holds may come down to how much conviction these whales bring to the table.

Source: CryptoQuant

What is ahead for SPX

If buying momentum strengthens, SPX could stage a swift rebound, potentially retesting nearby resistance levels.

However, if support fails to hold, it may trigger a fresh bearish wave—leading to liquidations and pushing more retail traders out of their positions.

At this point, SPX stands at a critical juncture. Bulls are relying on large-scale (whale) demand to stabilize the market, while bears continue to exert pressure across broader conditions.

Traders should closely monitor order book activity around the $1.15 level, as this zone is likely to determine the next major move, whether it’s a recovery or a breakdown.