SPX6900 leads memecoin surge with 20% jump, but is a pullback coming?
Key Takeaways
SPX6900 led the memecoin sector in positive aspects after breaking key hourly ranges. Whale exercise and brief liquidations fueled its momentum, but the push towards $1.50 awaits affirmation.
Memecoins reignited the crypto market because the sector’s market cap climbed 4.64% in 24 hours, with buying and selling volumes hovering 84.43%, per CoinMarketCap.
Among the many standouts, SPX6900 [SPX] and Pudgy Penguins [PENGU] captured consideration with double-digit weekly positive aspects and sharp intraday spikes.
Behind SPX’s surge: heavy whale orders, a wave of brief liquidations, and technical triggers like an EMA crossover that shifted momentum.
Is SPX’s surge sustainable?
On the day by day value chart, SPX broke above the 100 and 200 MAs, a sign of a structural shift on the larger timeframes.
On the shorter timeframes, the place SPX’s construction was shifting sooner, there was a break of main zones after the one-week consolidation. This vary was between $1.05 and $1.20, with a breakout fueling this rally.
At press time, SPX traded close to $1.34 with $42 million in quantity, surging previous $1.30 resistance. That barrier beforehand rejected advances, however increased quantity created a value hole that fueled the rally.
Supply: TradingView
For now, the memecoin seems to be on a path towards $1.50, however is the goal viable?
The resistance at $1.40 might end in a pause, similar to SPX did at $1.30. Within the meantime, if SPX patrons decelerate, the worth may hint again under $1.30.
Whales, OI, and funding again SPX
On-chain information pointed to whales as the first pressure behind SPX’s rally.
CryptoQuant’s Spot Common Order Dimension confirmed massive trades dominating as soon as the token held above $1, underscoring that huge gamers fueled the transfer quite than retail flows.
Moreover, the Open Curiosity (OI) throughout main exchanges like Binance and OKX rose to $101 million, about 20% on the day.
Additionally, the Lengthy/Brief Ratio was at 1.15, suggesting patrons had been barely optimistic than sellers.
Supply: CryptoQuant
Moreover, the Aggregated Funding Charges turned optimistic for the final two days. The studying was 0.0122 on Coinalyze — indicating that longs had been paying shorts.
Supply: Coinalyze
Brief squeeze sparks rally
One other issue driving the SPX memecoin’s value was the brief squeeze on orders above $1.30.
The run on these shorts lowered the promoting stress that beforehand led to a pause on the zone. Consequently, the worth spiked previous $1.35.
Supply: CoinGlass
Nevertheless, liquidity remained thick under $1.25, with over $3 million in orders between $1.20–$1.25. A retest of this zone may clear unfilled positions and make sure help earlier than any prolonged upside.
