- SPX6900 has flipped BONK and Fartcoin, entering the top five meme coins after a 40% gain in just one week.
- As per IntoTheBlock, 100% of SPX holders are in profit, with 71% of the supply held by large holders, indicating strong backing.
- Despite bullish volume trends, the Stochastic RSI is deep in overbought levels, suggesting possible short-term correction.
SPX6900 ($SPX) has surged with a 40% weekly gain, entering the top five meme coins by market cap. This sharp climb saw it overtake both BONK and Fartcoin, supporting its breakout from April’s market low.
Unlike other meme coins that saw only brief recoveries, SPX has steadily approached its January highs. Its climb began in March and has maintained upward momentum into June. The sustained performance sets SPX apart, with retail interest growing steadily during each leg of the move.
Retail Confidence Drives Consistent Uptrend
While volatility continues across most meme coins, SPX shows signs of growing stability and conviction among holders. According to IntoTheBlock data, 100% of holders are in profit, with none at breakeven or loss.
This metric shows the effectiveness of the current rally in rewarding early and recent entrants. Additionally, 71% of SPX’s total supply is held by large holders, indicating strong backing by whales.
The holding time share is expanding. Roughly 3% of wallets have held for over a year, while 75% have retained holdings between one and twelve months. New entrants make up 21%, showing increased activity in the past month. This spread points to both long-term conviction and new speculative interest building alongside SPX’s parabolic price action.
Technical Setup Points to Momentum With Caution
At the time of writing, SPX was trading at $1.67, a 3.97% daily gain and holding well above the 200-day moving average of $0.8528. Since late April, the asset has climbed steadily, breaking through major resistance levels at $0.50 and $1.00 before pushing toward $1.70.
The sharp rise confirms parabolic momentum, though this often comes with risk of short-term exhaustion. Despite that, indicators show firm support behind the move.
The Accumulation/Distribution (A/D) line is at 18.226 million, confirming continued buying activity. Volume also backs this rally. The On-Balance Volume (OBV) has increased to 394.028 million, suggesting stronger engagement by the market.
Indicators Suggest Overextension Despite Strong Volume
However, there are signs of exhaustion. The Stochastic RSI is deep in overbought levels. This often precedes a pause or pullback. Still, the alignment between rising price and volume continues to strengthen the bullish case.
If current momentum holds, the price could push past $1.70 and test $1.80–$1.85. A consolidation above $1.70 would confirm continuation. However, if there is exhaustion and selling pressure, a drop to $1.55 – $1.50, and possibly $1.20 could happen.
SPX6900 shows strong technical support, sustained volume, and broad holder profitability. However, overbought signals suggest caution for short-term traders while long-term bullish outlook remains intact.
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