Token's SPX6900 price pattern resembles a cup and handle, suggesting possible buying interest from whales.
The SPX6900 token has been on a wild ride, skyrocketing yet again on Wednesday, hitting its highest point since January. The token has been on a five-day winning streak, reaching a peak of $1.62, marking a staggering 548% increase from its lowest point this year. This insane surge has shot up its market cap from a mere $275 million in March to an impressive $1.4 billion.
The SPX token's meteoric rise coincided with some aggressive whale accumulation. As per Nansen data, whales are now hoarding an staggering 105.29 million coins, up from 104 million on May 13 this year. Similarly, public figures have aggressively jumped on the SPX bandwagon, amassing 31.97 million tokens, up from 31.9 million just a couple of days ago.
As the SPX6900 token soared, so did the number of daily active addresses. These bad boys reached 2,075, the highest level since January 25. Just a week ago, the number was still hovering under 1,000.
While many might have been selling their tokens to cash in, the supply of SPX on exchanges took a huge dip, falling to 90.21 million. This is a drastic decrease from the year-to-date high of 92.7 million.
Now, let's take a closer look at the SPX price technical analysis:
The twelve-hour chart shows that the token bottomed out at $0.2600 on March 11. It has since broken through both the 50-period and 25-period Moving Averages.
The Relative Strength Index has continued its relentless ascent, hitting the overbought level at 74, a clear sign that this bull ain't slowing down anytime soon. To add fuel to the fire, the Average Directional Index has surged to an all-time high of 56. A rising ADX typically indicates that the trend is getting stronger.
The SPX price is forming a classic cup-and-handle pattern, with the upper boundary at $1.8725. A cup-and-handle is a popular continuation indicator. So, it looks like the SPX6900 token will keep climbing like a boss, with the bulls setting their sights on the key resistance at $1.8725, amounting to a significant 16% increase from the current level. But if the price drops below the 50-period moving average at $1.0795, it could throw a major wrench in the bullish outlook.
Now, the big question on everyone's mind: Will Ethereum's price hit $3,000 in June? We'll have to wait and see, but one things for sure - the crypto market is a wild, wild ride!
Enrichment Data:
The SPX rally, set between May and June 2025, was primarily driven by technical and chart patterns, market sentiment and social influence, and technological integration.
Key Resistance Breaks: The token managed to flip key resistance levels at $0.93 and $1.19 into support, confirming growing strength and sustained buying interest.
On-chain Support Zones: On-chain data revealed robust support between $1.07 and $1.10. This robust support played a critical role in maintaining the uptrend and helped the SPX6900 token hold above these levels, even with short-term volatility.
Positive Investor Sentiment: As market sentiment shifted positively, SPX6900 attracted renewed interest. Social media trends and media coverage played a significant role in boosting visibility and trading volume for the token.
Media Coverage: CCN spotlighted SPX6900 as a memecoin to watch, projecting price targets and reinforcing optimism among traders.
Market Sentiment: Factors such as inflation rates, consumer spending, and regulatory environment indirectly affected SPX6900's price.
Smart Contract Capabilities: Support for smart contracts and scalability increased the token's long-term viability and attractiveness to the market.
Market Cap: SPX6900 had a market cap of approximately $1.29 billion, trading around $1.38 per unit as of June 13, 2025, reflecting both the recent rally and ongoing interest.
- In the five-day winning streak of the SPX6900 token, it reached a peak of $1.62, marking a remarkable 548% increase from its lowest point this year on the Tron-based finance platform.
- Coinciding with the SPX6900 token's surge, whales have aggressively accumulated the token, hoarding an impressive 105.29 million coins in their crypto wallets.
- As public interest in the token grew, the number of daily active addresses on the Ethereum decentralized exchange (DEX) reached 2,075, a significant increase from just a week ago.
- Despite some investors cashing in on their SPX6900 tokens, the token's market cap has risen dramatically, from $275 million in March to an impressive $1.4 billion, indicating increased investor confidence in the crypto technology's future potential.
