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SPX6900 Rally Backed by Massive Spot and Derivatives Buying
SPX6900 [SPX] surged an impressive 23% during early trading, hitting fresh all-time highs and entering an exciting price discovery phase. While the memecoin maintains elevated levels, analysts predict a short-term dip could precede a larger rally, supported by bullish data across memecoin and altcoin indexes.
Massive Accumulation Fuels Momentum
SPX’s new all-time high comes amid significant buying activity. In the last 24 hours alone, investors snapped up $1.47 million worth of tokens. More strikingly, from July 13-15, total accumulation across exchanges reached nearly $5 million (Spot Netflow data, CoinGlass).
Derivatives markets showed even stronger demand, with liquidity injections about 23 times greater than spot purchasesduring the same period. Open Interest skyrocketed by $116.2 million to $226.6 million, marking a 52.24% increase in just one day.
Combined Open Interest and Funding Rate data reveal market sentiment peaking at 0.0734%, the highest yearly level—signaling strong bullish conviction.
Is a Short-Term Pullback Coming?
Technical indicators suggest a possible short-term correction. SPX currently trades near the upper Bollinger Band, often signaling an overbought condition and a potential pullback. Meanwhile, the Relative Strength Index (RSI) hints a dip may be near as it approaches the critical 70 level.
If the RSI reverses downward, SPX could retest the middle Bollinger Band near $1.58, which might serve as key support before the uptrend resumes.
Bull Run Remains Strong
Despite potential short-term volatility, the broader bull run is intact. SPX currently ranks third on CoinMarketCap’s Altcoin 90-Day Index with an extraordinary 295.68% gain.
Notably, memecoins dominate the top five spots on this index, underscoring the sector’s surging strength and growing investor interest.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
