SPX6900 Meme Coin Eyes Record High as Whale Accumulation Sparks Bullish Momentum

SPX6900 (SPX), the meme coin that has captured trader attention this cycle, edged higher by nearly 2% on Monday, continuing the bullish momentum after a 4.71% recovery on Sunday. The price surge appears to be driven by renewed whale interest, coupled with a surge in derivatives activity, hinting at growing investor confidence.

Whale Accumulation Signals Market Rebound

On-chain data from Santiment reveals an important shift: large SPX holders appear to be cooling their sell-off activity, while smaller whales have increased their holdings.

Wallets holding 100 million to 1 billion SPX stabilized at 147.57 million tokens, down from a peak of 151.55 million—suggesting a pause in major selling pressure.

Meanwhile, wallets with 10 million to 100 million SPX boosted their balances to 253.9 million, up from 244.74 million late last week. Similarly, smaller whales in the 1 million to 10 million range now hold 309.11 million SPX, a notable rise from 292.04 million. This gradual buildup by mid-tier whales hints at accumulation ahead of a potential rally.

SPX Derivatives Market Shows Bullish Tilt

Data from Coinglass shows SPX6900 open interest (OI) climbing by over 7% to $144.54 million, signaling increased trader engagement. This influx of capital has coincided with $265K in short liquidations, compared to just $76K in long liquidations—evidence that bearish positions are being squeezed out as optimism grows.

The long/short ratio at 1.0182 underscores the shift in sentiment, as long positions slightly outnumber shorts. Though the bullish advantage is marginal, it reflects a steady trend toward renewed upside speculation.

The OI-weighted funding rate, now at 0.0072%, still favors long positions, even after retreating from the day’s high of 0.0138%. This positive funding rate shows that bulls are paying to maintain dominance, albeit with some caution entering the mix.

SPX6900 Price Forecast: Eyes on the $1.61 Breakout

After reversing from a weekly peak of $1.74, SPX6900 still managed weekly gains of nearly 20%, validating its position as one of the top-performing meme coins of this cycle.

SPX recently bounced from a critical support at $1.28, aligned with the 78.6% Fibonacci retracement level, and now tests the resistance zone between $1.55 and $1.61—with $1.61 being its all-time high daily close.

A daily candle closing above $1.61 could trigger a technical continuation to the 1.272 Fibonacci level at $1.89, potentially unlocking a new phase of price discovery.

Momentum indicators send mixed signals:

• The Relative Strength Index (RSI) is at 67, just shy of the overbought threshold, suggesting bullish strength but limited upside room before a potential cooldown.
• The MACD line is approaching a bearish crossover, indicating a possible short-term correction if bulls lose steam.

Should SPX fail to clear $1.61, a reversal may bring prices back toward the $1.28 support zone, with the 50-day EMA at $1.02 serving as a deeper fallback level for bears targeting correction entries.

Conclusion: SPX6900 Poised for Breakout or Retest

With whale accumulation on the rise and derivatives markets reflecting bullish sentiment, SPX6900 is well-positioned for a continued rally—provided it breaks past the critical $1.61 resistance. If the breakout stalls, a retest of lower supports may offer a reset opportunity before the next leg up.

For now, SPX remains a top meme coin to watch, with on-chain data and technical indicators hinting at another potential breakout in the near term.