- SPX6900 hit a contemporary ATH at $2.27, backed by enormous jumps in market cap and buying and selling quantity.
- Derivatives information reveals robust long-side positioning with excessive Open Curiosity and bullish funding charges.
- Netflows and SFR recommend profit-taking has kicked in, probably hinting at short-term cooling.
SPX6900 simply went full throttle. After cracking via that $2.05 resistance prefer it was nothing, the memecoin soared 12.13%, tagging a contemporary all-time excessive at $2.27 earlier than cooling off barely to $2.22. Not too shabby.
Whereas all that was occurring, its market cap ballooned to a wild $2.1 billion. Buying and selling quantity? That shot up 134% to $119 million. So yeah—cash’s flowing in. However is that this the start of a full-blown bull run… or only a sugar rush?
Futures Frenzy: Bulls Stack In
As quickly as SPX obtained cozy close to that $2.1 mark, merchants piled into the Futures scene prefer it was Black Friday.
Open Curiosity jumped practically 18%, hitting $276 million. And derivatives quantity? That exploded 92% to $412 million. That combo often means critical capital’s coming in, not simply degens playing on vibes.
Much more telling, funding charges stayed within the inexperienced—hovering at 0.022 with a forecast close to 0.041. Principally, merchants have been leaning lengthy. Arduous. CoinGlass information confirmed the Lengthy/Quick Ratio sitting round 1.08, that means bulls have been positively those calling the photographs.
Revenue-Takers Present Up With Baggage
However, in fact, what goes up often triggers somebody to money out. SPX’s meteoric rise didn’t go unnoticed—revenue takers began unloading.
Two back-to-back days of constructive netflows have been logged. Most not too long ago? A $1 million netflow, virtually double the day earlier than. That’s not delicate.
And with extra tokens hitting exchanges, shortage took a nosedive. Inventory-to-Move Ratio (SFR) slid from 7,200 to simply 77. Meaning extra provide’s on the desk, and extra provide usually spells—yep, you guessed it—downward strain.
So… Can SPX6900 Hold Pushing Up?
Let’s not rely it out simply but. Technicals nonetheless look stable. The Relative Power Index (RSI) jumped from 64 to 71—firmly in bullish territory. On the identical time, Chaikin Cash Move (CMF) clocked in at 0.13. That’s wholesome.
These two rising collectively often imply the patrons are operating the present.
If that momentum retains going? A push to $2.50 is completely in play. However—and this can be a huge one—if profit-taking retains ramping up, it might drag SPX again right down to round $1.93.