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- SPX6900 hit a new ATH at $2.27 before pulling back slightly.
- Futures data shows strong bullish sentiment and capital inflow.
- Rising netflows and lower SFR hint at possible short-term pressure.
The SPX6900 memecoin has captured market attention once again after surging to a fresh all-time high (ATH) of $2.27.
However, despite the euphoric rally, the coin has since pulled back slightly, raising new questions about whether SPX can sustain its bullish momentum or if the recent surge was simply a short-term spike fueled by speculative frenzy.
SPX’s rally to $2.27 was fueled by futures frenzy
The explosive move to $2.27 began when SPX decisively broke past the $2.05 resistance level.
That breakout set off a chain reaction across spot and derivatives markets. At its peak, the coin gained over 12% in a single day, pushing its market cap to an eye-popping $2.1 billion.
Simultaneously, trading volume spiked by 134%, reaching $119 million. This influx of capital was accompanied by a surge in futures activity.
In addition, the token’s open interest climbed 17.97%, hitting $276 million, while derivatives volume jumped to $412 million.
These increases often signal that more capital is entering the market, with traders taking on leveraged positions to ride the momentum.
Moreover, funding rates have remained in positive territory throughout the rally, currently hovering around 0.022 with projections pointing toward 0.041.
A positive funding rate usually indicates that long positions are in high demand, which aligns with the current Long/Short Ratio of 1.08.
These signs suggest that the majority of traders are still betting on more upside.
Profit takers have begun exiting
As expected, the rally triggered a wave of profit-taking among early holders. This was evidenced by two consecutive days of positive netflows, with the most recent reading hitting $1 million — nearly double the previous day.
A rising netflow typically signals that more tokens are moving to exchanges, often ahead of a planned sell-off.
At the same time, SPX’s Stock-to-Flow Ratio (SFR) fell sharply from 7,200 to just 77. This steep decline points to reduced scarcity, which may put downward pressure on price in the near term.
Historically, sharp drops in SFR have preceded corrections in price, especially when accompanied by elevated netflows.
Technical indicators remain bullish
Despite the increasing signs of distribution, technical indicators still paint a bullish picture.
The Relative Strength Index (RSI) initially climbed to 71 before starting to drop to around 63.62 at press time as the market’s overbought condition eased.
At the same time, the Chaikin Money Flow (CMF), which at press time had dropped to -0.01, has remained positive over the past few days, indicating continued buyer strength.
Rising RSI and CMF typically suggest that market participants are confident.
However, with more SPX tokens appearing on exchanges, buyers will need to absorb additional supply to sustain the current trend.
If bullish momentum holds, SPX6900 could set its sights on the $2.50 mark in the short term.
On the other hand, if profit-taking intensifies and buyers lose control, the price of SPX6900 (SPX) could retrace to the $1.93 support zone.