SPX6900 [SPX] is up more than 10% in the past 24 hours and 66% in the past week, leading all memecoins by daily gains. The daily trading volume spiked by more than 120% but was still fairly low at around $27 million.
The memecoin is the third-largest gainer among the top 100 crypto coins by market cap, behind only LayerZero [ZRO] and Pyth Network [PYTH]. SPX is green while other top memes are bleeding, with the broader memecoin market cap down 8.82% in 24 hours.
Who is behind SPX6900’s weekly rally?
SPX6900’s data showed that retailers were driving the memecoin as big whales and small whales stayed on the sidelines. Since June, the Spot Average Order Size has been retail-driven with their positions enlarging.
In fact, net whale flow in the past 30 days was about $900K, that is, $3.90 million in buys against $3.01 million in sell orders.
In support of this retail-driven activity is the Long/Short ratio from different exchanges.
For instance, the ratio for accounts was 1.56 on Binance and 3.67 on OKX, indicating OKX retailers were behind the rally.
For top traders, the Long/Short ratio for accounts on Binance was 1.42, while the ratio for positions was 1.28. This showed top traders’ positions were less interested in the memecoin.
However, KOLs like Murad were still believing in the memecoin. His SPX6900 position, which was 29.964 million SPX tokens, remained intact and was up more than $15 million, according to Arkham.
Retail traders fuel SPX’s 8-month consolidation breakout
On the charts, SPX6900 broke from a sideways range and flipped the market structure to bullish. The consolidation had lasted more than eight months as they eyed pushing SPX toward $0.70-$0.75.
The memecoin is trading above the 20-day and 50-day EMAs, which had a MA Cross at $0.3549. The cross coincided with the mid-level of the sideways trend channel.
However, for retailers to hit $0.70, which would be the high for this year, the price needs to stay above $0.50. The DI of the Directional Movement Index (DMI) is rising and positive, while the ADX indicates the trend is present.
With the breakout, the memecoin may drop to retest the upper resistance of the range at $0.50. The path toward $0.70-$0.75 faces a challenge at $0.55, which was a transition area before the breakdown of the $0.50 support to $0.25.
Final Summary
- SPX6900 is up more than 66% in the past week, with retailers driving the market.
- SPX broke out of an eight-month consolidation as bulls eyed $0.70 as long as its price stayed above $0.50.