09.09.2025 04:10
Following a notable resurgence in the memecoin market, SPX6900 spearheaded the gains, demonstrating a remarkable 20% surge after surpassing critical hourly levels, according to internet sources. This momentum was fueled by significant whale activity coupled with a wave of short liquidations, although confirmation of a continued push toward the $1.50 mark remains pending.
The broader memecoin sector breathed new life into the cryptocurrency market, witnessing a 4.64% increase in market capitalization within a 24-hour period, accompanied by an impressive 84.43% surge in trading volumes, based on CoinMarketCap data. Among the top performers, SPX6900 [SPX] and Pudgy Penguins [PENGU] garnered significant attention, posting double-digit gains on a weekly basis and experiencing sharp intraday spikes.
The driving forces behind SPX's impressive rally included substantial orders from large holders (whales), a cascade of short position liquidations, and key technical indicators such as an EMA crossover, which signaled a shift in momentum. Examining its sustainability, SPX has broken through the 100 and 200-day moving averages, suggesting a fundamental shift on larger timeframes. Shorter timeframes revealed a rapid structural shift, with major zones being breached following a week-long consolidation period between $1.05 and $1.20, with the breakout subsequently fueling this rally.
Currently, SPX is trading near $1.34 with $42 million in volume, having overcome the previous resistance level of $1.30. This barrier had previously hindered advances, but increased volume created a price gap, further propelling the rally. While the memecoin appears to be trending toward the $1.50 target, the resistance level at $1.40 could potentially cause a pause, mirroring the previous activity at $1.30. Should buying pressure decrease, SPX's price may retrace below $1.30.
On-chain data suggests that whales were the primary drivers behind SPX's recent gains. CryptoQuant data indicates that large trades dominated once the token remained above $1, emphasizing that the movement was driven by significant players rather than small retail investors. Moreover, the Open Interest (OI) across major exchanges, including Binance and OKX, increased to $101 million, representing roughly 20% on the day.
