SPX6900 (SPX) has regained upward momentum after successfully retracing to around $0.600 and completing a technical flag pattern retest. After the pullback, the token rebounded as much as 12%. Although it later retreated about 5.6%, the overall trend remains within an upward structure.
The core driving force behind this rally is continued buying from whales. Large holding wallets have been accumulating within the current trading range, indicating that major investors are viewing the recent pullback as a buying opportunity rather than a trend reversal signal. This behavior reinforces bullish market sentiment and suggests these key players are betting on further price appreciation.
Spot market data also shows positive signals. As of press time, SPX spot trading volume has surged 68% to 25.61 million tokens, indicating strong buying interest remains. If trading volume stays elevated, short-term price momentum will be further solidified.
The derivatives market is also heating up. SPX open interest (OI) is currently up 11% to $29.2 million, reflecting leveraged capital re-entering the market. Strengthened spot demand combined with rising OI typically signals a continued upward price trend, especially for lower-liquidity altcoins, where this combination often results in stronger price action.
(Source: CryptoQuant)
With whale capital flowing back in, the technical retracement completed, and derivatives activity picking up, the probability of SPX moving toward the $1 psychological level is increasing again. There is a liquidity concentration zone of about $276,840 near $1, meaning this price level will be the most fiercely contested area between bulls and bears in the short term.
Future price action depends on two key factors: whether institutional capital can maintain the current level of buying strength, and whether retail buying will further intensify in the coming days. If both continue to align, SPX could reach the $1 mark sooner than expected.
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