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SPX6900 [SPX] gained roughly 11% over the past day as buyers entered the market. The token also rose 82% and 140% over the past 90 and 180 days, respectively.
This growth coincided with an increase in Token Holders.
Since the 17th of August, another 470 investors purchased SPX. That brought the total Token Holders count to approximately 229,890.
However, exchange activity provided stronger evidence of the demand supporting SPX’s rally.
Are spot traders accumulating SPX?
Spot traders contributed heavily to SPX6900’s growth through consistent exchange buying. Spot Market Netflow showed that accumulation had persisted for at least one week.
Negative Netflow indicates that tokens are leaving exchanges for private wallets. This movement often reflects accumulation because investors appear less likely to sell those holdings immediately.
Over 30 days, Netflow reached approximately -$14.7 million. During the same period, traders accumulated roughly $46.64 million worth of SPX.
Derivatives traders also showed growing confidence. The Open Interest-Weighted Funding Rate remained positive and climbed to 0.0069%.
Together, persistent exchange outflows and positive Funding Rates supported the bullish outlook. However, crowded bullish positioning could become vulnerable if SPX encounters stronger resistance.
Can SPX clear daily resistance?
SPX’s weekly momentum faced a critical test after the token approached daily resistance.
The four-hour chart showed that SPX had already breached its previous resistance, marked in black. It subsequently moved toward the daily resistance line.
Failure to clear this level could force SPX lower. The memecoin declined 21% after its previous encounter with the same resistance.
Meanwhile, the Aroon Indicator offered a less decisive outlook. Aroon Up stood at 78%, while Aroon Down reached 42%. The readings did not confirm a bearish reversal, although they suggested that bullish momentum was weakening.
Why is SPX sentiment still falling?
SPX investors remained cautious despite the token’s recent gains. CoinMarketCap’s Community Sentiment reading fell to -3.12 at the time of writing.
The Metric ranges between -10 and 10, with negative readings reflecting a moderately bearish outlook.
SPX’s Mindshare also remained weak. That disconnect leaves SPX in an unusual position. Capital continued entering the trade, but broader confidence had yet to follow the price.
Final Summary
- SPX gained approximately 11% over the past 24 hours.
- SPX6900 rose 82% over 90 days and 140% over 180 days. Another 470 investors increased the Token Holders count to approximately 229,890.
Source: www.kucoin.com