Memecoin SPX6900 (SPX) recovered strongly from recent declines, climbing to a two-week high of $0.36 before retracing to $0.332. Market data shows a surge in futures activity and bullish sentiment, with open interest hitting a three-week high of $27 million and long positions dominating 60% of the market. Technical indicators suggest rising buyer momentum as the token tests key resistance levels.
The memecoin SPX6900 has traded within a narrow range since recovering from a $0.22 decline. With memecoins broadly recovering, SPX6900 experienced strong bullish momentum.
SPX successfully held the $0.30 support level and climbed to a two-week high of $0.36 before slightly retracing. At press time, the memecoin traded at $0.332, up 8.23% on the daily charts.
Over the same period, its trading volume rose 129% to $24 million, while its market capitalization increased to above $300 million. As the market rebounded, investors rushed into the futures market to take strategic positions.
According to CoinGlass, SPX’s Open Interest rose 13% to a three-week high of $27 million. At the same time, derivatives volume surged 123% to $75 million, reflecting increased participation.
When OI and volume rise together, it indicates increased capital flows into futures. In fact, over $23.4 million flowed into the market.
Meanwhile, data from Coinalyze shows the memecoin’s Long/Short Ratio is 1.52, with longs commanding 60% of the market compared to 39% for shorts. When longs dominate the market, it suggests most traders are bullish.
In addition to rising risk appetite, buyers entered the market to accumulate after SPX reclaimed $0.31 levels. As a result, Buy Volume to Price Pressure rose to 47, a significant jump from 9.
With VPO2 rising to the near-bullish zone, this suggests rising buyer dominance. The memecoin’s accumulation rose to 1.2 million before falling to 403k at press time.
On-chain analysis from TradingView shows SPX6900 exceeded its short-term moving averages, indicating strong short-term upside momentum. Likewise, SPX6900’s Relative Vigor Index rose to 0.047 after making a bullish crossover.
When these momentum indicators rise in tandem, they signal a greater likelihood the prevailing trend will continue. If demand in the futures market holds while accumulating addresses remain active, SPX could reclaim $0.40.
