SPX6900 (SPX) surged 14.7% to $0.37, marking a three-week high as buyer momentum returned. The memecoin’s volume rose 62% to $19 million, with its price holding above key support after a recent market correction. However, increased profit-taking from spot market sellers presents a potential hurdle for sustaining the upward move.
The cryptocurrency SPX6900 [SPX] rebounded to $0.37 after defending the $0.30 support level. This recovery included three consecutive days of higher highs, accompanied by a 62% rise in trading volume.
Buy-side liquidity recovered significantly as buyers absorbed selling pressure below $0.35. The asset recorded higher accumulation volume and positive price pressure, with its buyer-to-price pressure metric rising from 23 to 34.
This demand pushed SPX above the $0.36 resistance and its short-term moving average. The Stoch hitting such elevated levels indicated a strong buyer’s presence, and the current upside move was largely driven by actual demand.
Market data from CoinGlass shows substantial spot market selling coincided with the price jump. Spot NetFlow increased 59% to $547,000, indicating aggressive profit-taking by previous investors.
Typically, when inflows dominate the market, it suggests that most active participants are mostly taking profit. Sustaining momentum now depends on buyers continuing to absorb this selling pressure to avoid a retracement toward $0.30.
