SPX6900 (SPX) surged over 12% in 24 hours with trading volume spiking 62%, driven primarily by Solana whale accumulation. Whale holdings increased by 65% as exchange balances dropped 3%, signaling accumulation. The memecoin sector has been declining since an October 10 crash, but SPX is outperforming. On-chain activity on Ethereum also rose sharply, with transfer amounts nearly quadrupling and transactions doubling from a monthly low. The rally capitalizes on broader risk-on flows as Fed policy fears ease, pushing DEX memecoin volume to $11.63 billion. SPX broke above its $0.37 midpoint resistance, targeting $0.48. However, over 53 million tokens were sold, indicating underlying weakness. Holding above $0.37 is critical; failure may see a drop to $0.24.
SPX6900 [SPX] gained more than 12% in the past 24 hours as trading volume surged 62% at press time.
The memecoin sector has been in constant decline since the October 10 crash, though some tokens periodically outpace others.
For SPX, rising daily volume and increased on-chain activity drove the move higher.
Solana [SOL] whales were the biggest contributors to the capital inflow, increasing their holdings by more than 65% in the past 24 hours.
Exchange balances declined more than 3%, another indication of accumulation.
Other large players, including top 100 addresses, smart money, and public figures, reduced their positions, meaning whale capital outweighed others.
On the Ethereum [ETH] network, transfer amounts rose from 2.899 million SPX to 11.313 million tokens, a nearly 4x increase.
Transactions grew from 986 to 1,808 over three days, a 2x rise. The coin also capitalized on risk-on flows from easing fears about aggressive Fed policy, with DEX memecoin volume hitting $11.63 billion.
SPX broke above the midpoint of a sideways range, a level repeatedly tested since the start of the year, at $0.3716. The range boundaries are $0.2537 and $0.4878.
Net volume stood at 312.84K tokens, indicating buying exceeds selling. However, the Accumulation/Distribution indicator shows over 53 million SPX being sold, signaling underlying market weakness.
If whale capital continues to outweigh other large players and the technical breakout holds, SPX may hit $0.48.
Failing to stay above $0.37 could see the memecoin drop back to the $0.28-$0.30 zone or to the lower band at $0.24.
