SPX Surges on Whale Activity: Is a Market Top Imminent?
SPX Rockets After Whale Accumulation
SPX6900 [SPX] experienced a significant surge, climbing 15.64% in the last 24 hours. This rally followed a dip to the $1.65 support level, with the price hitting a local high of $2.0278.
The memecoin's market capitalization jumped 14.77% to $1.86 billion, and trading volume increased by 8% to $108 million, indicating strong capital inflow. But what fueled this sudden increase?
Whales Dive In to Buy the Dip
Data reveals that whales aggressively bought SPX6900 when it dropped to $1.6. Top 100 holders increased their balance by 7.17%, bringing their total holdings to 681.42 million SPX, representing 79% of the total supply, according to Nansen data.
On July 26th, whales purchased 1.34 million tokens while offloading only 413.7k, resulting in a net positive whale balance change of 935.5k tokens. This aggressive accumulation often signals confidence in further gains.
Signs of Sell Pressure Emerging
Despite the whale activity, profit-taking appears to be underway. Spot data from Coinalyze indicates that Sell Volume (SPX) exceeded Buy Volume, with 890K SPX sold versus 851K SPX bought, creating a negative delta of -38K SPX. This suggests a short-term bearish sentiment.
Nansen data supports this, showing a 14.56% rise in Exchange Balances to 170.24 million SPX. Spiking Exchange Inflows suggest that holders are moving tokens onto exchanges, potentially to sell.
Netflow data highlights two consecutive days of positive inflows, currently at $53K, down from $2.2 million the previous day. This decline points to reduced momentum, but overall sell-side pressure remains.
Mixed Technical Signals
AMBCrypto’s analysis indicates a surge in SPX6900 as whales accumulated the token. The Relative Strength Index (RSI) increased from 57 to 66, indicating a bullish crossover. The Stochastic RSI also rose from 31 to 35 and is approaching a bullish crossover, which would validate the strength of the uptrend.
If the bullish trend continues, SPX could reclaim $2.05 and potentially reach $2.10. However, if sellers dominate, a rejection could send the price back to the $1.63 zone.
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