SPX6900 [$SPX] gained more than 12% in the past 24 hours as the trading volume surged by 62% at press time.
However, the memecoin sector has been in a constant decline since the October 10 crash, but there have been glimpses of revival. Still, these periods of gains have not been widespread across the sector, as a few memes tend to outpace others.
In $SPX’s case, both rising daily volume and increased on‑chain activity contributed to its latest move higher.
Solana whales drive SPX6900 as transfers surge
Of this high volume, whales on the Solana [SOL] were the biggest contributors to the capital inflow. As per Nansen AI, these whales increased their holdings by more than 65% in the past 24 hours.
Additionally, exchange balances declined by more than 3%, another indication of accumulation.
However, other big players did not play a part. That is, the top 100 addresses, smart money, and public figures reduced their positions. This meant that whale capital outweighed that of other big players, resulting in a higher price.
Moreover, the transfer amount and number of transactions on the Ethereum [ETH] network have started to pick up from a monthly low established three days ago.
Numerically, the transfer amount has risen from 2.899 million $SPX to 11.313 million tokens, representing nearly a 4x increase. The number of transactions grew from 986 to 1,808, which is equivalent to a 2x increase over the past three days.
Moreover, the coin capitalized on general risk-on flows that resulted from easing fears about aggressive Fed policy. Hence, the DEX volume for memecoins hit $11.63 billion, driven by volatile tokens like SPX6900.
Can $SPX reclaim the top band of the range?
But that’s not all.
$SPX broke out above the midpoint of a sideways range, a level it has repeatedly tested since the start of the year. These levels were $0.2537 and $0.4878, with the mid-level at $0.3716.
Despite the memecoin mainly being distributed, buying has exceeded selling, with the Net Volume at 312.84K tokens. However, the Accumulation/Distribution indicator shows over 53 million $SPX being sold, signaling underlying market weakness.
Therefore, if the whales’ capital continues to outweigh that of other big players and the technical breakout holds, $SPX may hit $0.48.
Otherwise, failing to stay above $0.37, the memecoin may drop back to the $0.28-$0.30 zone or to the lower band of the range at $0.24.
Final Summary
- SPX6900 surged more than 12% in the past 24 hours amid the return of whales and an increase in transfer amounts and transactions.
- $SPX whales target $0.48, but only if the price holds above $0.37; otherwise, it may drop back to $0.24.