Key takeaways
What fueled the SPX rally?
Retail buyers returned, driving purchasing volume to 3 million and derivatives volume up 124% to $146.67 million.
What could stop the SPX6900 rally?
The whales sold 1.4 million memecoins, lifting the Netflow exchange to $257,000, with the risk of a short-term pullback towards $1.06.
SPX6900 [SPX] bounced sharply from $0.80, recording higher highs and strong momentum from buyers.
At press time, memecoin was trading near $1.16, up 13.61% in 24 hours. Meanwhile, trading volume increased by 172% to $42 million, confirming new capital inflows.
The question now is whether SPX will be able to sustain this move.
Retail SPX intervenes again
After sellers dominated for two days, retail buyers re-entered the market over the past 24 hours.
Coinalyze data showed a buy volume of 3 million versus a sell volume of 2.5 million, yielding a positive buy-sell delta of 500,000, a sign of renewed retail accumulation.
Source: Coinalyze
This buying pressure helped SPX close with higher lows and regain short-term trend strength.
Futures traders chase the move
The rally spread to derivatives as traders positioned themselves for bigger gains.
CoinGlass data revealed a 124.33% increase in derivatives volume to $146.67 million, while open interest rose 22.36% to $63.89 million.
Source: CoinGlass
Often when OI and volume increase together, it indicates higher participation in the futures market.
In fact, futures inflows increased to $43.62 million compared to $42.59 million. That drove net futures flow up 292.7% to $1.03 million at press time, indicating further capital inflow.
Source: CoinGlass
Typically, when capital is invested in futures, it indicates greater investor participation as investors open long or short positions.
Furthermore, the long/short ratio stood at 1.0008, implying that most traders maintained long exposure and anticipated continued price growth.
Whales profit amid rally
Despite the bullish sentiment, whales began selling off near $1.18. Nansen data showed that top holders sold 1.4 million tokens and bought only 0.5 million, resulting in a net balance drop of 0.9 million SPX.
Source: Nansen
Exchange flows confirmed this activity.
The net flow reached $257,000, up from $141,000 the previous day, indicating that the tokens are moving towards exchanges, which is usually a sign of profit pressure.
Source: CoinGlass
Will SPX be able to extend its breakout?
According to AMBCrypto, SPX6900 rallied as retail buyers entered the spot market and traders rushed to futures for strategic positioning.
As a result, the Sequential Pattern Strength (SPS) rose to 30, confirming buyers’ control, while the Stochastic Momentum Index (SMI) recorded 18 after a bullish crossover; both metrics point to sustained bullish momentum.
Source: TradingView
If the buying persists, $1.30 is the next key resistance. However, continued profit-taking by whales could trigger a pullback towards $1.06.
