- SPX6900 hit a fresh ATH at $2.27, backed by huge jumps in market cap and trading volume.
- Derivatives data shows strong long-side positioning with high Open Interest and bullish funding rates.
- Netflows and SFR suggest profit-taking has kicked in, possibly hinting at short-term cooling.
SPX6900 just went full throttle. After cracking through that $2.05 resistance like it was nothing, the memecoin soared 12.13%, tagging a fresh all-time high at $2.27 before cooling off slightly to $2.22. Not too shabby.
While all that was happening, its market cap ballooned to a wild $2.1 billion. Trading volume? That shot up 134% to $119 million. So yeah—money’s flowing in. But is this the beginning of a full-blown bull run… or just a sugar rush?
Futures Frenzy: Bulls Stack In
As soon as SPX got cozy near that $2.1 mark, traders piled into the Futures scene like it was Black Friday.
Open Interest jumped nearly 18%, hitting $276 million. And derivatives volume? That exploded 92% to $412 million. That combo usually means serious capital’s coming in, not just degens gambling on vibes.
Even more telling, funding rates stayed in the green—hovering at 0.022 with a forecast near 0.041. Basically, traders were leaning long. Hard. CoinGlass data showed the Long/Short Ratio sitting around 1.08, meaning bulls were definitely the ones calling the shots.
Profit-Takers Show Up With Bags
But, of course, what goes up usually triggers someone to cash out. SPX’s meteoric rise didn’t go unnoticed—profit takers started unloading.
Two back-to-back days of positive netflows were logged. Most recently? A $1 million netflow, almost double the day before. That’s not subtle.
And with more tokens hitting exchanges, scarcity took a nosedive. Stock-to-Flow Ratio (SFR) slid from 7,200 to just 77. That means more supply’s on the table, and more supply often spells—yep, you guessed it—downward pressure.
So… Can SPX6900 Keep Pushing Up?
Let’s not count it out just yet. Technicals still look solid. The Relative Strength Index (RSI) jumped from 64 to 71—firmly in bullish territory. At the same time, Chaikin Money Flow (CMF) clocked in at 0.13. That’s healthy.
These two rising together usually mean the buyers are running the show.
If that momentum keeps going? A push to $2.50 is totally in play. But—and this is a big one—if profit-taking keeps ramping up, it could drag SPX back down to around $1.93.
