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.
Source: Nansen AI
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.
Source: Etherscan
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.
Source: SPX/USDC on TradingView
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.
