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SPX6900 Token Reaches New Highs Amid Whales Accumulation

The SPX6900 token extended its strong upward trend on Wednesday, reaching its highest price level since January. The token’s value has climbed for five consecutive days, hitting a high of $1.62—an impressive 548% increase from its lowest point earlier this year. This surge has propelled its market capitalization from $275 million in March to a remarkable $1.4 billion.

Whale Accumulation Drives SPX6900 Growth

The recent surge in SPX6900’s price aligns with growing interest from whales. According to blockchain analytics data, whale holdings of SPX tokens have risen significantly, increasing from 104 million tokens on May 13 to 105.29 million. This accumulation indicates strong confidence from large-scale investors in the token’s potential.

Public figure holdings of the SPX token have also seen a slight uptick, reaching 31.97 million from 31.9 million on June 2. Meanwhile, daily active addresses for the token surged to 2,075—the highest since January 25. This marks a dramatic increase from fewer than 1,000 active addresses just last week.

Additionally, the supply of SPX tokens on exchanges has decreased to 90.21 million, down from a year-to-date high of 92.7 million. A reduced supply on exchanges often signals decreased selling pressure, which can further support upward price momentum.

Technical Analysis of SPX6900 Price

The twelve-hour price chart reveals that SPX6900 bottomed out at $0.2600 on March 11. Since then, the token has surged above both the 50-period and 25-period Exponential Moving Averages (EMAs), signaling a strong bullish trend.

The Relative Strength Index (RSI) has also climbed steadily, reaching an overbought level of 74. This indicates that momentum remains intact. Furthermore, the Average Directional Index (ADX) has surged to a record high of 56, reinforcing the strength of the ongoing trend.

Another notable pattern is the formation of a cup-and-handle on the price chart, with the upper boundary positioned at $1.8725. This classic continuation pattern suggests that the token could experience further gains. If the bullish trend prevails, SPX6900 is likely to target the key resistance at $1.8725, representing a potential 16% upside from its current level. However, a drop below the 50-period EMA at $1.0795 would invalidate this positive outlook.

Key Takeaways for Investors

  • SPX6900 has seen a remarkable price surge, driven by whale accumulation and increased daily active addresses.
  • The token’s supply on exchanges has dipped, signaling reduced selling pressure.
  • Technical indicators, including RSI, ADX, and the cup-and-handle pattern, point to continued bullish momentum.
  • Investors should monitor the $1.8725 resistance level and the 50-period EMA at $1.0795 for potential trend reversals.

As SPX6900 continues its upward trajectory, it remains a key token to watch in the cryptocurrency market. Understanding its technical indicators and monitoring whale activity can help investors make informed decisions.

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