SPX Whales Rebound: Is $1 the Next Target?

SPX6900 (SPX) is witnessing a resurgence in bullish momentum after successfully retesting its recent flag pattern around the $0.600 mark. The token experienced a 12% increase in daily value following this retest; however, it has since faced a slight decline of 5.6% as of this writing.

Key Takeaways

SPX6900 has shown strong bullish signs after successfully retesting its flag pattern.
Whale wallets are actively accumulating SPX, viewing recent price dips as buying opportunities.
Open Interest (OI) in SPX has risen notably, indicating increased market activity and leverage.
The sentiment surrounding SPX suggests a potential movement toward the $1 mark, supported by significant liquidity levels.

SPX Surges 12% as Whale Activity Rises — Is $1 the Next Target?

SPX price analysis
Source: TradingView

SPX Whale Activity and Market Momentum

Whale investors in SPX are making their presence felt as momentum builds. Large holders continue to accumulate the token within the current trading range, signaling that they perceive the recent pullback as an opportunity for investment rather than a signal to exit. This consistent accumulation bolsters the bullish sentiment and suggests that whales anticipate further price increases.

SPX whale orders
Source: CryptoQuant

Notably, the SPX spot volume surged by 68% daily to reach 25.61 million at the time of writing. This uptick in volume indicates robust trading activity, and if this trend continues, it could help sustain the altcoin's currently positive momentum.

Open Interest Indicates Increased Market Participation

As the article notes, SPX's Open Interest (OI) has climbed by 11% to $29.2 million, adding to an optimistic market outlook. This growth reflects renewed leverage and fresh capital entering the cryptocurrency market. When combined with strong spot demand, increasing OI typically fuels continued upward momentum in assets facing tightening liquidity conditions.

SPX open interests
Source: Coinalyze

Will Momentum Propel Prices Toward $1?

With the elements of whale accumulation, rising engagement in derivatives, and a successful flag retest, it becomes increasingly plausible for SPX to reach the $1 milestone. The future trajectory will rely heavily on whether large institutional buyers maintain their current activity levels and if retail momentum continues to grow in the upcoming trading sessions.

If SPX can retain its current strength, the psychological $1 threshold could represent the next major price challenge. This level is anticipated to attract liquidity and may become a point of contention between bullish and bearish traders. Notably, a liquidity cluster of $276.84K exists at the $1 price level, confirming it as a significant target moving forward.

SPX liquidation heat maps
Source: CoinGlass

Conclusion

As SPX6900 continues to show bullish signals with increasing whale activity and market participation, investors and traders are keeping their eyes peeled for the possibility of a price rise towards $1. The inclination of major market players and favorable trading conditions are pivotal for the continuation of this positive trend.