SPX Token Surges 10%, Can It Break Its All-Time High?

Meme coin SPX6900 has defied the broader market. While most tokens trade flat or in the red, SPX has bucked the trend, recording near double-digit gains over the past 24 hours.

Technical indicators suggest that buying pressure is strengthening, raising the possibility of a rebound toward SPX’s all-time high of $1.80.

SPX6900 Climbs With Buyer Dominance Growing

Readings from the SPX/USD one-day chart show that the altcoin has been printing new highs since June 7, closing each trading session at a fresh peak. As of now, the altcoin trades at $1.67, a level it last reached on January 20.

This upward momentum suggests strong bullish sentiment among SPX holders, with increasing daily trading volumes reinforcing the trend. Over the past day, the token’s trading volume has surged almost 10% to reach $108 million. 

When an asset’s price and trading volume surge together, it signals strong conviction behind the rally, and that is exactly what’s playing out with SPX6900. The meme coin’s near 10% price jump has been accompanied by a rise in trading volume, suggesting that the upward momentum is backed by genuine market interest rather than speculative buying.

Adding to the bullish outlook, SPX flashes positive on its Balance of Power (BoP) indicator. As of this writing, this was at 0.39, suggesting buyer dominance is increasing. 

The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers dominate the market over sellers and drive newer price gains.

SPX Nears January High as Bulls Eye Breakout

At its current price, SPX trades just below the resistance formed by its all-time high at $1.80 — a level it last touched on January 10. With buying pressure continuing to strengthen, the coin could revisit and climb beyond this price peak. 

On the other hand, if profit-taking resumes, the SPX token risks giving up recent gains and plunging toward the $1.47 support zone.