SPX pumps 12% on Binance U.S. listing plan – Will profit-taking stall the rally? 

• SPX pumped 12% after Binance U.S. move, but quickly gave back the gains. 
• Profitable holders soared over 90%, underscoring the sell pressure. 

On the 18th of June, SPX6900 [SPX] soared 12.5% after Binance U.S. announced a spot listing for the memecoin. 

The exchange stated that the memecoin will begin trading on the 19th of June, triggering a front-run that lifted it from $1.24 to $1.46. 

SPX profit-taking spikes

However, at press time, memecoin traders were already locking profits.

At press time, SPX was down 8% after facing a rejection at the mid-range of the downtrend channel (white). The area also acted as a bearish order block (red), making it a short-term supply zone. 

Given a similar 4-hour RSI rejection at the mid-range, short-sellers may drag the memecoin back to $1.33 or the range lows. Especially if demand doesn’t improve. 

Over 90% profitable SPX holders

On-chain data supported the sharp sell-off too. According to IntoTheBlock data, 91% of holders (about 16K addresses) were in profit.

This meant that holders were highly likely to lock in profits and stall the rally if every holder followed suit. 

That said, the immediate on-chain support was around $1.1 and aligned with the 200-day EMA (Exponential Moving Average) on the price charts.

This would be a key level to track in case of a sharp pullback below the channel. 

Despite the sell pressure, the overall weighted sentiment remained positive, suggesting that market participants were bullish on the memecoin’s outlook. 

Overall, SPX has entered a cool-off period after an 80% run in early June. Whether the Binance U.S. listing will revive the trend remains to be seen.

However, the pullback could ease at the moving averages or $1.1 if market sentiment improves. 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion