SPX6900 rallies 104% – Is $1 next, if so, can SPX sustain it?

• SPX6900 surged 19.6% to $0.89, marking a 104% rally over the past 30 days.
• RSI and Stoch RSI both made bullish crossovers, supporting a continuation toward $1 unless profit-taking kicks in.

SPX6900 [SPX] extended its bullish run, jumping 19.6% in 24 hours and was trading at $0.89 at press time.

This move builds on its 104% surge over the past thirty days, reaching $0.90573—its highest level since February.

As prices surged over the last day, the memecoin saw bullish momentum strengthen across all market participants, especially in the derivatives market.

SPX6900’s Open Interest surged 22.1%, reaching $40 million, while the Total Volume soared 108.24%, hitting $107.49 million.

This combination implies that traders are rushing to enter the market and take strategic positions. Amid this rush, they are buying the memecoin along the way.

Longs are in the lead

On top of that, the Long/Short Ratio confirms this bias.

As such, the ratio on the daily timeframe sat above 1, with traders on Binance and OKX all showing a long bias.

In simpler terms, over 55% of futures contracts favor longs. Such conviction shows traders are bracing for more upside.

This bullishness is further validated by the fact that SPX6900’s Spot Netflow has plummeted to a five-month high.

Currently, it sits within negative territory, reaching a low of $1.25 million. Such levels were last observed in the market in early January 2025.

A higher negative Netflow reflects strong accumulation, with exchanges recording more withdrawals than inflows.

RSI says ‘buyers rule’—is there fuel for more?

According to AMBCrypto’s analysis, it is currently experiencing strong upward momentum as bulls take over the market.

We can see the bull’s dominance as SPX6900’s RSI made a bullish crossover over the last day. A bullish crossover here suggests that buyers have displaced sellers and markets are experiencing a higher buying pressure.

Stoch RSI mirrored this setup, suggesting reinforced upward momentum. Together, they point to sustained bullish pressure in the short term.

Simply put, the prevailing conditions are favorable for the continuation of the uptrend. If SPX6900 bulls can hold on, we could see SPX attempt a move towards $1 for the first time since January.

However, investors could take the recent upsurge as a profit realization opportunity. If it happens so, the momentum while stagnate, and we will see SPX6900 pullback to $0.755.