SPX surged 11.3%, nearing all-time highs while meme coins remain under pressure.
Technicals show a strong parabolic breakout, with resistance at $1.73.
SPX outperformed BTC and ETH, gaining 13.2% and 11.8% respectively.
Amid a week of underperformance in most altcoins and meme tokens, SPX has been one of the outstanding performers, showing considerable strength and approaching its former all-time highs. As of the latest trading data, SPX is valued at $1.72, registering an 11.3% price increase in the past 24 hours. The digital asset's ability to maintain momentum while broader market sentiment remains cautious has drawn attention from market watchers.
Key Price Levels and Technical Overview
SPX has been on a strong upward trajectory since early May, displaying a parabolic pattern that reflects heightened buying pressure. The current resistance level is at $1.73, and the nearest support is at $1.52. Price action within the last 24 hours shows SPX fluctuating in between the two, showing close consolidation at the peak of its recent uprise.
https://twitter.com/Bullify_X/status/1933048816694890781
Technically, the chart depicts a clear "mega breakout" above prior levels of consolidation with a pick-up in price action particularly in late May and early June. The move is covered with increasing volume and a more widespread shift in sentiment among SPX traders who appear to be preparing for more gains.
Market Sentiment and Broader Implications
Despite general weakness in speculative assets—especially meme tokens—SPX has managed to sustain bullish momentum. Analysts attribute this resilience to a combination of market structure and long-term holder conviction. Notably, traders with high exposure to SPX during previous drawdowns have now seen substantial recoveries. One highlighted case involves a market participant who reportedly turned a significant unrealized loss into a $55 million gain, reflecting the potential payoff of long-term positioning.
SPX Shows Strength Across BTC and ETH Pairs, Eyes Breakout
In BTC and ETH terms, SPX also gained ground. The token increased by 13.2% against Bitcoin and 11.8% against Ethereum, showing not just strength in dollar terms but also against dominant trading pairs.
Since SPX is testing resistance here at $1.73, market watchmen are anxiously awaiting a confirmed breakout that would set the stage for the advance to new highs. A close above here and held may add further bullish tone and attract additional buying interest. However, caution is warranted as short-term back-ups may ensue if resistance is strong.
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