On July 20, Onchain Lens revealed that a 'whale' transferred approximately 2.53 million SPX6900 tokens (SPX) to Bybit, reaping an impressive profit of up to 4.46 million USD as the price hovered around a new high.
Previously, this wallet address received about 13.34 million SPX6900 and is still holding a token amount worth over 11 million USD – indicating that they show no signs of completely exiting their position.
In terms of overall market profitability, data from IntoTheBlock shows that the profit index currently lies within the top 10%, with no on-chain traders currently at a loss. However, about 7% are at breakeven.
Based on the analysis of the concentration level of accumulated addresses, two main support zones have been identified in the range of $0.57–$0.72 and $0.00024–$0.05 – corresponding to 2,140 and 1,790 addresses that purchased SPX6900 at these price levels.
Notably, the group of investors who bought at lower price levels seems to have participated in the market from the early stages. Meanwhile, the nearest support zone is currently identified in the range of $1 to $1.32 – an area that could serve as a foundation if the price adjusts.
Although the majority of investors have made profits, the enthusiasm in the market does not seem to have diminished.
The majority of current SPX6900 holders tend to continue 'holding tightly' to the token with the expectation of achieving higher profits. This persistent demand from a large number of investors could be a factor maintaining growth momentum for the memecoin at this time.
According to the data, 74% of traders have held SPX6900 for a period ranging from one month to one year — a signal indicating that confidence is still being maintained. Only 3% of investors show long-term commitment by holding the token for over a year.
Meanwhile, a group of 14 whales holds more than 1% of the total supply per wallet, accounting for up to 40% of the total number of addresses. In contrast, retail investors — about 115 people — account for only 31.51%.
With such a clear asset allocation picture, the big question arises: Will the price of SPX6900 continue to break out, or is it nearing its peak?
Will the trend pause after the new historical peak?
Technically, SPX6900 is maintaining a strong upward trend, as price action has continuously reacted positively to the ascending support line since March 11. Each time it touches the trend line, this memecoin bounces back strongly, indicating that demand remains very strong.
Currently, SPX6900 shows signs of completing an ascending triangle pattern — a technical signal that often suggests the potential for a breakout. If the price continues to bounce from support, the next surge may bring SPX6900 to new highs.
However, the upward momentum is facing certain resistance as the momentum indicator begins to weaken after fluctuating around the historical peak of $1.83. In a negative scenario, if SPX6900 breaks below the lower edge of the triangle pattern, this could trigger a short-term correction.
The risks are even greater if selling pressure continues to increase — especially when whales start to offload, which could reverse the current price structure.
In summary, SPX6900 is still in an uptrend, but the upward momentum is facing significant challenges — and a change could happen at any time.
