What's Behind the 11% Price Hike of SPX6900? What Lies Ahead?

SPX6900, a meme coin, has seen a 20% surge in price over the past week, with an 8% increase in the last 24 hours, making its 7-day gain approximately 20%. Its current market capitalization stands at $1.32 billion with a daily trading volume of $94.4 million. Despite being 17.8% lower than its all-time high of $1.73, the trend remains upward due to increased market interest and social activity. However, there has been a decrease in active and new address counts indicating a decline in user participation.

Despite this, the price remains strong, driven by short-term interest. The coin continues to follow a rising trendline and maintaining this momentum is key to its upward trajectory. If the price falls below $1.17, the structure could weaken.