SPX6900 market cap overtakes FLOKI, WIF, FARTCOIN, and BONK

Why SPX6900 price is up by 10% today: What's Driving the Price Surge?

While the broader crypto market trades in red with the major coins such as Bitcoin, FLOKI, and WIF falling anywhere between 1% and 7%, here comes a meme coin that defies gravity. SPX6900 (SPX) has been in the headlines after a nearly 50% surge this week and overtaking some of the major meme lords in market capitalization. But the question being—will SPX6900 hold on to this bullish trend and reach that much-talked-about $2.30 level?

SPX6900 Outpaces Top Meme Coins in Market Cap

SPX6900 has gotten market attention with this positive rally and yet keeps outpacing the favorites FLOKI, Bonk (BONK), Fartcoin (FARTCOIN), and dogwifhat (WIF). From CoinMarketCap data, the token has gone up 40% in the past seven days and 10% in the past 24 hours. The marketcap hovers around $1.50 billion now, rendering it one of the top-grossing memecoins this week.

Source: CoinMarketCap

On-Chain and Derivatives Data Fuel the Bullish Sentiment

On-chain and futures data validate the positive case from more technical perspectives. Coinglass data shows that SPX6900's Open Interest (OI) rose from $77.05 million on Saturday to $180.46 million last Thursday, marking an all-time high. An increase in open interest is mostly an indication of fresh capital entering the market, and, in this case, shows that there is more confidence in the continued rally.

Source: CoinGlass

Technical Outlook: Bullish Chart Patterns and Key Levels

On the daily chart, price action is showing a rounded bottom formation. This U-formation is a classic bullish reversal pattern, commonly seen in transitions from extended downtrends to new uptrends. The meme coin trades around $1.70 currently, just slightly above the psychological and structural support at $1.60.

The Relative Strength Index (RSI), while further confirming the bullish momentum, is currently pushing 82-high above the overbought level of 70, signaling strong buying pressure but opening the door for some near-term corrections.

Price Targets: What’s Next for Memecoin?

If the meme coin holds above the $1.60 mark, then the resistance would come around $1.80, which at this point is also a 100% Fibonacci extension level. Should we get a confirmed breakout above this zone, it could send the token prices soaring into price discovery above the range of $2.20-$2.30.

Source: TradingView

On the downside, in case of a retracement, those looking to buy will want to be watching for support zones at $1.47 and $1.21, which may provide good re-entry prices to capitalize on the next leg for memecoin.