SPX6900 Surges 40% Weekly, Challenges TRUMP as Top Meme Coin

SPX6900, a latecomer in the crypto market cycle, has been making significant strides, challenging TRUMP as the meme coin of choice behind PEPE. With a 40% gain on the week, SPX has entered the meme coin top 5, surpassing BONK. This breakout has outperformed bullish SPX6900 price forecasts, showcasing a steady March-born uptrend that has nearly reclaimed its January highs. Unlike other meme coins that have seen modest bounces after the mid-April market bottom, SPX's consistent gains indicate growing retail conviction, positioning it as a clear poster child of this crypto cycle.

There is growing speculation that SPX6900 could potentially flip Official Trump. This argument is supported by the fact that SPX6900 was the most bought token by smart money last week, while TRUMP did not rank in the conversation. The rally has coincided with ongoing whale accumulation, with Nansen data showing that large holders now control 105.29 million SPX tokens, up from 104 million in mid-May. This deep-pocketed positioning suggests that the current uptrend is supported by more than short-term speculation. If this accumulation trend holds into June, SPX6900 could realistically overtake TRUMP, which would require a 40% price gain to match its $2.1B market cap.

The formation of a potential cup-and-handle pattern with the return to February highs could see another leg up in the SPX6900 price rally, but not before a breather. The SPX6900 appears to be topping out as buying pressure begins to show its cracks, an early sign that profit-taking and panic selling could soon kick in as latecomers become exit liquidity. With the RSI now stalling at 81 after a spike, well above the 70 threshold considered overbought, a correction is likely to unfold in the near term. This comes as the token faces stubborn resistance at the cup’s $1.75 neckline. If bulls fail to push through, this could mark a local top, giving way to a descending channel. In that case, price would likely see a 40% retracement to the 0.5 Fibonacci level, a zone often viewed as a prime accumulation range and springboard for further upside. From there, SPX could mount another upward move on stronger footing after a shakeout of weak hands. Given this pushes a full breakout, the pattern predicts a 300% move from current prices to $6.65, aligned with the 4.236 Fib extension. Still, if bulls push through $1.75 cleanly, the correction scenario could be invalidated altogether—a healthy pullback remains the more natural next step in the current structure.