SPX6900 Surges 8.7% on Bullish Signals, Eyes New All-Time High

SPX6900 (SPX) has recently garnered significant attention after a strong breakout, with traders now focusing on the potential for a new all-time high. Over the past 24 hours, the memecoin surged by 8.7%, indicating a bullish continuation that has drawn renewed interest from both technical and derivatives markets.

This price surge is supported by a convergence of bullish signals, including an ascending triangle breakout, a golden cross, strong volume expansion, and a textbook Cup & Handle pattern. These signals collectively suggest the possibility of explosive upside in the near term.

Since June 20, SPX6900 has been consolidating within an ascending triangle on the 4-hour chart, a classic bullish structure characterized by rising lows and a flat resistance ceiling. This resistance level, clearly defined at $1.38, held firm until July 9 when the token broke through decisively, backed by solid volume and a bounce from the 100-day moving average at $1.22. Following the breakout, SPX6900 reached $1.4476 and is currently stabilizing around $1.42, with traders closely monitoring for a retest of the $1.38 level to confirm this move. If the token successfully holds above this key support, analysts anticipate a potential push toward $1.86, validating the triangle’s measured move projection.

Adding to the ascending triangle breakout is the confirmed golden cross, where the 50-day exponential moving average has crossed above the 200-day EMA. This powerful technical signal, now visible on the daily chart, typically marks the beginning of a sustained bullish trend. It arrives just as the Moving Average Convergence Divergence (MACD) histogram flipped positive for the first time since June. Momentum indicators now align in favor of buyers, especially with volume climbing steadily and derivatives markets flashing green. Open interest has also surged by over 18% to $103.7 million, with an overwhelming 82% of those positions favoring longs, signaling growing institutional confidence.

Another catalyst driving SPX’s price surge is its recent listing on Tokocrypto, which opened the token to a wider audience across Southeast Asia. This strategic move came on July 8 and led to a sharp 75.8% spike in 24-hour trading volume, now sitting at over $91 million. The increased accessibility has not only deepened liquidity but also amplified momentum during a week when memecoins have outperformed broader altcoins. As Bitcoin (BTC) edged lower by 0.36%, money flowed into smaller-cap assets like SPX6900 (SPX), which gained favor during this shift in market sentiment.

Perhaps most compelling is the Cup & Handle pattern now forming on SPX6900’s daily chart, offering a roadmap for a potential breakout toward $2.50 or higher. The rounded bottom of the cup is already in place, and the handle, a narrow consolidation range, indicates a healthy pause before a renewed push upward. Volume has been gradually building, and traders are now on alert for a breakout candle that could serve as the final trigger. If confirmed, the pattern’s measured move projects nearly a 98% gain from current levels, pushing SPX close to the $2.70 resistance zone.

Despite the overwhelmingly bullish picture, traders are keeping a close eye on one potential red flag: crowded long positioning. With funding rates rising to their highest point since mid-June and the majority of traders paying premiums to hold longs, the market is vulnerable to sharp corrections. While the Relative Strength Index (RSI) remains in neutral territory at 56.18, suggesting there’s still room for upside, any failure to hold $1.38 could result in a fakeout and trap late buyers. However, with SPX6900’s current all-time high sitting at $1.73, set just under a month ago, the current price action puts a fresh breakout within striking distance. Traders are now watching whether the Cup & Handle formation will resolve to the upside, which could not only breach the all-time high but also set the stage for a major rally through the $2 range.