SPX6900 price rockets to ATH: will SPX hit $2 soon?

The SPX6900 token continued its strong uptrend on Monday, reaching an all-time high with a market cap exceeding $1.42 billion.

SPX6900 (SPX) traded above $1.56 on Jan. 6, rising more than 250% from its November low, making it the tenth-largest meme coin in the crypto market. Most of the trading activity occurred on Gate, Bybit, and KuCoin.

SPX6900’s rally coincided with a broader risk-on sentiment in both the crypto and stock markets. Bitcoin (BTC)approached the $100,000 mark, while the U.S. dollar index dropped by 0.60% to $108.20. Key American indices like the Dow Jones and Nasdaq 100 also traded in positive territory. Meanwhile, the crypto fear and greed index shifted to the green zone, reaching 60.

A likely factor behind SPX6900’s surge is the January Effect, as investors return to the market after the holiday season. Additionally, fear of missing out mong traders has further fueled the token’s rally.

Moreover, the most profitable SPX6900 traders have maintained their positions. The top trader has sold $3.4 million worth of tokens and still holds an unrealized profit of $5.7 million. Most of the top 15 holders have retained over 50% of their holdings.

SPX6900 top profit leaders | Source: Nansen

SPX6900 is a unique meme coin designed to “beat” the S&P 500 index, a popular stock market benchmark. The token’s central premise is that the number 6,900 is larger than 500, symbolizing its intent to outperform the index.

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SPX6900 price analysis

SPX6900 price chart | Source: crypto.news

The 4-hour chart shows that SPX6900 has been in a strong uptrend over the past few weeks. The rally gained momentum after the token broke above the upper boundary of its ascending channel pattern at $1.

The token has moved above the 50-period moving average and is now sitting at the ultimate resistance point on the Murrey Math Lines indicator. The Relative Strength Index and other oscillators have continued to trend upward.

Given these indicators, SPX6900 is likely to continue its rally, with bulls targeting the extreme overshoot level at $1.7578, about 13% above the current price. A break above that level could pave the way for further gains toward $2.

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