The SPX6900, which has been riding the momentum of the “Meme Coin Super Cycle” paper, has recently returned to $1.79 after briefly touching on the new highest high of $1.85.
Data on the chain shows an increase in smart money holdings and a decrease in exchange inflows over the past 30 days, suggesting that accumulation may be accumulating beneath the surface. With ongoing integrations just below the high, traders are closely watching a potential breakout to $2.
Smart Money accumulation and distribution trends look positive
According to Nansen, the Smart Money Wallet currently holds 2.77 million SPX, an increase of 8.33% over the past 30 days. This increase exceeds the 213,000 tokens added during the period and is now worth around $383,000.
In contrast, the exchange removed SPX holdings by more than 17% this month. This is a sign that selling pressure will drop.
The distribution score remains reasonably high at 13, suggesting that 55% of the supply is still held by top 100 wallets. What to watch in case the whale decides to spin. Still, the setup looks more bullish as exchange spills and smart wallet inflows are synchronized.
The holders are counting increasingly
Additionally, Santiment Data confirms that retailers are chasing smart money. The number of SPX wallets exceeded 43,700 from about 41,800 in mid-June.
This increase in holders is often more confident not only institutional players, but also in full confidence, especially during price surges.
SPX Price Action looks strong
SPX prices recently beat the retracement level of 0.618 Fibonacci at $1.847, reaching a new high of $1.85. The next resistance is at 0.786 level, which is about $2.09. This is an approximate surge of 17%.
If the Bulls can regain and hold over $1.85, the $2.00 psychological barrier could fall soon.
In the fallback scenario, the SPX retested the $1.67 and $1.49 levels, which served as a support zone that turned into previous resistance. But for now, buyers are still in control and momentum is heading north. If SPX drops below $0.92, a complete bullish trend negation occurs.
Disclaimer
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