SPX Keeps Surging : How Far Can the Memecoin Price Go ?

An Explosive Rise in SPX Suggests New Heights for Memecoins

After a 23% surge, the memecoin SPX has established a new all-time high, highlighting the strength of the memecoin rally. Although the market shows signs of short-term overheating, the long-term bullish momentum remains solid.

Massive accumulation in the spot market and liquidity injections in derivatives have fueled this explosive rise. While a short-term correction is possible, technical indicators suggest that the long-term bullish potential remains intact.

Moreover, memecoins are dominating the “altcoin season” rankings, with SPX climbing to 3rd place with a gain of 295.68% over 90 days.

Can SPX Reach $3 Soon ?

SPX could reach $2.15 in the coming hours or before the end of the week, according to the 4H MRC. Subsequently, a short-term correction is expected with support at $1.67.

The HTF chart reveals a channel that could offer a peak in the near future at approximately $3.6 for this Ethereum memecoin. This represents almost a 2x increase from its current price. Additionally, the RSI still offers room for further upside.

In the longer term, Murad, a Bitcoin expert and OG, has predicted SPX reaching $100 before the end of the cycle.

Sustained Market Dynamics

This spectacular rise in SPX follows notable accumulation in the spot market. Over the past 24 hours, nearly $1.47 million in additional tokens have been purchased, fueling the bullish momentum.

But that’s not all. Between July 13 and 15, total accumulation on exchange platforms reached $4.99 million, demonstrating sustained investor interest in this token.

On the derivatives market side, the influx of liquidity has been even more significant, reaching approximately 23 times the volume of spot purchases over the same period. The open interest thus jumped by $116.2 million, bringing the total to $226.6 million, representing an increase of 52.24% in just one day.

An Expanding “Altcoin Season”

Despite short-term fluctuations that could affect SPX, the long-term bullish trend seems firmly established. At the time of writing, the index ranks third in CoinMarketCap’s “altcoin season” ranking, with an impressive gain of 295.68% over 90 days.

Interestingly, the top five positions in this ranking are occupied by memecoins, highlighting the strength of this market segment. Although the sector as a whole has recorded “only” 11% growth over the past 7 days, this performance masks the outperformance of major memecoins like SPX.

Although signs of short-term overheating are perceptible, the SPX rally seems far from over. The consolidation around its all-time high levels demonstrates a lasting interest in memecoins, reinforcing confidence in potential for additional growth.

More on this topic :

• BONK explodes 48% in 3 days : What’s happening ?
• Solana : Can liquid staking propel SOL price to $185 ?
• Crypto whales are diving into Pepe Coin : Should you buy too ?