SPX6900’s Meteoric Rise: Is the SPX6900 Rebound Merely Temporary?
Despite the extreme volatility characteristic of cryptocurrencies, SPX6900 recently recorded a spectacular surge of more than 20% following Powell’s announcements. However, this rally appears short-lived, with contradictory signals emerging from retail investors and market whales.
Indeed, SPX6900 reached a local peak of $1,510, representing nearly a 20% increase. However, this euphoria was brief, with the price quickly falling back to $1.25 at the time of writing, following Bitcoin‘s crash. During this period, the memecoin’s trading volume jumped by 124.9% to reach $83 million, with market capitalization climbing to $1.4 billion.
Retail Buyers and Whale Sellers
When SPX6900’s price dropped below $1.2, retail investors seized the buying opportunity. This increased demand pushed prices upward. Simultaneously, whales began taking profits, selling 1.16 million SPX tokens, compared to only 397.7k tokens acquired.
Despite rising prices, the majority of market participants bet against SPX6900 in derivatives. Derivatives volume surged 166.6% to reach $291 million, while open interest climbed 12% to $128 million. Additionally, the long/short ratio fell to 0.843, with a higher proportion of short positions.
A Short-Lived Rebound for SPX6900?
Although SPX6900 rebounded thanks to retail investor intervention, whales have begun to withdraw. Moreover, technical indicators, such as the RSI and MACD, show weakening bullish momentum.
If this trend continues, with whales continuing to disengage, SPX6900 could fall to its next Fibonacci support at approximately $1.14. However, a shift in market sentiment could enable SPX to reclaim $1.5 and target resistance at $1.7 to $1.8.
How to Buy SPX on Bybit?
To capitalize on a potential 20-60% rebound, here’s how to purchase this Ethereum memecoin on Bybit:
- Create a Bybit account: Sign up on the Bybit website using an email address or phone number. Complete level 1 KYC verification (mandatory) with ID and a selfie, a process taking 24-48 hours.
- Fund your account: Navigate to “Assets” > “Deposit” and transfer USDT via SEPA transfer (free, 1-2 days) or credit card (3.5% fee). You can also deposit BTC or ETH from your wallet.
- Access the trading pair: In “Trade” > “Spot Trading”, search for SPX/USDT (current price ~$3.10 as of August 25, 2025). Bybit offers derivative contracts with leverage up to 10x.
- Place a buy order:
- Market order: Buy immediately at the current price. Specify the desired quantity of SPX.
- Limit order: Place staggered orders, for example at $1.16 and $1.4 to bet on a correction followed by a rebound.
Related topics:
