SPX6900 Crypto Token Soars 350% Since March, But Signs Point to Potential Reversal

The SPX6900 crypto token has been on a remarkable rally since March, emerging as one of the top-performing assets in the digital currency market. On May 29, it hit a new multi-month high of $1.222, its strongest level since January, marking a staggering 350% gain from its March low. With a market cap now exceeding $1 billion, SPX6900 has climbed into the top 10 meme coins in the crypto space.

Investor excitement, fueled largely by fear of missing out (FOMO), has played a significant role in the token’s surge. Wallet data shows a rapid rise in adoption, with the number of SPX6900 holders jumping to 40,000, up from 29,000 at the beginning of the year. The buzz has also spilled over to social media, where mentions of the SPX crypto token continue to trend.

While the token has successfully broken past the psychological resistance level at $1, several key indicators now suggest that a correction may be on the horizon.

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Exchange Balances Surge

On-chain data from Santiment reveals a sharp increase in the supply of SPX tokens held on centralized exchanges. In May alone, that number climbed to 87 million, up from just 41 million in January. Nansen’s analytics paint an even more bearish picture, estimating the current exchange supply at 141 million, a 6.5% rise over the past month.

Such increases typically point to profit-taking behavior, as traders move assets to exchanges with the intent to sell.

Whale and Smart Money Activity Turns Bearish

Large holders, often referred to as “whales,” are also trimming their exposure. Wallets holding between 1 million and 10 million SPX6900 tokens now collectively own 300 million coins, down from 330 million a month ago. Even bigger players, those with between 100 million and 1 billion tokens, have pared down their holdings from 163 million to 148 million since April.

Further data from Nansen highlights a concerning trend among smart money investors. Their total holdings have declined to 4.6 million SPX, a 10% drop in May alone. This marks an all-time low and suggests that seasoned investors may be anticipating a broader downside correction.

SPX Crypto Token Faces Technical Risk as Rising Wedge Pattern Forms

From a technical perspective, the SPX crypto token may be approaching a critical inflection point. On the 12-hour chart, analysts are observing the emergence of a classic rising wedge pattern, a formation often associated with bearish reversals.

This setup is defined by two converging trendlines. The lower boundary traces the ascending lows beginning May 7, while the upper boundary connects a series of progressively higher peaks dating back to April 14. As these lines draw closer together, traders are closely watching for a potential breakdown—a scenario that could signal the end of the current bullish trend.

Should this bearish pattern confirm, key support levels to monitor include the psychological threshold at $1.00 and a deeper floor at $0.6383, which marks the swing low from May 18. A decisive move below these levels could accelerate downside momentum for SPX in the short term.