SPX6900 token price forms cup and handle amid whale buying

The SPX6900 token continued its strong uptrend on Wednesday, reaching its highest point since January.

SPX6900 (SPX) price rose for the fifth consecutive day, reaching a high of $1.62, up by 548% from its lowest point this year. This surge has pushed its market capitalization from $275 million in March to $1.4 billion. 

The SPX token surge coincided with ongoing whale accumulation. Nansen data shows that whales now hold 105.29 million coins, up from 104 million on May 13 this year.

Similarly, public figure holdings of the SPX token rose to 31.97 million, up from 31.9 million on June 2. The SPX6900 token jumped as daily active addresses climbed to 2,075, the highest level since January 25. They have increased from less than 1,000 last week.

Additionally, the supply of SPX on exchanges dropped to 90.21 million, down from the year-to-date high of 92.7 million.

SPX price technical analysis

The twelve-hour chart shows that the SPX6900 price bottomed at $0.2600 on March 11. It has moved above both the 50-period and 25-period Exponential Moving Averages.

The Relative Strength Index has continued rising, reaching the overbought level at 74, a sign that momentum is continuing. Further, the Average Directional Index has surged to a record high of 56. A rising ADX is typically a sign that the trend is gaining strength.

SPX price is forming a cup-and-handle pattern, with the upper boundary at $1.8725. A cup-and-handle is a popular continuation indicator.

Therefore, the token will likely continue climbing as bulls target the key resistance at $1.8725, up by 16% from the current level. A drop below the 50-period moving average at $1.0795 would invalidate the bullish outlook.