Can SPX6900 hold its 66% weekly gain? If not, what’s next?

SPX6900 [ $SPX ] is up more than 10% in the past 24 hours and 66% in the past week, making it the leading memecoin by daily gains. Daily trading volume jumped by more than 120%, though it remained relatively low at around $27 million.

The memecoin is also the third-largest gainer among the top 100 crypto coins by market capitalization, trailing only LayerZero [ZRO] and Pyth Network [PYTH]. While $SPX has remained in the green, other top memecoins have come under pressure, and the broader memecoin market cap is down 8.82% over the past 24 hours. That contrast has helped make $SPX stand out even as overall memecoin activity remains uneven.

Who is behind SPX6900’s weekly rally?

SPX6900 data suggests that retail traders have been driving the move, while large whales and smaller whales have largely stayed on the sidelines. Since June, the Spot Average Order Size has been retail-driven, with positions expanding.

Net whale flow over the past 30 days was about $900,000, reflecting $3.90 million in buys against $3.01 million in sell orders.

Exchange long/short ratios also point to retail participation. The ratio for accounts was 1.56 on Binance and 3.67 on OKX, suggesting that OKX retail traders were behind the rally.

Among top traders, the long/short ratio for accounts on Binance was 1.42, while the ratio for positions was 1.28. That indicated that top traders were less engaged with the memecoin.

Still, some KOLs, including Murad, remained committed to the token. His SPX6900 position, consisting of 29.964 million $SPX tokens, was still intact and was up more than $15 million, according to Arkham.

Retail traders drive $SPX’s eight-month consolidation breakout

On the charts, SPX6900 has broken out of a sideways range and turned the market structure bullish. The consolidation lasted more than eight months as traders looked for a move toward $0.70-$0.75, a zone that now serves as a reference point for whether the breakout can keep building.

The memecoin is trading above the 20-day and 50-day EMAs, and the moving average cross occurred at $0.3549. That cross aligned with the midpoint of the sideways trend channel.

However, for $SPX to reach $0.70, which would be its high for the year, the price must remain above $0.50. The Directional Movement Index (DMI) shows a rising and positive DI, while the ADX suggests the trend is present.

After the breakout, the token may pull back to retest the upper boundary of the range at $0.50. That level matters because it marks the area where the prior range gave way, and a failure to hold it would leave the breakout less firmly established. The route toward $0.70-$0.75 also faces resistance at $0.55, which served as a transition area before $0.50 support broke down to $0.25.

SPX6900 is now up more than 66% over the past week, with retail traders driving the move. The token has broken out of an eight-month consolidation, and bulls are targeting $0.70 as long as the price stays above $0.50.