What's Next After SPX All-Time High? | Credit: Hameem Sarwar
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Key Takeaways
SPX reached a new all-time high of $1.57 on Jan. 6, 2025.
The token has surged 75% since the start of the year.
Will SPX continue its upward trajectory?
Since its launch in October 2024, SPX has garnered a lot of attention.
After a 1,000% surge in less than two weeks, SPX underwent a correction before rebounding in December.
Fast forward to 2025, and SPX has once again captured the market’s imagination, hitting a new all-time high of $1.57 on Jan. 6.
With a 75% gain since the start of the year, the buzz surrounding SPX is undeniable. But the question on everyone’s mind: how much longer will this rally continue?
SPX had struggled to break through the $0.90 resistance level for most of 2024, with the price being rejected multiple times.
However, on Jan. 2, 2025, SPX finally surged past this barrier, marking a decisive breakout and sending the price soaring by 60% in just a few days. This move has reinforced the idea that the rally could be far from over.
In technical terms, SPX’s breakout from an ascending parallel channel indicates that the current price movement is likely impulsive rather than a short-term spike.
Additionally, key indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) remain bullish, even though they show signs of being overbought. No bearish divergence has yet been spotted, suggesting that the uptrend could persist.
What’s the Next Target?
The wave count for SPX suggests the price is in wave three of a five-wave increase (white). Since wave three is already longer than wave one, the next target is at $1.89, giving it 1.61 times the length of wave one.
The sub-wave count is in black. Because of the breakout from the channel, the SPX price is likely in sub-wave three. As a result, a short-term decline could happen before SPX resumes its upward movement.
Despite the possibility of a short-term drop, the trend remains bullish as long as the SPX price does not close below the $0.90 horizontal support area.
SPX Targets $1.90
The SPX price reached a new all-time high on Jan. 6. Even though indicators give overbought readings, its wave count and price action suggest the rally will continue toward at least $1.89 before a major correction.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
