SPX6900 surges 22% after PPI drop fuels crypto rally | Credit: Hameem Sarwar
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Key Takeaways
SPX6900 surged 22% to a new all-time high of $1.85, fueled by cooling U.S. PPI data.
Network activity validates the rally, as the DAA divergence keeps pace with price.
SPX price might surge toward $2.85, though profit-taking could trigger a pullback to $1.51.
The SPX6900 (SPX) price has gained 22% in the past 24 hours and reached a new all-time high of $1.85.
The move came as the U.S. Producer Price Index (PPI) cooled to its lowest since September 2024. It renewed speculation that central banks may adopt a more accommodative stance, spurring inflows into risk-oriented digital assets.
Following the move, speculation is again swirling that the latest PPI result could pave the way for a Fed rate cut.
If this happens, the SPX6900 price might break its new high and surge even further. With momentum building, here are potential targets for the meme coin.
Cooling Inflation Sends SPX6900 Higher
According to the 4-hour chart, the SPX6900 price hit a new all-time high after breaking out of a bull flag formation. The rally kicked off with a spike to $1.70 on July 11, forming the flagpole.
The token entered a brief consolidation phase in the following days, forming the flag. But as buying pressure intensified, confirmed by a rising Money Flow Index (MFI), SPX price broke above the flag’s upper trendline.
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At the time of writing, the MFI remains elevated, signaling that a push beyond $2 could be imminent. Adding fuel to the bias, today’s lower-than-expected PPI reading of 2.3% has strengthened the bullish sentiment across crypto assets — SPX6900 included.
If demand for the meme coin continues to climb, SPX6900’s price could set another record high before the end of the week.
On-chain data also supports this outlook, particularly the Price–Daily Active Addresses (DAA) divergence. This metric gauges whether network activity is strong enough to support a price move.
When the divergence is negative, it signals a lack of user engagement, undermining price momentum. But in SPX6900’s case, the divergence is currently positive.
This current position indicates a bullish signal that suggests user activity on the network is enough to support an extended rally.
Looking at the technical point of view again, the daily chart shows a bullish crossover on the Moving Average Convergence Divergence (MACD). This crossover suggests that SPX’s price might soon break $2.
To support this, the Awesome Oscillator (AO) has risen to the positive region. As seen below, the AO has formed higher histogram bars, indicating bullish momentum.
Should SPX bulls hold the line, the memecoin’s price might rise to $2.85 before the end of the year. However, if profit-taking rises, this trend might not remain the same.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
