New Solana Meme Coin SPX6900 Rallies to All-Time High – Eyes Top 100 Next

Key Takeaways

• SPX rose 244% from $0.21 to $0.718 in October.
• Bearish divergence on the RSI suggests potential weakening momentum.
• A reversal could bring SPX back to $0.35 in correction.

SPX6900 (SPX) has shown impressive price movement since its debut, gaining significant traction and reaching new highs.

However, with a potential bearish divergence forming and market uncertainty, traders are watching closely for signs of a reversal or continued uptrend.

SPX6900 Price Analysis 

The price of SPX traded at around $0.10 on Sept. 30 and gained traction slowly. On Oct. 3, it reached a high of $0.33 but fell to $0.20 the next day, and it was traded sideways until Oct. 6.

This was likely its initial price consolidation, as the first uptrend followed. 

Since its Oct. 6 low of $0.21, SPX rose by 244%, reaching an all-time high of $0.718 today, Oct. 9.

An ascending channel formed, and today’s high was a retest of its resistance level.

Although the price is still upward, it made a choppy uptrend without any clear wave structure. 

Usually, when cryptos enter the market, they consolidate and begin the first stages of a bull phase, increasing parabolically. This wasn’t the case with SPX.

The momentum was slow, and its ascending channel could have been another upward consolidation as the buyers proceeded with uncertainty. 

The price action and the 1h chart Relative Strength Index (RSI) show a bearish divergence. The RSI formed a descending range while the price moved to the upside. Divergence in this way usually indicates a loss of confidence in the price direction. 

Will we see a further increase, or will SPX make a downturn as the price interacts with the ascending resistance? 

SPX Price Prediction 

Looking closely at the wave structure and cross-referencing with the Fibonacci tools, we can label a five-wave pattern as an all-time high.

According to this count, the ascending channel is the ending wave, which came to the 2.618 Fibonacci extension. 

If true, SPX awaits a reversal for its first major corrective phase in a bull cycle. An ABC pattern to the downside is set to start, bringing back SPX to $0.35. 

Worth noting is that there are no signs of a reversal just yet, as the price remains in an uptrend.

Until we see a rejection or a larger descending move, the price is anticipated to continue moving up. 

The wave structure and the bearish divergence hint that the price is losing strength, but that doesn’t consider potential incoming interest or major exchange listings.

SPX is currently ranked 208th in its market cap but is only listed on decentralized exchanges, with Uniswap being the biggest. 

Read more: Top 5 Memecoins To Watch in October 2024 for Potential Gains