SPX6900, riding the momentum of the “Meme coin SuperCycle” thesis, briefly touched a new all-time high of $1.85 recently before pulling back to $1.79.
On-chain data shows a rise in smart money holdings and a decline in exchange inflows over the past 30 days, suggesting accumulation may be building beneath the surface. With consolidation underway just below the highs, traders are watching closely for a potential breakout toward $2.
Smart Money Accumulation and Distribution Trends Look Positive
According to Nansen, smart money wallets now hold 2.77 million SPX, up 8.33% in the past 30 days. This increase equals over 213,000 tokens added during the period, currently valued at roughly $383,000.
In contrast, exchanges have dropped their SPX holdings by more than 17% this month, a sign of diminishing sell pressure.
The distribution score remains moderately high at 13, suggesting 55% of supply is still held by the top 100 wallets; something to watch in case whales decide to rotate out. Still, with exchange outflows and smart wallet inflows in sync, the setup looks more bullish than not.
Holder Count on the Rise
Moreover, Santiment data confirms that retail is following the smart money. The number of SPX wallets has now surpassed 43,700, up from approximately 41,800 in mid-June.
This rising holder count, especially during price surges, often confirms confidence across the board, not just among institutional players.
SPX Price Action Looks Bullish
SPX price recently broke past the 0.618 Fibonacci retracement level at $1.847, touching a new high of $1.85. The next resistance lies at the 0.786 level, around $2.09. That’s an approximate surge of 17%.
If bulls can reclaim and hold above $1.85, the $2.00 psychological barrier could fall quickly.
A fallback scenario would see SPX retest the $1.67 and $1.49 levels, which acted as previous resistance-turned-support zones. But for now, buyers remain in control, and momentum is pointing north. A complete bullish trend invalidation would come in if SPX drops under $0.92.
Disclaimer
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