SPX rallies on 935K whale buys, but is the market top already here?

Key Takeaways

Whales added over 935K SPX after prices dipped, triggering a strong bounce. But profit-takers and rising Exchange Balances may limit upside, especially as RSI nears overbought and netflows hint at selling intent.

SPX6900 [SPX] surged 15.64% over the last 24 hours, bouncing off the $1.65 support and hitting a local high of $2.0278.

Over the same period, the memecoin’s market cap soared 14.77% to $1.86 billion while trading volume jumped 8% to $108 million, reflecting increased capital inflow. 

But what’s behind the price uptick?

Whales dive back in

Interestingly, when SPX6900 dipped to $1.6, whales rushed into the market to defend the support and also buy the dip. 

Nansen data showed Top 100 holders increased their balance by 7.17%, raising total holdings to 681.42 million SPX, equivalent to 79% of total supply.

Source: Nansen

On the 26th of July, SPX whales bought 1.34 million tokens while they only offloaded 413.7k tokens. As a result, Whale Balance Change remained positive with 935.5k tokens, a clear sign of aggressive whale accumulation. 

When whales turn to accumulation, it signals firm conviction in the market as they anticipate more gains. 

But sell pressure is building

At the same time, profit-taking kicked in.

Spot data from Coinalyze shows Sell Volume (SPX) outpaced Buy Volume, at press time,  with 890K SPX sold vs. 851K SPX bought, leading to a negative delta of -38K SPX—a short-term bearish signal.

Source: Coinalyze

Nansen data further confirms this trend, showing Exchange Balances rose 14.56% to 170.24 million SPX, while Exchange Inflows spiked—indicating tokens are being moved in to sell.

Source: CoinGlass

Netflow data highlighted a two-day streak of positive inflows.

At press time, Netflow was $53K, down from $2.2 million the day before. The reduction hints at some slowing momentum, but overall still suggests sell-side pressure remains.

Historically, rising exchange balances and profit-taking have triggered pullbacks in SPX’s price.

Technicals flash mixed signals

According to AMBCrypto’s analysis, SPX6900 soared as whales rushed into the market to accumulate. 

For that reason, the memecoin’s Relative Strength Index (RSI) surged from 57 to 66, at press time,  making a bullish crossover. At the same time, Stochastic RSI rose from 31 to 35, and it’s close to making a bullish crossover. 

A bullish crossover here will validate the strength of the uptrend and confirm its potential to continue. 

Source: TradingView

These indicators show improving demand—but there’s a catch.

If bullish momentum continues, SPX could reclaim $2.05 and target $2.10 next. But if sellers outpace buyers, a rejection could send the price back to the $1.63 zone.