SPX6900 Skyrockets 104%—Can It Defy Gravity and Hold $1?

Another day, another crypto moonshot—SPX6900 just ripped past a 104% rally. Now the market’s holding its breath: is $1 the next stop, or will this turn into yet another ’buy the rumor, sell the news’ circus?

Pump chasers are already front-running the move, while skeptics eye the charts like it’s a Rorschach test. If SPX6900 claws its way to a buck, the real question isn’t the price—it’s whether the network can handle the volume without collapsing faster than a DeFi yield farm in a bear market.

Funny how these ’unstoppable’ rallies always seem to meet gravity eventually—right after the influencers finish dumping their bags.

Longs are in the lead

Source: Coinalyze

On top of that, the Long/Short Ratio confirms this bias.

As such, the ratio on the daily timeframe sat above 1, with traders on Binance and OKX all showing a long bias.

In simpler terms, over 55% of futures contracts favor longs. Such conviction shows traders are bracing for more upside.

Source: CoinGlass

This bullishness is further validated by the fact that SPX6900’s Spot Netflow has plummeted to a five-month high.

Currently, it sits within negative territory, reaching a low of $1.25 million. Such levels were last observed in the market in early January 2025.

A higher negative Netflow reflects strong accumulation, with exchanges recording more withdrawals than inflows.

RSI says ‘buyers rule’—is there fuel for more?

According to AMBCrypto’s analysis, it is currently experiencing strong upward momentum as bulls take over the market.

We can see the bull’s dominance as SPX6900’s RSI made a bullish crossover over the last day. A bullish crossover here suggests that buyers have displaced sellers and markets are experiencing a higher buying pressure.

Source: TradingView

Stoch RSI mirrored this setup, suggesting reinforced upward momentum. Together, they point to sustained bullish pressure in the short term.

Simply put, the prevailing conditions are favorable for the continuation of the uptrend. If SPX6900 bulls can hold on, we could see SPX attempt a move towards $1 for the first time since January.

However, investors could take the recent upsurge as a profit realization opportunity. If it happens so, the momentum while stagnate, and we will see SPX6900 pullback to $0.755.