SPX Meme Coin Price May Be Aiming for a Major Breakout – Here’s Why

SPX6900, a meme coin, has recently experienced little price volatility, struggling to break through the important resistance level of $1.20. The lack of significant movement has kept this token within a narrow range, with prices fluctuating around $1.16.

However, the emergence of new investors could potentially drive a breakout, bringing new optimism to SPX's price action.

SPX Investors Show Mixed Signals

SPX6900's adoption rate has reached a two-month high of 25%. This adoption rate refers to the percentage of new addresses making their first transaction compared to all active addresses on a given day.

The increase in new investor activity is a strong bullish signal, indicating growing interest in this meme coin.

This increase in adoption rate is an important indicator of SPX6900's development potential. New holders typically bring fresh capital into the market, which could help push prices higher.

As the number of new addresses increases, investor confidence may rise, pushing SPX closer to a potential breakout.

Despite the optimistic sentiment from new holders, there are signs that SPX6900 may face challenges. Active deposits, tracking the amount of SPX transferred to exchanges, have increased in recent days.

This suggests investors may be preparing to sell their assets, which could create downward price pressure on the token.

The increase in deposits is contributing to the current consolidation in SPX6900's price, as selling pressure counters the positive sentiment from new investors. If the trend of increasing deposits continues, the price range may remain limited.

SPX Price Targets Breakout

SPX6900's price has increased 9% in the past 24 hours, contributing to a 17% rise this week. Nevertheless, this meme coin continues to struggle at the $1.20 resistance level, which it has been unable to break through in recent days.

Trading at $1.16, current selling pressure may prevent a breakout above this level in the short term.

The recent formation of a Golden Cross with Exponential Moving Averages (EMAs) in late May suggests price increase potential for SPX. However, this price increase prospect is limited by the growth in active deposits.

As long as selling pressure persists, SPX is likely to remain trapped between the $1.20 resistance and $1.00 support, preventing any significant upward movement.

If the current selling trend slows down, SPX6900 may finally break through the $1.20 resistance. This would open up an opportunity for the meme coin to move towards $1.40, which would invalidate the bearish prospect and restore investor confidence.