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

Key Points

1. SPX6900 surged 15.64% in 24 hours, reaching a local high of $2.0278, with market cap rising 14.77% to $1.86 billion and trading volume increasing 8% to $108 million.

2. Whales aggressively accumulated SPX6900, with Top 100 holders increasing their balance by 7.17% (935.5k tokens net) during a price dip to $1.6.

3. Sell pressure emerged as sell volume (890K SPX) outpaced buy volume (851K SPX), and exchange balances rose 14.56% (170.24 million SPX), indicating potential profit-taking.

4. Technical indicators showed bullish signals (RSI rising to 66, Stochastic RSI nearing bullish crossover), but rising exchange inflows and netflows hint at possible selling intent.

5. The article highlights a mixed outlook: whale support could push SPX6900 toward $2.10, but increasing sell-side activity may limit upside momentum.