SPX6900 (SPX) is currently attracting attention due to significant selling pressure from whales

Today, data shared by Onchain Lens spotted a whale who sold 2 million SPX tokens for $856,000 at an average price of $0.427 in the past two days.

A crypto "whale" has sold 2 million SPX tokens for $856,000 USDC at an average price of $0.427 in the past two days, data shared by Onchain Lens shows.

Due to impressive SPX’s price increases, this whale has made remarkable profits from his sales. SPX has been one of the best performers in the cryptocurrency market. The altcoin’s price has grown by 12527.9% over the past year alone.

Over this duration, crypto investing has surged notably. This shows that early investors sit in massive unrealized profits in their holdings.

However, the sustained buying pressure has slowed down in recent months, suggesting that new capital flows are drying up.

Despite the sale, this whale still holds 7 million SPX tokens currently valued at $3.07 million. His enthusiasm for the asset and market activity suggest that SPX is a potential investment instrument.

The abovementioned returns indicate that investing in SPX has been a popular way for savvy investors to generate substantial gains. Looking at these figures, SPX has recorded an incredible price increase, making early buyers quite rich.

This huge sale by the whale suggests that large investors are currently selling their SPX tokens for profit-taking activities. However, such profit-driven activities have triggered corrections in the SPX market.

Weekly timeframe indicates that the asset has been seeing a downtrend, with prices down 11.6% and 15.6% over the past week and two weeks ago, respectively. Today, the asset’s price is currently standing at $0.4472, up 0.4% from yesterday.

Despite the downturn, on-chain data shows a positive outlook for the altcoin. First, metrics from Coinglass indicate that Open Interest (IP) for SPX has risen by 6.81% from yesterday, meaning traders are increasingly creating new positions in the market. This suggests increased traders’ confidence in the token, as they position themselves for future price surges.

Moreover, the asset is currently trading in a bullish pattern, an indicator that SPX is preparing to build an upturn movement, fuelled by ongoing token accumulation by long-term investors. These green figures show that SPX is set to experience a jump, possibly breaking the resistance levels of $0.4755 and $0.4857 in the coming days.