SPX6900 (SPX) Price Continues Its Strong Uptrend, Reaching Its Highest Point Since January

The SPX6900 token continued its strong uptrend on Wednesday, reaching its highest point since January.

The SPX6900 token (CRYPTO: SPX) price continued its strong uptrend on Wednesday, reaching its highest point since January 12.

What Happened: The SPX price rose for the fifth consecutive day, reaching a high of $1.62. This was an increase of over 548% from its lowest point this year, which was reached on March 10.

The surge in the SPX token coincided with ongoing "whale" accumulation, according to blockchain analytics firm Nansen.

As of Wednesday, whales now hold 105.29 million SPX tokens, which was a slight increase from 104 million on May 13 this year.

Similarly, public figure holdings of the SPX token rose to 31.97 million, which was up from 31.9 million on June 2.

The SPX6900 token also surged as daily active addresses climbed to 2,075, which was the highest level since January 25. They were reported to be at less than 1,000 last week.

In addition, the supply of SPX on exchanges dropped to 90.21 million, which was down from a year-to-date high of 92.7 million.

SPX Price Technical Analysis: The twelve-hour chart shows that the SPX6900 price bottomed at $0.2600 on March 11. It has since moved above both the 50-period and 25-period Exponential Moving Averages.

The Relative Strength Index has continued rising, reaching the overbought level at 74, a sign that momentum is continuing.

Further, the Average Directional Index has surged to a record high of 56. A rising ADX is typically a sign that the trend is gaining strength.

SPX price is forming a cup-and-handle pattern, with the upper boundary at $1.8725. A cup-and-handle is a popular continuation indicator.

From here, the token will likely continue climbing as bulls target the key resistance at $1.8725, which is an increase of 16% from the current level. An open of the twelve-hour candle below the 50-period moving average at $1.0795 could invalidate the bullish outlook.