#SPX6900 (
#SPX ) surged 25%, surpassing the daily gains of mainstream currencies!
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The price of SPX has risen 25% in the past 24 hours, far exceeding Bitcoin (BTC), Ethereum (ETH) and other top 100 crypto assets by market value. This wave of gains pushed SPX to an all-time high of $1.25 during Friday's Asian trading session.
Although the price has since rebounded by 4%, the market's bullish sentiment on SPX remains strong, suggesting that there may be further room for growth.
SPX6900 trading activity soars
The surge in SPX trading activity is reflected in the increase in its open interest. Currently, the total value of SPX's open interest has reached an all-time high of $30.46 million, an increase of 90% in the past 24 hours according to Coinglass data.
Open interest refers to the number of derivative contracts (such as futures or options) that have not yet been settled or closed. When open interest increases during a price rally, it indicates that new funds are entering the market, which indicates that participants are confident in the upward trend, the rally has sustained momentum, and there is less possibility of a short-term pullback.
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In addition, SPX's long-short ratio also confirms the market's bullish sentiment towards the token. The current SPX long-short ratio is 1.03.
Long-short ratio analysis
The long-short ratio measures the ratio of long (buy) positions to short (sell) positions in the market, reflecting the sentiment of traders. When the ratio exceeds 1, it means that more traders hold long positions, which is usually a bullish signal. For SPX, the current 1.03 long-short ratio indicates that the market is optimistic about it.
SPX Price Prediction: Profit taking may affect the bullish outlook
On the daily chart, SPX's Chaikin Money Flow (CMF) shows the growth in demand for the token. As of now, the indicator has a value of 0.08, which is in an upward trend.
When CMF is positive, it means that buying pressure is stronger than selling pressure, showing bullish market sentiment. If this bullish sentiment continues, SPX has the potential to break through its all-time high of $1.25 and move higher.
However, this bullish outlook could be affected if holders start cashing in profits. In this case, the price of SPX could pull back to $0.$99
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