Dear reader, one cannot help but notice the remarkable ascent of SPX6900, which, in a display reminiscent of the most spirited of novelists’ ambitions, did briefly grace the lofty heights of $1.85—a price that could dazzle even the most jaded of financial hearts—before retreating modestly to a more sensible $1.79.
On-chain data—quite the hot topic!—reveals an intriguing surge in the holdings of the ‘smart money’ contingent, whilst exchange inflows appear to have taken an unexpected leave of absence over the past thirty days. Such a phenomenon hints at an accumulation of such quantities that one might liken to the buildup of tension before a climactic moment in a most dramatic narrative. Traders, in their singularly curious fashion, are thus poised with bated breath to witness a possible breakout toward the illustrious mark of $2.
The Positive Trends of Smart Money: Up, Up and Away!
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Moreover, the distribution score clings deftly to a moderately high rating of 13. Does it not bring to mind the great inequities of society? A full 55% of the supply is still nestled in the possession of merely the top hundred wallets—a delightful thought indeed, should these whales decide to shift their allegiances. Regardless, with the outflows from exchanges harmoniously aligned with the inflows to the smart wallets, the scene appears decidedly more bullish than otherwise.
More Holders, More Fun!
Furthermore, the data courtesy of Santiment confirms an amusing little trend wherein retail investors, bless their hearts, are trailing closely behind the smart money’s lead. The count of SPX wallets has now elegantly surpassed 43,700, having increased from approximately 41,800 in mid-June. One must admire such dedication—albeit with a touch of incredulity!
This swelling of holders, particularly timed with price surges, serves only to affirm a sense of confidence that permeates not solely through institutional players but also casts its charming glow upon the general populace.
Behold the Bullish Price Action!
SPX price has recently burst forth past the esteemed 0.618 Fibonacci retracement level at $1.847, reaching a notable new pinnacle of $1.85. The forthcoming resistance will lie coyly at the 0.786 level, approximately $2.09—a tantalizing surge of near 17%, certainly a figure to rouse any market aficionado from their slumber!
If the bulls, in their gallant spirit, can reclaim and steadfastly hold above the cherished mark of $1.85, we may soon see the psychological barrier of $2 succumb with remarkable speed.
However, lest we become overly confident, a fallback scenario could see SPX revisiting the hallowed territories of $1.67 and $1.49—levels that previously behaved as resistance-turned-support zones. For the moment, though, buyers maintain a certain degree of control, and the winds of momentum appear decidedly favorable. Yet, a complete invalidation of this bullish trend would be upon us should SPX plunge below $0.92—a fate far too grim for any investor’s sensibilities!
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2025-07-16 20:21