In the crypto world, particularly the part that moves quickly, actions by those considered ‘whales’ (large investors) can significantly impact market movements and sentiment. Recently, SPX has become a popular asset, accumulated by many whales in huge numbers.
Transactions associated with the famous whale investor ‘0x7DE’, who purchased about 12.16 Million SPX tokens over the last three days, have generated many headlines as yet another sign of the crypto coin’s potential.
The 6.15 million USDC spent shows an enormous investment in SPX6900 (SPX) and defines whale transactions’ impact on market dynamics. After these purchases, the price increased by nearly 10% within a day as the market reacted that much to the whale’s movement.
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These actions have placed SPX in a firm position in the cryptocurrency marketplace and secured an impressive unrealized gain of approximately $1.25 million (+20% return on investment within a very short time) for investors.
“0x7DE”, a whale known has been previously documented to be trading within the space of crypto, holds a portfolio with high risks and equally high rewards. He is a net winner by $5.71 million, winning 43% of his crypto trading, breaking even 16 times, and losing 11 times.
It also picked up notable gains from OLAS, ONDO, and ATOR, tokens it has its eye on as potential high performers. However, the journey hasn’t been smooth sailing: losses in PRIME, MUBI, PEAS, and MOG showcase the volatile and uncertain cryptocurrency investment world.
SPX Technical Analysis
The SPX technicals show continued positive momentum. From various platforms such as Coinex, we can see investors are bullish on this cryptocurrency, as buying orders are piling up in the trade charts, and the current price movements reflect a bullish trend.
Whale activity in recent times has added to this outlook, as more significant trading volumes and investor concerns often follow large buys. But there seem to be corrections up ahead.
The chart shows a trading range of around $0.575 – $0.585, with a conspicuous spike low enough at $0.60. This is a sharp, short-lived price peak, almost certainly due to heavy buying pressure and speculative trading.
After the peak, the price enters the consolidation pattern at a descending channel (green lines). The price appears to have started normalizing after the initial fuel injection with lower highs and somewhat lower lows as traders most likely took profits and overall demand to buy dropped.
Viewing the Awesome Oscillator (AO) at the bottom of the chart, we see green bars (indicating rising market momentum and possible trend reversals) begin to decline and take on a red shade. This is a change in the momentum that could suggest a bearish outlook shortly if the trend persists.
Whales play an integral role in the cryptocurrency market. Their ability to pump large sums of capital into and out of the markets creates waves that affect the prices of individual tokens and broader market sentiment. As SPX saw, a whale buying large volumes strategically will rapidly spur price appreciation and can manipulate trading strategies.
