A primary whale made about $14 million on SPX6900 token sales ahead of its latest round of impressive performances. The whale recently exited his $14 million profit in SPX. This person had made a profit of $ 289,000,000,000, 289 times their initial investment.
From January 29 to March 21 of this year, the whale garnered roughly 19.15 million SPX tokens, worth $15.7 million, for $48.4 thousand.
This strategic accumulation was done on Solana, a blockchain with the highest speed for completing transactions at the lowest cost possible. This may have happened when the whale accumulated vast SPX at a meagre price.
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SPX Performance: A Meteoric Rise
The crypto token experienced an unprecedented rise of over 50% in 24 hours alone. Quick-to-act traders make money off this rally, which affects general market interaction. Rapid increases such as these can easily set off a great deal of tumult in the market, attracting traders who want to cash in on the gain or enter the market in hopes of capitalizing on the next big wave.
From the technical charts, we observe volatility with spikes in value (steep increases on the charts) through early October. High trading volumes in each price movement proved that the price grew due to robust trading activity.
The price shows a generally upward trend over the depicted period. There鈥檚 a significant spike around the middle of the chart where the price briefly shoots up before retreating, indicating a sharp increase in buying followed by immediate selling, which could result from profit-taking.
All three SMAs (50-hour, 100-hour, 200-hour) are sloping upwards, confirming the bullish sentiment in the market. The price remains above these moving averages, reinforcing the bullish trend.
The RSI remains between 51.57 and 61.45, indicating that the market is neither overbought nor oversold. The RSI recent dip towards end of the chart might suggest a cooling off or slight pullback in price. But it remains above the 50 level, pointing towards continued bullish sentiment.
What the whale learned with the strategy was to acquire tokens from Solana and then bridge these into Ethereum, an ecosystem that has a much higher market and liquidity, which kicked off on October 3.
This move gave the whales time to liquidate their holdings at reasonable prices. The whale has thus sold around 4.15 million SPX for 708 ETH or around $1.71 Million. These sales notwithstanding, the whale still has a significant position on SPX. They are holding around 15 million tokens ($12.3 million), so much speculation can be made based on this individual鈥檚 moves.
Although the SPX market has less liquidity than the others, the actions of a single large holder can disproportionately affect the market dynamics. This is why the whale鈥檚 decision to offload a sizable chunk of their holdings might be sending a message to other traders that the high prices could already be in their near term.
