SPX Drops 10% Amid Short Selling Pressure
The Essentials at a Glance
On July 1st, the memecoin SPX6900 (SPX) dropped more than 10% in value, extending its weekly loss to 7.25%. This sharp decline came as short sellers in the derivatives market intensified their activity. While some spot investors continued to accumulate the token, the overall market sentiment remains cautious. Whether SPX can recover depends on renewed interest from retail buyers and key technical levels holding firm.
Derivatives Market Turns Against SPX
The recent price drop wasn’t a coincidence. SPX experienced a significant increase in short positions. According to CoinGlass, the Funding Rate fell to -0.0183%, indicating that traders were aggressively betting against the asset. A negative Funding Rate means short sellers are paying a fee to maintain their positions, showing strong bearish conviction.
At the same time, Open Interest — the total value of active futures contracts — fell by 7.16% to $113.02 million. This suggests that traders closed both long and short positions, reducing overall market activity. However, the majority of liquidations affected long traders, who lost $176,010 of the total $199,030 liquidated.
Spot Market Shows Mixed Signals
Despite the pressure in the derivatives market, spot traders continued to accumulate SPX for four days in a row. Data showed that $2.83 million worth of SPX moved into private wallets, typically a sign of long-term holding.
However, this trend lost momentum quickly. On June 30th, spot purchases totaled $1.83 million, but by July 1st, that number had dropped to just $87,000. This sharp decline suggests that many retail buyers are either waiting for a better entry point or have lost confidence in the token’s short-term potential.
Technical Outlook: Support Levels Under Pressure
SPX is currently trading within a symmetrical triangle pattern — a technical formation that often leads to a breakout. The price sits near $1.1720, close to a key support level. If SPX can maintain this level and break out upwards, it could climb toward $1.6413, representing a potential 27% gain.
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However, indicators suggest caution. The Relative Strength Index (RSI) is at 47.91 and trending downward. An RSI below 50 typically points to dominant selling pressure. If SPX drops below the lower support level at $1.0858, the chart structure could shift to a more bearish outlook.
What to Watch Next
If SPX revisits the $1.08 level, it might present a more favorable entry point for buyers waiting on the sidelines. For now, the market remains in a cautious phase. Short-term sentiment is bearish, and any recovery will likely require stronger demand from spot investors and reduced pressure from short sellers.
Our Assessment
SPX6900 is at a critical juncture. While some accumulation continues, the drop in spot buying and negative signals from the derivatives market suggest that more downside is possible. A bounce is still on the table, but only if support holds and retail demand returns. Keep an eye on the $1.08 level — it could be the turning point.
Sources
CoinGlass
TradingView
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