SPX6900 (SPX) bounce back when on-chain indicators show positive signs

The price of SPX6900 (SPX) is currently holding steady around 0.58 USD on Thursday night, after a strong bounce back from the important support zone earlier this week. On-chain data and the derivatives market indicate that the trading picture is improving: volume is increasing steadily, whale activity is more active, and the funding rate remains positive – all signaling a resurgence in bullish momentum. At the same time, technical indicators are also showing a significant weakening of selling pressure, reinforcing expectations that SPX could continue to expand its recovery in the near future.

SPX aims for the next bullish momentum as whale activity and funding rates improve

Data aggregated from CryptoQuant continues to reinforce the positive outlook for SPX6900, as both the spot market and futures contracts are recording significant orders from whale addresses. Market conditions are easing, while buying pressure is clearly dominant – signals that often appear before a strong bounce back occurs.

In the derivatives market, the signals also lean towards the scenario where SPX6900 enters a bounce back phase. The funding rate ratio from Coinglass indicates that the percentage of traders betting on the bearish scenario has significantly shrunk compared to the Long side.

Notably, this rate turned positive on Thursday and is currently at 0.0018%, reflecting that the Longs are paying fees to the Shorts. In the past, whenever the funding rate reversed from negative to positive, the SPX usually recorded distinct bullish movements.

Funding rate chart SPX | Source: CoinglassIn addition, on-chain data from Santiment also highlights a significant increase in activity within the SPX ecosystem. The trading volume across all on-chain applications reached 65.61 million USD on Thursday – the highest level since early November and maintaining a continuous upward trend since mid-month. The explosion in volume indicates a strong inflow of funds and growing interest in SPX6900, further reinforcing the bullish outlook for this asset.

SPX trading volume chart | Source: Santiment## SPX price forecast 6900: SPX is preparing for a bounce back as market structure improves.

The price of SPX6900 has returned to test the support zone near the bottom on October 10 at a level of 0.44 USD during the Monday session, before bouncing back strongly by 26% in just the next two days. As of the time of writing on Thursday, SPX is still maintaining a green color and fluctuating around the mark of 0.58 USD.

If the current bounce back trend continues to be maintained, SPX could extend its bullish trend and aim for the important resistance zone on the daily frame at 0.94 USD.

SPX6900/USDT Daily Chart | Source: TradingViewOn the daily chart, the RSI indicator is at 40, bouncing back from the oversold zone earlier this week, indicating that selling pressure is significantly weakening. To reinforce the bullish trend, the RSI needs to regain the neutral threshold. At the same time, the MACD has shown a bullish crossover on Wednesday, creating an early buy signal and supporting the possibility of forming a more sustainable upward trend.

On the contrary, in a correction scenario, SPX6900 is likely to revisit the zone of the bottom on 10/10 at 0.44 USD.

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