Author：Encryption Jianghu

SPX6900 [SPX] is gaining renewed bullish momentum after successfully retesting its recent flag pattern at around $0.600.

The token posted a 12% daily gain following its successful retest, but has since slipped 5.6% at the time of writing.

Whales are stepping in as momentum builds

SPX whale wallets are still active. Large holders are still accumulating at the current trading range, suggesting that major market participants view the latest pullback as an opportunity rather than a reversal signal.

This steady accumulation has strengthened the bullish bias and indicates that whales expect further price appreciation.

In fact, SPX spot volume had recorded a 68% daily surge to 25.61 million, at press time. The volume remains significant, and if the same trend persists, the altcoin’s current momentum could be prolonged.

Open Interest points to rising participation

At the time of writing, SPX’s Open Interest (OI) has risen 11% to $29.2 million, adding to the positive outlook. This increase signals renewed leverage and fresh capital flowing into the market.

Combined with strong spot demand, expanding OI often fuels sustained upside momentum, particularly in assets facing tightening liquidity conditions.

Could momentum accelerate toward $1?

Given the combination of whale accumulation, rising derivatives’ participation, and a successful flag retest, the path toward $1 is increasingly plausible.

However, much will depend on whether institutional-sized buyers maintain their current pace and whether retail momentum continues to build during the next intraday sessions.

If SPX maintains its current strength, the next major price test could be the psychological $1 level, a mark that may serve as both a magnet for liquidity and a potential battleground for bulls and bears.

The $276.84K liquidity cluster existing at $1 price levels affirms it as a key target in the near future.

Final Thoughts

• SPX extends its bullish run with a 12% surge after a clean flag retest.
• Whales and institutional buyers are accelerating accumulation, strengthening upside momentum toward the $1 level.