The memecoin sector was one of the strongest-performing ones over the past week, with a 16% return on average. Only Layer 2 tokens, as a sector, did better, with an 18% weekly gain, according to Glassnode data. Bitcoin [BTC] is up 10% in this period, helping buoy the altcoin market sentiment.
The memecoin SPX6900 [$SPX], a parody of the S&P500, was up 60% over the past week and almost 16% in just the past 24 hours as of writing. Its Open Interest (OI) has soared by nearly 30% in a day, and there’s a good chance its gains will continue in the coming days.
Source: Coinalyze
The OI has climbed from $12.1 million on the 19th of August to $32.5 million at the time of writing. Alongside this uptick in OI, the spot CVD has begun to reverse its downward trend, showing spot demand is strengthening.
The Funding Rate was also positive, a sign that the majority of market participants were bullishly positioned.
Strong $SPX demand versus a bearish swing structure
The Coinalyze data confirms short-term spot and speculative demand. A recent AMBCrypto report highlighted that increased retail interest in the memecoin was driving the move higher.
The swift gains represented a breakout from an 8-month consolidation. Together, the evidence appeared strongly in favor of continued bullishness.
Source: $SPX/USDT on TradingView
On the other hand, the swing structure of $SPX was bearish, and has been throughout 2026. The latest rally has taken the price above the $0.58 level, the 78.6% Fibonacci retracement level.
While it was a positive development, it was not bullish confirmation. A daily session close above $0.678 is needed to confirm a bullish structure break.
The CMF was at +0.21, and the MACD was firmly bullish, too. The technical indicators and the market-wide greedy sentiment favored further $SPX gains.
Mapping the short-term expectations for SPX6900
Source: CoinGlass
In recent days, the popular memecoin has preferred to build up a pool of liquidity overhead, smash it aside, then consolidate at a higher level. In doing so, another pool of liquidation levels would build overhead, presenting an attractive target for $SPX to target once more.
It is possible that this pattern would continue. A band of short liquidations was already visible at $0.65, and they can be targeted in the coming days.
If this comes to pass and the $0.678 high is also taken out, it would represent a structure shift and a trend change.
Final Summary
- The memecoin sector was one of the most bullish-performing sectors, only outclassed by the Layer 2 tokens over the past week.
- SPX6900 has strong short-term spot and derivatives demand, and could establish a long-term bullish structure soon if the momentum is maintained.