• SPX pumped 12% after Binance U.S. move, but quickly gave back the gains. 
• Profitable holders soared over 90%, underscoring the sell pressure. 

On the 18th of June, SPX6900 [SPX] soared 12.5% after Binance U.S. announced a spot listing for the memecoin. 

The exchange stated that the memecoin will begin trading on the 19th of June, triggering a front-run that lifted it from $1.24 to $1.46. 

SPX profit-taking spikes

However, at press time, memecoin traders were already locking profits.

At press time, SPX was down 8% after facing a rejection at the mid-range of the downtrend channel (white). The area also acted as a bearish order block (red), making it a short-term supply zone. 

Given a similar 4-hour RSI rejection at the mid-range, short-sellers may drag the memecoin back to $1.33 or the range lows. Especially if demand doesn’t improve. 

Over 90% profitable SPX holders

On-chain data supported the sharp sell-off too. According to IntoTheBlock data, 91% of holders (about 16K addresses) were in profit.

This meant that holders were highly likely to lock in profits and stall the rally if every holder followed suit. 

Source: IntoTheBlock

That said, the immediate on-chain support was around $1.1 and aligned with the 200-day EMA (Exponential Moving Average) on the price charts.

This would be a key level to track in case of a sharp pullback below the channel. 

Despite the sell pressure, the overall weighted sentiment remained positive, suggesting that market participants were bullish on the memecoin’s outlook. 

Source: Santiment

Overall, SPX has entered a cool-off period after an 80% run in early June. Whether the Binance U.S. listing will revive the trend remains to be seen.

However, the pullback could ease at the moving averages or $1.1 if market sentiment improves. 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion