- Trader earned $835,000 selling 1.45M SPX tokens after buying 3.068M tokens for $242,000, with a total profit of $1.48M.
- SPX surged to $1.20 from $0.31, then dropped by nearly 50%, now trading at $0.522 with support at $0.51 and next at $0.344.
- Market indicators suggest SPX consolidation; RSI at 54 signals neutral momentum, while MACD trends slightly downward.
A savvy trader has demonstrated sharp strategic skills in the SPX token market, making a substantial profit despite volatile conditions. Recent data reveals the trader capitalized on price fluctuations, earning approximately $835,000 from selling 1.45 million SPX tokens. This transaction comes after a calculated investment approach that turned an initial stake of $242,000 into significant returns.
Massive Gains from Well-Timed Investments
According to SpotOnChain, the trader initially purchased 3.068 million SPX tokens between September 15 and October 6. The tokens were acquired when SPX prices ranged between $0.18 and $0.31, a low point for the asset.
Moreover, following this purchase, SPX prices surged, reaching an all-time high of $1.20. This increase multiplied the trader’s investment by six times, yielding a peak profit of $2.77 million.
Nevertheless, despite recent price declines, the trader remains in a strong position. After selling 1.45 million tokens, the trader still holds 1.618 million SPX tokens. This remaining portfolio pushes the trader’s total estimated profit to $1.48 million, even with the market correction.
SPX Experiences Significant Price Swings
Notably, the SPX token has recently faced sharp price movements. From its peak at $1.20, the token’s value dropped by nearly 50 percent. On the day of the trader’s sell-off, SPX declined by 10 percent, trading at approximately $0.522. This sharp decrease, however, may not indicate a full-blown sell-off, according to market indicators.
However, technical analysis points to market consolidation rather than panic selling. The Relative Strength Index (RSI) now sits at 54, signaling neutral momentum. Meanwhile, the MACD is trending slightly downward, reflecting a cautious outlook. These metrics suggest that the current price action may be part of a stabilization phase.
Market Outlook and Key Levels to Watch
Therefore, SPX has found solid support at $0.51, offering hope for a recovery toward $0.65 or $0.75. If prices fail to rebound, the next critical support level is $0.344. Analysts will closely monitor these levels to determine whether SPX can regain its upward momentum or if further declines are imminent.
