A savvy trader recently made a huge profit, selling 1.45 million SPX tokens for $835,000 after the price dropped by nearly 29%. This move comes as part of a smart strategy that has paid off immensely, with the trader still holding a significant position in the SPX token.
Trader Early Buy-In Made 6x Return
According to SpotOnChain, a leading market intelligence platform, this savvy trader back on September 15 and October 6 made a bold move, buying 3.068 million SPX tokens for just $242,000 when the price was trading between $0.18 to $0.31.
These purchases were made right before the price of SPX soared, setting the stage for a massive return on investment. As the value of SPX increased, the trader saw a massive return, multiplying their initial investment by 6x.
Perfect Sellout Lead to $1.48 Million Profit
After the price of SPX dropped by approximately 29%, the trader decided to sell 1.45 million tokens, making around $835,000 from the sale. Despite the sale, the trader still holds 1.618 million SPX tokens, with an estimated total profit of $1.48 million.
Meanwhile, at its peak, the total profit would have been even higher—around $2.77 million. As the SPX token price straight went up to $1.2.
SPX Price Analysis
SPX recently reached an all-time high of $1.20, showing impressive growth. But since then, the token has taken a sharp turn, losing nearly 50% of its value. While the drop might seem concerning, technical indicators suggest the market could be consolidating instead of a full-blown sell-off.
The Relative Strength Index (RSI) has dropped to 54, indicating a more neutral momentum, while the MACD is slightly trending downward, pointing to a cautious outlook for now.
On a positive note, SPX has found solid support around $0.51, with hopes of bouncing back to $0.65 or even $0.75. However, if the decline continues, the next support level to watch is $0.344.
As of now, SPX is trading at about $0.522, down 10% in a single day, with a market cap of $484.9 million. Whether this is a pause before recovery or a deeper correction remains to be seen.
