June 16, Tuesday SPCX Afternoon Strategy

Based on today’s (June 16, 2026) midday market, SPCX is experiencing a fierce short squeeze driven by short covering, with bullish sentiment dominating.
The price quickly surged from breaking through $216 to near the resistance level of $228, with a one-hour increase of over 8%, and the market capitalization surpassed $2.8 trillion.
On-chain data also shows a large number of shorts being forcibly liquidated, with over $2 million in total short positions wiped out across the network in just one night, further pushing up the price.
From technical indicators, the short-term has entered an extremely overbought state, with the 1-hour RSI soaring to 93.78, and the 1-hour and 4-hour MACD expanding in sync, but the funding rate remains negative (around -0.06%), indicating shorts are still paying longs, and the squeeze momentum may not be fully released.
It is worth noting that the largest short position on Hyperliquid was opened at $173, with unrealized losses now reaching $4.46 million, and the liquidation price is around $249.
If the price continues to rise, it could trigger a new round of forced liquidations, intensifying market volatility.
Overall, SPCX is showing strong short-term momentum, but overbought signals and potential short-term counterattacks coexist, so close attention should be paid to the liquidation pressure near $249.
Trading suggestion: pull back to 175-185 for a buy, targeting 220-230 $BTC $ETH $SOL