| Real Betis beat Atlético Tetuán 4-3 (A) on 24 Oct 1954 |
| Atlético Tetuán beat Tenerife 1-0 (A) on 19 Sep 1954 |
| Tenerife beat Levante 2-1 (A) on 12 Sep 1954 |
| Levante beat Xerez CD 1-0 (H) on 10 Oct 1954 |
| Xerez CD beat RB Linense 5-2 (H) on 19 Sep 1954 |
| RB Linense beat Castellón 2-1 (H) on 12 Sep 1954 |
| Castellón beat Extremadura 4-3 (H) on 17 Oct 1954 |
| Extremadura beat Granada 3-2 (H) on 10 Oct 1954 |
| Granada beat Sabadell 4-1 (H) on 19 Sep 1954 |
| Sabadell beat Terrassa 1-0 (H) on 10 Oct 1954 |
| Terrassa beat San Fernando 3-1 (H) on 3 Oct 1954 |
| San Fernando beat España 4-0 (H) on 10 Oct 1954 |
| España beat Badajoz 5-1 (H) on 19 Sep 1954 |
| Badajoz beat Real Jaén 3-1 (H) on 26 Sep 1954 |
| Real Jaén beat Real Murcia 3-1 (H) on 19 Sep 1954 |
| Real Murcia beat Real Betis 3-1 (A) on 10 Oct 1954 |
HWC: Thick arrows show the earliest chain of wins that passes through every team and returns to its start.