Key Takeaways
Why are SPX6900 holders rising, but the price still lagging?
The price of SPX was lagging, but capital was flowing from holders, indicating a period of accumulation.
Will liquidity clusters pull SPX price back to its lows?
Since more orders were resting below current price action, SPX appeared more likely to drop than rise if liquidity was to determine direction.
The memecoin sector was up by about 3% in the past 24 hours, reaching $42.01 billion, while volume spiked by 11%, about $4.96 billion at the time of writing.
In particular, SPX6900 rose by more than 7% on the day and 14% in the past week.
Among the top memecoins were only Fartcoin [FARTCOIN], Bonk [BONK], and Pudgy Penguins [PENGU], which had double returns on the day.
Holders rising on Base, Solana and Ethereum chains
On the three chains where the memecoin was trading, the number of SPX6900 [SPX] holders increased. The largest share was on Base Chain, which had consistent growth, with the total at 107,827.
Solana [SOL] and Ethereum [ETH] followed, respectively, with 68,902 and 48,754, even though those on SOL were not as robust.
The weekly figures were the most significant, with a 567 and 242 rise for the Ethereum mainnet ecosystem, while Solana saw a 69 increase.
Source: HolderScan
The number of holders increased even though the price remained around $0.50. This activity reflected an accumulation period, as prices traded at a discount.
SPX price faces mixed sentiments
On the charts, SPX memecoin demonstrated significant strength, but encountered a resistance point at $0.60, thereby limiting further appreciation.
A breach of $0.60 could propel the price toward $0.75 and potentially back above $1. The Bull Bear Power showed that buyers were strong at the time of writing, though momentum was reducing.
The Open Interest (OI) was at $9.73 million, down from a high of $14.24 million when the price was $0.4398.
This was a divergence, which often signals market turns, especially now that SPX was trading at a multi-month low.
Source: TradingView
In the meantime, interest over time on Google Trends was flat, around 36 in the past 30 days. However, there were spikes in early November when the price ranged between $0.60 and $0.75.
More liquidity clustered at lower levels
Looking at the concentration of orders, the lower section below the current price had more liquidity than the upper side. Below the $0.54 is where these positions were clustered and rampant between $0.52 and $0.48.
On the other hand, $0.58 was the most clustered for levels above price. However, the magnitude of $0.58 did not approach the levels observed between $0.48 and $0.52.
Source: CoinGlass
That way, if price follows the most dense and the closest liquidity, then SPX is more likely to drop. Conversely, if the buy orders exceed the sell orders, these levels could potentially trigger a rebound.
Notably, SPX was more likely to drop and then be followed by a reversal if $0.4398 held strong enough against any drop.
Source: https://ambcrypto.com/more-spx-holders-less-momentum-will-liquidity-flip-the-trend/
