S&P 500 popularity is rising, but momentum is weakening? Liquidity is quietly telling the truth…
Recently, the number of holders of
#SPX6900 has been on the rise, with
#Base ,
#solana , and
#ETH all increasing simultaneously. The Base end even surpassed 107,000 people. However, the price has stabilized around $0.50, showing a typical pattern of 'someone is quietly accumulating'.
However, looking at the on-chain data and market sentiment, the story is not that simple.
After encountering resistance at $0.60, SPX6900's momentum began to cool down, and open interest has clearly retreated from its high position, showing a divergence signal of 'prices supported, but chips leaving', which usually indicates a change in trend.
More critically is the liquidity distribution:
📉 The buy and sell orders below $0.52–0.48 are denser—if the price continues to move towards the depth of liquidity, the probability of a short-term dip is greater than a direct upward surge.
📈 But as long as the support at $0.4398 holds, funds may also take advantage of the dip to wash out positions before pulling back up.
To sum up: the number of holders is increasing, but liquidity tells us—the market is still waiting for a direction. Whether the next move is a 'sharp cut' or a 'reverse surge' depends on whether the support below can hold up.🔥