SPX6900 has weakened again recently. On-chain data shows that holders' willingness to sell has increased, with smart money wallets, large addresses, and some retail investors reducing their holdings. The number of tokens available for sale on exchanges has also increased, and the price has fallen below the medium-term support level.

Simultaneous reduction of holdings across multiple address types

According to the on-chain data cited in the article, SPX holdings on the Solana chain show a clear divergence, but overall, outflows are still dominant. The token balance in so-called smart money wallets decreased by nearly 1% during the statistical period, falling to approximately 63,529 tokens, indicating that these active traders are reducing their holdings.

Addresses with larger holdings are also exiting. The number of high-value wallets holding over $1 million in SPX has decreased by 38%, falling to approximately 37,280. Meanwhile, Nansen AI data shows that exchange balances have increased by 14%, equivalent to approximately 6.59 million SPX, which have been transferred to a sellable state. Typically, token inflows into exchanges are seen as a signal of increased short-term selling pressure.

However, not all addresses were exiting the market. The top 100 addresses increased their holdings by over 8%, accumulating approximately 41.08 million SPX. But overall, this buying power was insufficient to offset the concentrated selling by other types of addresses.

Prices fall back to the three-month range

Due to changes in holdings, the SPX6900 price broke through a key level. The article states that after falling below $0.3764, the token returned to a sideways trading range that had lasted for approximately three months.

This position is also close to the 100-day moving average at $0.3799, meaning its medium-term support has been broken. The article also mentions that the Chaikin Money Flow indicator has fallen to -0.15, reflecting continued weak fund flows, which is largely consistent with changes in on-chain selling pressure.

Short-term focus should be on the support level below.

If the memecoin sector continues to weaken, SPX6900 may test the lower end of its range at $0.2530. If the price regains its previous lows, the upward trend that began in early May could potentially resume.

The SPX6900 once rose to a market capitalization of approximately $2 billion, before falling back to around $300 million, a decline of about 86% from its peak. Against this backdrop, recent position flows and changes in exchange balances have become direct signals for observing its short-term trend.