Key Takeaways
SPX6900 dropped 20% amid $2.77 million spot outflows, $12.9 million Open Interest reduction, and a bearish Taker Buy-Sell Ratio. Technicals flagged weakening support, while sector-wide declines and Token699 speculation added pressure.
The memecoin SPX6900 [SPX] was stuck in a week-long losing streak, shedding 20% in total after an intensified daily drop of 9%.
Analysis suggests further downside remained likely, as capital outflows intensify around a key support level—even though the broader market shows a different dynamic.
Liquidity outflows on the rise
The past three days were defined by heavy outflows from SPX, as spot investors make their stance clear.
Within this period, they sold $2.77 million worth of SPX, as of writing. On the 14th of August, the single largest outflow occurred, with $2 million sold in one day.
Source: CoinGlass
If this trend of shifting funds from centralized exchanges to private wallets continued, it could further dampen SPX’s price potential.
Notably, spot investors aren’t the only ones exiting. In the perpetual market, a significant liquidity outflow emerged as well.
Open Interest data showed $12.9 million in position size was removed from SPX contracts, bringing OI down to $122.9 million, per CoinGlass.
The Taker Buy-Sell Ratio confirmed that sellers dominate the market, with selling volume outweighing buying pressure. The ratio slipped below the neutral threshold of 1, resting at 0.897.
Source: CoinGlass
Technical analysis points to a risky setup
On the charts, SPX traded along a key ascending support line, which triggered rallies on three previous occasions.
However, ascending support lines often trigger breakdowns once prices hit a peak.
The more frequently a support region is tested, the weaker the buy momentum becomes. And with sellers firmly in control, a drop below this support appeared increasingly likely.
Source: TradingView
Two potential zones could provide a rebound if tested: $0.9150 and $0.6345.
Altcoin outlook remains favorable
Despite recent weakness, SPX still stood out compared to the broader market.
The Altseason 90-day index ranks SPX as the third-best performer across the market, up 111%, behind MemeCore [M] and Pudgy Penguins [PENGU].
Still, the memecoin sector overall fell 6.8% over the week, adding to bearish sentiment, according to Artemis.
Source: Artemis
Meanwhile, Token699—a memecoin doppelgänger—drew heavy speculation as investors compared it to SPX. Its presale activity appeared to absorb liquidity from the market, contributing to SPX’s downward pressure.