SPX6900 has experienced a significant decline, dropping over 10% in the past 24 hours, surpassing the broader memecoin market's 6.8% decrease. Despite this downturn, on-chain data reveals a mixed sentiment, with buyers showing resilience while retail traders remain neutral. Technical indicators such as MACD and Open Interest suggest a potential short-term bounce if the price maintains above the $0.44 support level. The memecoin sector has seen a substantial contraction, plummeting from $150 billion to $43 billion, which may hinder a sustained recovery. However, the current technical setup for SPX6900 indicates a possible short-term recovery, contingent on maintaining key support levels.