SPA faces selling pressure with 2.30x more sellers than buyers over the past 24 hours, even as trading volume runs higher than the broader market average.
Multiple headwinds present
Price declined roughly
↘3.86%
over the past week while Layer 2 peers like UNI rose roughly
↗8.1%
over the past day, with market-wide short liquidations running 2.2x higher than long liquidations over the past 24 hours.
Trading activity elevated
Trading volume remained higher than the market average, which declined roughly
↘36%
over the recent period, even as the asset moved roughly
↘1.98%
over the past day.
Diverging from category peers
SPA trailed Layer 2 category peers, with UNI climbing roughly
↗8.1%
and ARB rising roughly
↗7.4%
over the past day, while SPA's supply utilization stands at approximately 41% of maximum.
Supply distribution
Approximately 39% of circulating supply sits on exchanges, with total holder count at around 10,885 and roughly 41% of maximum supply currently in circulation.