Start with spread and displayed depth
A price can look stable while available size at that price shrinks. Compare best bid, best ask, and the number of contracts available at nearby levels.
Separate volume from liquidity
Recent volume records completed trades. Liquidity measures what is available now. High past volume does not ensure a large order can fill cheaply now.
Check whether a move has depth
A large price change after a small trade may be less informative than a smaller move supported by broad order-book participation. Treat both as prompts to investigate.
Read prediction-market liquidity and prediction-market risks before interpreting a market move.