Is Europe's anti-austerity movement falling apart?
Camino Mortera from the Centre for European Reform told us: "There is a sense of people getting scared about what is happening in Greece happening in Spain as well. People see the banks closing and they think that Podemos will do the same in Spain."
Voters are also judging Podemos by its record as a party of government in some local councils, and have sometimes found that its politicians "are less organised than the more structured parties", she added.
"This is where they can lose momentum, and I think Spaniards are also fairly scared of change, for historical reasons.
"I think the government is managing to make the case for economic recovery. I'm not sure whether this recovery will be true and long-term, but we can see that it is slowly happening, and it's affecting how people feel about politicians and their own lives.
"We haven't had as many corruption cases in the last few months as well, which was something that had been on the front of the newspapers for a long time."