Spark (SPK) surged to an unprecedented all-time high of $0.1206 on July 23, marking a 94% daily gain and 275% weekly increase amid record-breaking trading volume exceeding $1.46 billion. Derivatives markets reflected bullish sentiment with open interest hitting $176.8 million and long/short ratios consistently above 1.
Key catalysts include aggressive accumulation by whales and smart money investors. Whale wallets added 3.9 million SPK tokens over 30 days, boosting holdings to 10.4 million, while smart money positions surged 250% to 56,000 tokens. Simultaneously, exchange balances plummeted 37% to $357 million, indicating significant supply withdrawal for staking or self-custody.
Fundamental strength is underscored by Spark's Total Value Locked (TVL) reaching $10.48 billion – a 40% monthly increase that positions it as DeFi's fifth-largest protocol. The ecosystem comprises a $4.8 billion lending segment, $2.45 billion savings platform with 200,000 users, and Spar Liquidity Layer managing $4 billion in assets. Protocol revenue hit $5.6 million annually with $66 million in cumulative fees.
Technically, SPK broke out from a descending triangle pattern and reclaimed the 20-day EMA at $0.050, now acting as dynamic support. Analysts identify near-term targets at $0.125 and $0.1840 (+60%), while a three-hour chart shows a cup-and-handle formation projecting a 55% upside to $0.1030. Critical support lies at $0.050, with invalidation below $0.040.
Staking momentum remains robust with over 120 million SPK tokens locked since June's airdrop, incentivized by Spark Points' 3x multiplier rewards.
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