Spark crypto price went parabolic on Monday, rising over 32% and becoming one of the best-performing tokens.
Summary
- Spark token jumped as smart money investors continued rising.
- Whales have continued accumulating as exchange balances fall.
- Spark staking inflows continued rising this week.
Spark (SPK) soared to a high of $0.1276, its highest level since July 25, and is now 65% above its monthly low. The surge occurred in a high-volume environment, with daily volume reaching $338 million, surpassing its $137 million market capitalization.
Spark crypto price jumps as smart money buys
SPK price jumped as on-chain data revealed accumulation by a smart money investor. Nansen data shows that the investor purchased more than $347,000 worth of tokens in the past 24 hours.
The data also reveals that smart money investors now hold over 1.85 million tokens, up by 304% in the last 7 days.
The accumulation trend has also extended to whales. Wallets categorized as whales now hold 5.34 million SPK tokens, a 67% increase since last Monday.
This accumulation coincides with a 13% drop in Spark token balances on exchanges, which have fallen to 556 million in the past seven days. One likely reason is the rising number of staked tokens, now at 163.27 million, up from 81 million on July 7.
Investors track the behavior of whales and smart money because of their influence in the market. Whales are large individual or institutional holders, while smart money refers to traders with a consistent track record of profitable trades.
The ongoing accumulation signals growing confidence in Spark’s utility. The token’s total value locked has climbed to nearly $7 billion. In a recent post on X, Coinbase CEO Brian Armstrong highlighted how Spark powers its Bitcoin-backed loans.
SPK price technical analysis
The four-hour chart shows that the Spark crypto price has jumped in the past few days. This rebound happened after it formed the highly bullish inverse head-and-shoulders pattern.
SPK has broken above the 50% Fibonacci retracement level at $0.1096 and is now trading above the 50-period moving average. The Relative Strength Index has also surged to 75, indicating strong bullish momentum.
Given this setup, SPK is likely to continue rising, with bulls eyeing resistance at $0.1522, the 23.6% Fibonacci retracement level. However, a move below the $0.10 support would invalidate the bullish outlook.
