The Spark token price spiked to a record high this week, continuing a trend that started on July 9 when it crashed to an all-time low.
Spark (SPK) soared to $0.096 at last check Tuesday from an all-time low of $0.0467. This surge happened in a high-volume environment, with its trading volume exceeding $1.28 billion.
Spark price jumped as third-party data showed that its network growth was accelerating. According to DeFi Llama, its total value locked crossed the important milestone of $8 billion for the first time ever.
Spark’s TVL has jumped by 38% in the last 30 days, making it the fifth-biggest player in decentralized finance after Aave, Lido, EigenLayer, and EtherFi.
Most of Spark’s assets are in its lending protocol, which has over $4.8 billion, followed by its savings platform that has $2.45 billion. The Spar Liquidity Layer has $4 billion in assets and will make an estimated $212 million in annual revenue.
Spark’s savings platform has nearly 200,000 users and over $2.45 billion in assets under management. The ongoing asset growth means more revenue for the Spark protocol. It has generated over $66 million in fees and $5.6 million in revenue in the last 12 months.
Spark price also jumped as investors continued to stake their tokens. Over 120 million SPK coins have been staked since its airdrop in June. Many of these users are staking their tokens due to the Spark Points, which enable users to stake and earn Spark Symbiotic Points, which have a 3x multiplier.
Spark token rally has coincided with the ongoing gains among DeFi tokens, with popular names like Aave, Uniswap, and EigenLayer soaring by double digits.
Spark price technical analysis
The three-hour chart shows that the Spark token price has staged a strong recovery after bottoming at $0.029 on July 9. It has slowly formed a cup-and-handle pattern, a popular bullish continuation sign in technical analysis.
This C&H had a depth of about 55%. Therefore, measuring the same distance from the cup’s upper side gives the target price at $0.1030, which is about 55% above the current level. A drop below the support at $0.05 will invalidate the bullish Spark forecast.
