Spark(SPK) has risen 94% in two days, breaking through critical resistance! Whales and smart money accelerate accumulation, with TVL exceeding 10 billion USD.

Spark (SPK) has seen a strong rise for two consecutive days, successfully breaking through key resistance levels, with the price reaching a historical high of $0.1206 (stabilizing at $0.1149 at the time of writing). It surged 94.3% in the past 24 hours, with a weekly increase of nearly 275%. On-chain data shows that whales and smart money are accelerating their accumulation. The derivatives market's open contracts have reached a record of $176.8 million, with a Long-Short Ratio greater than 1 indicating strong bullish sentiment. The exchange balance has dropped by 37%, intensifying supply tightening, while the Total Value Locked (TVL) has surpassed $10 billion, placing it in the top five of DeFi. The technical analysis confirms a bullish breakout from a descending triangle; if it holds the 20-day moving average support, the short-term target looks to $0.184 (potential rise of 60%).

Spark Big Pump: Data Interpretation The Spark token surged to an all-time high of $0.1206 during the Asian session on July 23, before slightly retreating to $0.1149 at the time of writing. Its price rose by 94.3% within 24 hours, pushing the weekly increase to nearly 275%. This big pump was accompanied by an enormous trading volume, with a transaction amount exceeding $1.46 billion, more than three times the trading volume of the previous day. Derivatives market data provides strong support evidence: CoinGlass data shows that SPK futures open interest reached a record $176.8 million, and the Long-Short Ratio is greater than 1, indicating that more traders are opening long positions betting on further price rises.

Core Driving Forces of Rise: Whale Accumulation and Supply Tightening Multiple factors jointly drove the big pump of Spark this time:

1. Whales and smart money are aggressively building positions: DeFiLlama data shows that in the past 30 days, whale addresses have cumulatively purchased 3.9 million SPK, increasing total holdings to over 10.4 million. Meanwhile, the holdings of "smart money" wallets, known for precisely capturing early opportunities, surged by 250% during the same period to over 56,000. The strong positioning of large funds often attracts retail investors and momentum traders to follow suit, creating a positive cycle that drives prices up.

   

2. Exchange Balance Plummets by 37%: In the past month, the SPK balance on exchanges has significantly decreased by 37%, with a balance of approximately $357 million at the time of writing. A decrease in balance typically indicates that investors are moving tokens to self-custody wallets or staking them in protocols, reducing the immediate supply available for trading in the market. This supply contraction effect has created significant upward pressure on prices amid a surge in demand from Whales and smart money.

   

3. TVL Breaks 10 Billion to Enter the Top Five in DeFi: As reported earlier by crypto. news, the DeFi ecosystem of the Spark protocol has recently flourished. On Wednesday, its Total Value Locked (TVL) soared to a historic high of $10.48 billion, an increase of over 40% from last month, making it the fifth-largest protocol in the DeFi space. The surge in TVL usually indicates an increase in platform utility, which in turn raises the demand for its native token SPK and drives up the price.

Technical Analysis: Descending Triangle Bullish Breakout Established On the daily chart, the SPK price has successfully broken through the upper boundary of the descending triangle. The descending triangle is typically formed by a series of lower highs and a horizontal bottom support line, traditionally viewed as a bearish continuation pattern. However, if the price breaks upward through the upper boundary of this pattern, it may signal a trend reversal, with buyers gaining control and pushing the price up. As shown in the figure above, the SPK price has effectively broken through the upper trend line of this pattern, confirming a bullish reversal signal. In addition, the token price has successfully reclaimed the 20-day EMA ( (located at $0.050), which is currently converting into a dynamic support level.

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Market Outlook and Key Price Levels

• Upward Path: If the price can remain consistently above the 20-day EMA ($0.050), SPK is expected to retest the previous high (the top of the shadow) near the $0.125 area. If it successfully breaks through this level, it may open up upward space towards $0.1840, which would refresh the historical high and imply a potential rise of about 60% from the current level.
• Downside Risk: Conversely, if the bears regain control and push the price back below the 20-day EMA, SPK may drop towards $0.056. A deeper correction could see the price test $0.040, which is a historically significant support level that previously provided support during past sell-offs.

Key Data Indicators

• On-chain Position: Whale increased holdings by 3.9 million SPK in 30 days, smart money holdings surged by 250%
• Exchange Balance: decreased by 37% in a month to approximately $357 million
• Derivation Market: Open interest reached a record of $176.8 million, Long-Short Ratio > 1
• TVL: 10.48 billion USD (historical high, ranked fifth in DeFi)
• Technical Support: $0.050 )20-day EMA(, $0.056, $0.040 ) historical key level (
• Technical resistance/target: $0.125 ) previous high test (, $0.1840 ) breakout target (

Conclusion: Spark )SPK( has achieved explosive growth and completed a bullish breakout of the key descending triangle pattern, supported by strong fundamentals such as Whales and smart money aggressively building positions, a sharp decline in exchange supply, and TVL surpassing $10 billion to rank among top DeFi protocols. Short-term trends need to closely monitor the defensive strength of dynamic support at $0.050 (20-day EMA); if it holds, it is expected to challenge $0.125 and open up space to reach the historical high of $0.184. However, considering its short-term increase has nearly doubled, volatility risks have significantly amplified. Investors should be cautious of a potential pullback to $0.056 or even $0.040 if it loses the 20-day EMA. The current high level of open contracts also indicates a highly sensitive market sentiment, suggesting that investors should strictly control risks by combining real-time data and exercise caution in chasing highs.