- Spark (SPK) surged 94.3% in 24 hours, hitting $0.1206 after breaking a major technical resistance.
- On-chain data shows significant accumulation by large wallets, indicating interest from institutional investors and HNIs.
- Exchange liquidity for SPK has dropped sharply, creating a supply crunch and amplifying the price surge.
Spark (SPK) has skyrocketed by 94.3% in the past 24 hours, reaching $0.1206, as a mix of technical momentum, whale accumulation, and tightening exchange liquidity set the stage for a powerful rally.
From a technical standpoint, SPK broke through a long-standing resistance zone near $0.065, triggering a cascade of buy orders and liquidations of short positions. The breakout came with a sharp rise in trading volume, indicating strong market conviction and fresh bullish momentum. In the past 24 hours volumes have surged by a whopping 207% touching $2.3 billion.
A demand-supply mismatch
On the fundamentals side, on-chain data points to significant accumulation by large wallets over the past week. Several top-tier addresses have quietly increased their SPK holdings, suggesting strategic positioning by either institutions or early-stage investment syndicates. This kind of whale activity often precedes sharp price moves, as their buying both absorbs supply and signals confidence to retail traders.
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Adding further fuel to the rally is declining liquidity across centralized exchanges. SPK’s available supply on trading platforms has dropped to its lowest level in months. This has amplified price volatility and made the token more responsive to demand surges. As fewer coins are readily available for sale, even modest buying pressure pushes prices up rapidly, a classic supply shock scenario.
Possibility of a trend reversal
Analysts also note that Spark’s growing presence in DeFi ecosystems, particularly its use in staking and governance within emerging platforms, is drawing renewed investor attention. If momentum sustains, SPK could be positioning for a broader trend reversal.
Traders should watch for potential retracements following such a sharp breakout, especially if profit-taking intensifies. With the right mix of technical and fundamental catalysts, Spark is living up to its name and igniting a surge that has the market watching closely.
