The Spark crypto price has been on a downward trend recently, reflecting the overall sentiment in the cryptocurrency industry. Investors have been cautious, leading to a decline in the value of the Spark token.
Summary
- The Spark token price has been experiencing a strong downtrend, reaching its lowest point since July 29.
- Staking inflows for SPK have continued to increase, surpassing 137 million tokens.
- Whales and smart money investors have been actively accumulating Spark tokens.
The price of Spark (SPK) token has dropped to $0.082, marking a significant decrease from its peak in July. The market capitalization has also seen a decline from $188 million to $127 million.
Whale Accumulation and Staking Inflows
Despite the overall market weakness in the crypto industry, Spark’s fundamentals remain strong, indicating a potential rebound in the near future. The number of users staking SPK tokens has been increasing, with 4,400 users currently staking 217.13 million tokens worth over $18 million.
The surge in staking market capitalization reflects investor optimism and long-term commitment to Spark. Notably, whales and smart money participants have been actively accumulating Spark tokens, with whale holdings increasing by 62% in the last 30 days.
Smart money investors now hold 3.63 million SPK tokens, showing a significant monthly growth. These sophisticated investors are indicating confidence in Spark’s future prospects.
Additionally, there has been a rise in demand for lending products on the Spark platform, leading to record-high total deposits this year. The savings platform currently holds $2.4 billion in assets, with continuous growth anticipated.
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Spark’s total value locked has reached a record high of $8.35 million, resulting in increased network fees. The platform has generated $85 million in the last 12 months and $7 million in the last 30 days.
Technical Analysis and Price Forecast
Looking at the four-hour chart, SPK has shown a decline from $0.1350 to $0.082, forming a double-bottom pattern. The MACD indicator is indicating a potential bullish divergence, while the Relative Strength Index has reached oversold levels.
Based on these technical indicators, it is likely that the SPK price will rebound and possibly retest the neckline at $0.1350, representing a 65% increase from the current level.