Spark Crypto Price Update

The Spark crypto price has undone the recent gains, crashing by over 57% from its highest point this month and reaching its lowest swing since July 22.

Summary

• Spark crypto price has plunged by 57% from its highest point this month.
• The total value locked in its ecosystem has jumped to a record high.
• Spark’s staking market capitalization has jumped to $155 million.

Spark (SPK) token dropped to $0.08075, resulting in a market capitalization of over $89 million, down from the all-time high of $190 million.

SPK Falls Despite Rising Staking Inflows

The Spark crypto token has plunged even as the staking market capitalization surged by over $17 million in the last 24 hours to $155 million, a significant increase from over $65 million on July 4. The rising staking market cap signals that investors anticipate future price increases.

Spark’s network is also thriving, as the SparkLend total value locked increased by $11.4 million to over $4.72 billion. Its total deposits stood at over $6.98 billion, generating $64.4 million in revenue.

Further Data

Additionally, the total assets allocated for savings increased by $19 million in the last 24 hours to $2.26 billion. Overall, the network possesses over $7.3 billion, marking a 17% increase in the last 30 days.

Ongoing Dilution

A concern for the Spark token is the ongoing dilution. According to CoinMarketCap, 4.65 million new tokens, valued at $373,550 each, are being released daily. The next significant unlock is scheduled for June next year, when 904.6 million tokens will be released, continuing until 2035.

Spark Crypto Price Technical Analysis


The 12-hour chart indicates that the Spark token has declined over recent days, plummeting from a high of $0.1900 on July 23 to the current $0.083. It has fallen below the 61.8% Fibonacci retracement level of $0.0907.

SPK price has also dipped below the 25-period Exponential Moving Average, signifying that bearish sentiment prevails. Additionally, the two lines of the MACD indicator have created a bearish crossover.

The Relative Strength Index for the Spark token has shifted from an extreme overbought level at 90 down to 49. Therefore, it is likely to continue declining, with sellers targeting the 78.60% retracement point at $0.06380.