The Spark Protocol token (SPK) is demonstrating recovery in the market, reaching its peak since late June. The increase in total value locked indicates growing interest in the platform's products.
Market of Spark Token
Today, June 30, SPK’s price rose to $0.045, which is 25% above its lowest point this year. The market capitalization of the token has reached nearly $40 million. Supporters view the token as undervalued compared to its peers.
Increase in Total Value Locked
The total value locked (TVL) in the Spark network has reached $6.28 billion, nearing an all-time high of $6.7 billion. This marks a significant increase from $3.8 billion at the beginning of the year, indicating rising interest in yield-bearing products.
Technical Analysis of SPK Price
The hourly chart shows that SPK has rebounded over 25% from a low of $0.035 after the airdrop. The price has surpassed the 23.6% Fibonacci retracement level. The token has formed a bullish W pattern, targeting the 50% retracement level at $0.051.
The recovery of SPK amidst increasing TVL and market analysis highlights a growing interest in the Spark platform. This bodes well for both current investors and newcomers to the market.
