The price of Spark token ([SPK](https://crypto.news/price/spark/)) demonstrated a notable rise, increasing by 32% to reach $0.1276. This marks its highest level since July 25.
Surge in Spark Token Price
SPK price surged to $0.1276, which is 65% above its monthly low. The daily trading volume reached $338 million, exceeding its market capitalization of $137 million.
Smart Investors' Accumulation Analysis
The price surge coincided with significant accumulation by smart investors. Nansen data shows that one such investor purchased over $347,000 worth of tokens in the past 24 hours. Currently, smart investors hold over 1.85 million tokens, up 304% in the last week. Additionally, wallets categorized as whales now hold 5.34 million SPK tokens, a 67% increase since last Monday. This accumulation occurs alongside a 13% drop in Spark token balances on exchanges, which now stand at 556 million for the past week.
SPK Price Technical Analysis
The four-hour chart shows a significant increase in SPK price in recent days after forming a bullish inverse head-and-shoulders pattern. SPK has broken above the 50% Fibonacci retracement level at $0.1096 and is now trading above the 50-period moving average. The Relative Strength Index also surged to 75, indicating strong bullish momentum. If this trend continues, bulls may target resistance at $0.1522, but a move below the $0.10 support would invalidate the bullish outlook.
The impressive surge in Spark token price and the growing accumulation by smart investors and whales signal increasing confidence in its utility, as evidenced by the total value locked reaching nearly $7 billion. Interest in the token is further highlighted by actions such as Coinbase CEO Brian Armstrong's posts, indicating Spark's active influence in the DeFi ecosystem.
