The Spark token exhibited a sharp price increase this week, reaching record highs following a downfall earlier in July.
Surge in Spark Token Price
The price of the Spark token ([SPK]) surged to $0.096 after dropping to $0.0467. This rise occurred in a high-volume trading environment, exceeding $1.28 billion.
Network Growth and Assets of Spark
Data indicates that the growth of the Spark network is accelerating. According to DeFi Llama, the total value locked (TVL) surpassed $8 billion for the first time, increasing by 38% over the past 30 days. Most of Spark's assets are concentrated in its lending protocol, exceeding $4.8 billion, followed by a savings platform with assets of $2.45 billion. The protocol has generated over $66 million in fees in the last 12 months.
Technical Analysis of Spark Price
Technical analysis shows that Spark token price has recovered from a low of $0.029, forming a cup-and-handle pattern, a popular bullish continuation signal. The target price could reach $0.1030, approximately 55% above the current level. A drop below the support at $0.05 would invalidate bullish forecasts.
The sharp rise in the Spark token price and the increase in locked assets highlight positive trends in decentralized finance development, fostering sustained investor interest.
