according to the website - By crypto.news

The Spark protocol token has bounced back over the past few days as investors buy the dip, while the total value locked in the network approaches an all-time high.

Spark (SPK) rose to $0.045 today, June 30, the highest level since June 24 and 25% above the lowest point this year. Thanks to the rebound, its market capitalization reached nearly $40 million.
The recovery of SPK is occurring as data shows that the TVL in the network has risen to $6.28 billion, slightly below the all-time high of $6.7 billion. This is a significant jump from the $3.8 billion recorded at the beginning of the year.
The sharp increase in TVL is a sign that demand for Spark's yield products is growing. Its savings TVL has exceeded $3 billion, and the 30-day average savings rate has risen to 4.5%.

Demand for Spark's lending solution is also growing, with the total locked value approaching $3.5 billion. This reflects the growth of other lending protocols, such as Aave and Maple Finance.

The recovery of SPK is also fueled by the growing sentiment among investors that the token is significantly undervalued compared to its peers. For example, Spark's fully diluted valuation is still less than Pendle's (PENDLE) valuation of $1 billion, despite Pendle having a smaller TVL of $5 billion.

It is also less than JustLend's valuation of $336 million, even though Spark's TVL is significantly higher at $3.6 billion.

A potential reason for the recent drop in SPK's price after its Ignition airdrop is the token's supply dynamics. While its circulating supply is 894 million, the total supply is capped at 1 billion, suggesting significant future unlocks that could lead to dilution.

The hourly chart shows that SPK plummeted and hit a low of $0.035 after its airdrop. Since then, it has bounced back by more than 25% and slightly exceeded the 23.6% Fibonacci retracement level.

The token has also formed a bullish W pattern, with the neckline at the 50% retracement level at $0.050. Additionally, it has risen above the 50-period moving average. Thus, the price of Spark Protocol is likely to see a strong bullish breakout, with the initial target set at the 50% retracement point around $0.051.

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