The SPK token, known as Spark, has experienced an unbelievable crazy rise in recent days:
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🔥 What is happening?
The price of SPK rose by about 71–72% within 24 hours and reached its all-time high of around 0.1206 dollars on July 23 before stabilizing at around 0.115 dollars.
Over the past week, it jumped by 259–275%, driven by rumors and anticipation of a new phase of token distribution (Ignition airdrop), and incentive policies within the protocol.
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🧠 Factors driving the rise
1. **Airdrop Distribution (Overdrive Phase):**
Users are staking their tokens before July 29 to receive additional rewards on August 12, which reduces supply and creates upward pressure.
2. **Spread of institutions and smart whales:**
In the last month, whales have bought about 3.9 million SPK, and the amount held by smart wallets has increased by 250% to about 56,000 SPK. Also, outflows from exchanges have exceeded 37% [self-custody].
3. **Stability of TVL in DeFi platforms:**
Increase in total value locked (TVL) in the platform to ~8–10 billion dollars, enhancing the currency's position and stimulating demand.
4. **Bullish Technical Pattern:**
The price managed to break out of a bearish pattern/triangle, surpassed the 20-day moving average, and started targeting new levels at 0.125 then 0.184 dollars if resistance is broken.
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🚦 Will this rise continue?
In the short term, the rise may continue until the token distribution on August 12, but after that, the currency may experience a correction or partial decline due to holders selling the Airdrop.
Technically, as long as the price remains above EMA20 (~0.05 dollars), the trend is bullish towards 0.125 then 0.184 dollars.
A significant correction may occur if the price retraces to 0.066 or even 0.056
dollars if momentum weakens or sideways liquidity appears.
