The Spark Crypto Price has been on a downward trend, reflecting the weakening sentiment in the cryptocurrency industry. Despite this, there are indications that the token’s strong foundations will facilitate a swift recovery. According to recent data, whales and intelligent money investors have been accumulating SPK tokens, suggesting a positive outlook for the cryptocurrency.
Summary
- Spark token Price continued its strong downward trend on Friday, reaching a low of $0.082, its lowest value since July 29.
- The SPK sockets continued and reached 137 million, indicating a significant accumulation of tokens.
- Whales and intelligent money investors have continued to accumulate SPK tokens, with a 62% increase in whale stocks and a 530% increase in smart money holdings over the past 30 days.
Spark (SPK) token fell to USD 0.082, its lowest value since July 29 and 55% below the highest point in July. The market capitalization has dropped from a climax of $188 million to $127 million. This decline is attributed to the persistent weakness in the crypto industry, whereby the combined market capitalization of all coins fell to 3.9 trillion dollars.
Buy Whales SPK to Increase Inflows
Despite the decline in Spark’s price, there are signs that the token’s strong foundations will facilitate a swift recovery. Data on the Spark website show that more users are holding SPK tokens, with 4,400 users holding 217.13 million tokens worth over $18 million. Increasing market capitalization is a sign that investors are optimistic about cryptocurrency and are willing to keep them in the long term.
Some of the investors who are assigning capital to Spark are whales and intelligent money participants. Nansen’s data show that whale stocks have risen by 62% to 11.28 million in the past 30 days. Smart Money investors now hold 3.63 million SPK tokens, a monthly increase of 530%. These participants are often more demanding than ordinary retail investors, indicating a positive outlook for the cryptocurrency.
Technical Analysis of Spark Crypto Price
Spark also sees increased activity due to growing demand for lending products. Tocalism data show that the total deposits have risen to a record high this year, although the swing is still structured. The Spark platform from Spark now has a fortune of $2.4 billion, a number that continues to grow.
The total value of Spark has also increased and reached a record high of $8.35 million. This growth has led to increased network fees. The platform has generated $85 million in the last 12 months and $7 million in the last 30 days.
SPK price diagram | Source: crypto.news
The four-hour diagram shows that SPK has slipped to $0.082 on August 4. It has formed a double floor pattern at $0.082 with its excerpt from $0.1350. The MACD indicator has started to form a bullish divergence pattern, while the relative strength index has moved to the oversized level. Therefore, the SPK price will probably recover the excerpt to $0.1350 and possibly test again, which is 65% above the current level.
For more information on the Spark Crypto Price, visit https://crypto.news/spark-crypto-price-gets-oversold-as-whale-buying-intensifies/
