Spark Surges 94.3% on Institutional Whale Accumulation and DeFi TVL Growth

Spark (SPK) has confirmed a bullish breakout, surging to an all-time high of $0.1206 on July 23 before stabilizing at $0.1149 at press time. The token rallied 94.3% in a single day, extending its weekly gains to nearly 275%. This sharp ascent follows a significant accumulation by institutional and large whale investors, coupled with a decline in exchange-held balances, signaling a tightening supply and heightened demand.

Trading volume for SPK spiked to $1.46 billion, more than tripling from the previous day, amid record open interest in derivatives markets. CoinGlass data revealed that futures open interest hit $176.8 million, with a long/short ratio exceeding 1. This metric underscores strong speculative positioning, as traders increasingly bet on further price appreciation. The surge in derivatives activity aligns with broader market dynamics, where large holders—often seen as arbitrageurs or strategic investors—have been aggressively accumulating SPK.

Whale and smart money wallets have driven much of the recent activity. Over the past 30 days, whales acquired 3.9 million SPK tokens, boosting their holdings to over 10.4 million. Simultaneously, smart money wallets—typically associated with trend-following institutional players—increased their exposure by 250% to 56,000 tokens. These movements have historically drawn retail liquidity, amplifying price momentum as retail traders and momentum buyers pile in behind large-cap investors.

Exchange balances for SPK have plummeted by 37% in the last month, currently standing at approximately $357 million. This decline suggests a shift toward self-custody and staking within the Spark ecosystem, reducing the immediate supply available for trading. Such a reduction in circulating liquidity can create upward pressure, particularly when paired with rising demand from institutional and whale investors. The trend coincides with a broader revival in the Spark-based decentralized finance (DeFi) sector, where total value locked (TVL) hit a record $10.48 billion following a 40% monthly increase. Higher TVL often correlates with increased utility for the native token, further justifying SPK’s valuation premium.

Technically, SPK’s price action has validated a bullish reversal. The token broke above the upper boundary of a descending triangle pattern—a key technical indicator—on the daily chart. This breakout, coupled with a reclamation of the 20-day exponential moving average ($0.050), signals a shift in momentum. The 20 EMA now acts as dynamic support, and as long as SPK remains above this level, the next target is the former resistance at $0.125. A successful breakout past this level could push the price toward $0.1840, a 60% gain from current levels. Conversely, a drop below the 20 EMA could trigger a retracement to $0.056, with deeper support at $0.040 posing a potential floor for near-term volatility.

The confluence of whale accumulation, declining exchange liquidity, and DeFi-driven utility positions SPK at a critical inflection point. While the immediate outlook remains positive, market participants will closely monitor whether the breakout sustains or if bears regain control. The absence of speculative short-term volatility, coupled with the structural shift toward long-term holding, suggests SPK’s trajectory may diverge from typical crypto cycles. Analysts caution that while the technical and on-chain indicators favor continuation, external macroeconomic factors could introduce uncertainty in the medium term.