Spark (SPK) Price Prediction: A cumulative increase of over 390% in one week, firmly breaking through $0.124 will challenge the all-time high.

The price of Spark (SPK) has accumulated a rise of over 390% in the past seven days, currently reporting at 0.166 USD during the Asian early trading session today (24). The Ignition Airdrop frenzy continues to boost market sentiment, and short-term charts indicate that SPK has broken through the key level of 0.124 USD, challenging its historical high once again.

Capital inflow into exchanges shows that the risk of profit-taking is real

When a token nearly doubles within 24 hours, the first question is: Are holders starting to send tokens to the exchange to sell? This is why the hourly net flow chart is important here.

The SPK net flow has remained positive throughout the operation process, which means that while the price is pumping, deposits still exceed withdrawals.

The price has slightly declined, so if the inflow continues to increase, the excess currency in the exchange will soon turn into sell orders.

Netflow only tracks the inflow and outflow of tokens; continuous inflow during price stagnation often suggests a pullback is imminent, even in a bullish trend.

(Source: Coinglass)

RSI must lead the breakout to continue

Market Analysis The 1-hour Relative Strength Index (RSI) is influenced by news-driven trends, and momentum changes rapidly on the 1-hour scale. Additionally, the hourly chart view helps to predict trends before they enter the daily or even 4-hour timeframe.

Last time, between July 21 and 22, the RSI made higher highs while the price was going up, and this trend triggered a larger rebound.

Currently, the SPK price is at the top of an ascending wedge, but the RSI indicator is hovering around 80 and has not yet broken through the previous high. The price range remains unchanged, but momentum is weakening.

If the RSI cannot reach a higher high along with the price, it is more likely to drop.

RSI (Relative Strength Index) measures the strength of recent price movements, ranging from 0 to 100; when prices are stable or rising but RSI weakens, it indicates that momentum is no longer supporting the rise.

(Source: Trading View)

SPK Price Action: $0.124 is the Trigger Factor

The upper edge of the wedge aligns almost perfectly with the 0.618 mark of the trend-based Fibonacci extension, close to $0.124, providing SPK traders with a clear level of validation.

SPK has failed at this level twice before. It has dropped from around $0.117 to about $0.111, so $0.110 is the first level that bulls need to defend.

Losing it, the price could drop to $0.101, which is an early volatility high point used to anchor the Fibonacci sequence.

Below is 0.087 USD (0 Fibonacci sequence). The broader bullish structure still exists above this area, but if SPK falls below this region, 0.070 USD will come into play, and the upward trend will weaken.

The closing price of SPK is above 0.124 USD, the RSI has broken upward, and the hourly inflow has cooled down, which will pave the way for the continuation of SPK's price and the creation of new historical highs.

(Source: Trading View)