Spark breaks out after Brian Armstrong praise | Credit: Hameem Sarwar
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Key Takeaways
Brian Armstrong’s public praise for Spark ignites a 40% rally, ending its recent downtrend.
SPK breaks out of a descending triangle as the MACD turns bullish and CMF flips positive.
MVRV ratio rises from -11.80, hinting at cooling sell pressure and potential for higher prices.
One public shoutout was all it took. Coinbase CEO Brian Armstrong’s positive remarks about Spark (SPK) flipped sentiment overnight, catapulting the token 40% higher and ending its grinding downtrend.
At press time, the Spark crypto trades at $0.13 — still 33% below its all-time high, but with rising bullish momentum. This analysis breaks down how the surge happened and what could be next for SPK’s price.
Spark Breaks Bearish Pattern
On the 4-hour chart, the Spark crypto has broken out of a descending triangle, signaling a potential reversal from last week’s correction.
The rebound gained traction as the Moving Average Convergence Divergence (MACD) flipped bullish with a crossover. Also, the Chaikin Money Flow (CMF) pushed above the zero line — showing that accumulation is now outpacing distribution.
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In addition, Coinbase CEO Brian Armstrong’s public praise for the project has supercharged the rally.
On Aug. 2, Armstrong posted on X, applauding Spark for offering Bitcoin-backed loans to Coinbase users —a statement appears to have ignited renewed market interest and confidence in the token.
“This is a cool look at how our bitcoin-backed loans work behind the scenes. There’s actually a whole growing ecosystem of capital across different DeFi platforms like Spark making it all happen,” The Coinbase CEO posted.
Demand for SPK might continue to increase. If this trend holds, the altcoin’s price might be next in line to hit $0.18.
From an on-chain perspective, Santiment data shows that Spark’s Market Value to Realized Value (MVRV) ratio has climbed to -11.80.
While still in negative territory, this rise suggests that the recent SPK price increase is starting to reduce unrealized losses among holders.
A rising MVRV from below the zero line levels signals cooling sell pressure and can precede periods of renewed accumulation.
Therefore, if the ratio continues to trend upward, it may reinforce the Spark crypto bullish technical setup and support the case for a sustained recovery.
Zooming into the 2-hour chart, CCN finds a setup similar to the bullish structure on the 4-hour chart. The Awesome Oscillator (AO) has printed green histogram bars, confirming that momentum has shifted in favor of the bulls.
In addition, the green line of the Supertrend now sits below SPK’s price, signaling strong underlying support.
If this trend holds, SPK could challenge the $0.16 resistance. A clean break above this level would put $0.19 in play.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
