On Sunday, Aug. 24, only 138 transfers moved out of exchanges.
Today, that figure has soared more than fivefold, signaling a decline in selling pressure as holders move tokens off exchanges.
Typically, a rise in exchange deposits suggests investors are preparing to sell.
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Beyond the spike in exchange outflows, the Spark token has also recorded a rise in active addresses.
According to Santiment data, the network had less than 600 active addresses yesterday.
But as of this writing, it is nearly two times that.
This uptick signals growing participation on the network, as more users interact with the token through transactions and smart contracts.
An increase in active addresses reflects improving utility and adoption, which can strengthen investor confidence.
Thus, if this trend continues alongside reduced selling pressure, SPK’s price could gain the momentum needed to stabilize and potentially recover from its correction.
SPK 24-Hour Active Addresses | Credit: TradingView
However, the series of lower highs has carved out a falling wedge pattern — a setup viewed as a potential bullish reversal signal.
So far, buyers have not capitalized on the falling wedge formation.
Still, with the broader crypto market showing signs of nearing a bottom, SPK’s price could soon attempt a breakout above resistance, paving the way for a short-term recovery.
If this breakout holds, the first target sits around $0.090.
A stronger wave of buying pressure could then lift the Spark token higher, potentially reaching $0.13 at the 0.618 golden pocket ratio.
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.
