Spark (SPK) Surges, How Far Will the Upbit Listing Effect Last?

▲ Spark - Upbit Korea/Source: X

An analysis suggests that Spark (Spark, SPK)'s nearly 80% surge in one day was due to a combination of a sharp increase in speculative trading and the direct supply-demand factor of its listing on Upbit's KRW market.

According to CoinMarketCap, a cryptocurrency market tracking site, on April 23 (local time), Spark recorded a 78.79% surge over 24 hours, reaching $0.0554. While Bitcoin remained largely flat during the same period, Spark's trading volume skyrocketed by 1,048% to $547 million. CoinMarketCap identified the explosive increase in trading volume as a key driver of the rise.

Furthermore, the Upbit listing effect appears to have acted as a catalyst, accelerating the short-term surge. On this day, Upbit announced the addition of Spark to its KRW market and began supporting its trading, significantly expanding accessibility for domestic investors. On the Upbit screen, Spark also ranked high among the top-performing assets, confirming strong buying interest. The listing on Korea's largest exchange is interpreted as being directly linked to the price surge, as it is a prime event that triggers an inflow of new liquidity.

CoinMarketCap analyzed that this surge was more characteristic of a short-term capital influx within the market rather than a clear fundamental change. However, it is worth noting that with the clear event of the Upbit listing combined, it has expanded beyond a simple speculative rally to an actual increase in trading base.

The key short-term range is $0.050. If this price level is maintained as support, there could be room for further upside to the $0.065 to $0.070 range. Conversely, if it falls below $0.045, the upward structure could break down, raising the possibility of a rapid correction to the $0.035 range.

Ultimately, Spark's surge is the result of an internal momentum of skyrocketing trading volume combined with the external supply-demand event of its Upbit listing. The future trend is expected to depend on whether the listing effect leads to sustained trading growth or ends as a short-term overheat.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*