Home News Spark pulls back 16% as Justin Sun moves 120 million SPK: Check forecast
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Spark pulls back 16% as Justin Sun moves 120 million SPK: Check forecast

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Spark (SPK) is under pressure after a sharp 24-hour decline, with the token falling 16.1% to trade at $0.04371 at press time.

The drop comes after a strong multi-day rally and appears closely tied to a large on-chain movement involving Tron’s founder, Justin Sun.

The sudden shift has pushed SPK into a short-term correction phase, interrupting what had been one of the strongest rallies in the DeFi sector this week.

Justin Sun’s token movement triggers sell-off fears

The immediate trigger behind the decline was a transfer of 120 million SPK tokens, valued at roughly $5.5 million, from a wallet linked to Justin Sun.

The tokens were moved from a Spark staking contract to the Huobi exchange on April 24.

Notably, the token transfer comes after on-chain analyst Ai Auntie on April 23rd reported that Justin Sun had deposited a total of $1.3 billion in assets into Spark, with USDS farming rewards reaching $5.38 million.

Such transfers are often interpreted as a sign of potential selling activity, especially when they involve large holders and relatively thin liquidity.

In this case, the size of the transfer was significant enough to unsettle traders, leading to a wave of defensive selling.

The reaction was swift. SPK, which had been trading as high as $0.05273 in the last 24 hours, dropped toward its daily low of $0.04351 as the market priced in the possibility of increased supply hitting exchange order books.

The focus now remains on whether the transferred tokens will be sold or remain idle on the exchange.

Analysts are also monitoring the same wallet for any additional movements that could signal continued pressure.

Spark (SPK) price forecast

SPK is now approaching a critical technical zone that will likely determine its next move.

The immediate support range lies around $0.04306, which corresponds with the 78.6% Fibonacci retracement level.

If the price holds above $0.04306, SPK could enter a consolidation phase as the market absorbs recent gains and evaluates the impact of the whale transfer.

However, a confirmed breakdown below $0.04306 would weaken the current structure and open the door for a deeper move toward the 0% Fibonacci retracement level at $0.03726.

On the upside, any stabilization will depend heavily on whether selling pressure materializes from the 120 million SPK moved to Huobi.

Continued exchange inflows from the same wallet would likely keep pressure on the price, while the absence of further movement could allow the market to regain balance.

The post Spark pulls back 16% as Justin Sun moves 120 million SPK: Check forecast appeared first on Invezz

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