Spark pulls again 16% as Justin Sun strikes 120 million SPK: Check forecast | UNW

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.

孙哥疑似抛售价值 551 万美元的 Spark USDS Farming 奖励！🤨

过去 1 小时孙哥从 $SPK 空投申领和 Staking 奖励合约取走了自己累计 1.2 亿枚 SPK 的奖励，随后充值进了 HTX，价值 551 万美元

钱包地址 intel.arkm.com/explorer/addre…

#Bitget  VIP 费率更低，福利更狠！买美股秒级入场

「DeFi 超人」孙哥已累计向 Spark 存入 13 亿美元资产，USDS Farming 奖励高达 538 万美元🤯

孙哥地址 0x939…6a1d1 过去 3 小时从 Sky 中提出 3 亿枚 USDS，随后存入 Spark，目前在该平台的存款罗列如下

▶︎ USDS：4.36 亿美元，占存款池的 18.72%
▶︎ USDC：1.35 亿美元，占存款池的 28.17%
▶︎

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.