SPK (Spark) fluctuates 73.5% in 24 hours: Aave funds migrate in after KelpDAO incident, driving TVL surge

Volatility Overview

SPK price has rebounded sharply in the past 24 hours from a low of $0.029638 to a high of $0.051425, currently trading at $0.049451, with a price swing of 73.5%. The 24-hour trading volume reached $346 million, a surge of over 7 times compared to the previous day; protocol TVL rose to $5.014 billion with a significant net inflow of funds.

Analysis of Abnormal Movement Causes

• The KelpDAO bridge attack (April 18) triggered a freeze of the Aave rsETH pool and a TVL plunge of more than $6 billion. User funds migrated to Spark, leading to a TVL increase of over $825 million (to $4.552 billion), with SparkLend absorbing $1.4 billion in liquidity.

• Trading volume and open interest (OI) doubled, and negative funding rates indicate a short squeeze.

• Upbit confirmed SPK spot listing (April 23).

Market View and Outlook

Community sentiment is strongly bullish, with CoinGecko showing 77% bullish, and X discussions focusing on TVL growth and the shift of share from Aave. Short-term outlook is optimistic for continued capital inflows; however, RSI is overbought (85+), and analysts warn of DeFi protocol risks and potential profit-taking, cautioning about a possible pullback to the $0.037-$0.039 support zone.