Place the watermelon chunks into the blender, ensuring they are evenly distributed.
Add the freshly squeezed lime juice and honey into the blender with the watermelon.
Secure the lid on the blender and blend on high speed for about 30 seconds until the mixture is smooth and frothy, with no large fruit chunks remaining.
Pour the blended mixture through a fine strainer into a large glass or pitcher to remove any pulp or seeds, if desired, and stir gently.
Slowly pour in the chilled sparkling water into the strained watermelon juice, stirring gently to combine. The drink should have a fizzy, slightly frothy appearance with a vibrant pink color.
Serve immediately over ice, garnished with a lime wedge or a small watermelon slice if desired.