Welcome to the site !!
I am guessing either you have a bad ground issue , or for whatever reason the coil has been compromised and has swollen and is cracked
The only solution if the coil has been damaged is replacement , Silicone is not a "fix" , , remember you have a Gas Tank directly above the coil , Sparks and Gas are not good friends
..... just sayin ,,,,
You need to determine the cause of the sparking , by removing the tank , and firing up the bike (it will run for several minutes without a tank , which is long enough to test) , before doing anything , if the coil is just loose , its just a matter of tightening it up , if its the coil itself or the spark plug wire , then they will need replacement before running the bike again