I see there's a lot of noise in the spray when I open it in Gimp (which I suggest you should consider using for future projects), this is what happens when you use compression and makes the spray look terrible. The normal way to fix this is to resize the spray to 256x256 and use RGBA8888 instead, but since this is monochrome with a reasonable, decent alpha channel, all you really need to do is make the base image the same color (i.e. a blanc amaranth/gray square) and let the alpha channel do the work.
Next thing, this spray is in the 'Team Fortress 2' category, but the screenshots show 'Counter-Strike: Source' and 'Left 4 Dead 2', which suggests it should be in the GameBanana/Source category instead.
One more thing about the screenshots, you'd do well to hide all the clutter surrounding the spray (i.e. the hud and the weapon), to do this, open the console and type these commands:
sv_cheats 1
cl_drawhud 0
impulse 200
Disabling clipping ('noclip') also helps. Doing this, however, this does mean you have to do this offline. Also, make sure the texture qualities are all boosted to the max, it's not like you're making a movie here, you don't need a high framerate.
Lastly, you'd do well by adding a bit of directory structure; for all games this is pretty much the same from 'materials' onward anyway.
Addendum for bonus points, play around with the alpha channel to make it look like an actual spray, stuff like partial transparency can give the impression that not every spot has been given the same amount of attention or that it was somewhat rushed; it can also help bring out the underlying texture's grittiness.
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