Heat the olive oil in a large skillet over medium heat.

Add the chopped spinach to the skillet and sauté for about 2-3 minutes until wilted.

In a mixing bowl, combine the softened cream cheese and sour cream.

Stir in the shredded cheddar cheese until well combined.

Add garlic powder, crushed red pepper flakes, and salt to the mixture.

Stir the sautéed spinach into the cheese mixture until well combined.

Transfer the mixture back to the skillet and cook for another 5-7 minutes over low heat.

Transfer the dip to a serving dish and sprinkle with chopped green onions.