It is not working, because you cannot change the Z origin of a movetype. You can spawn an info_target and set the model to the sprite, then set the origin to the origin +/- the difference with entity_set_model and entity_set_origin then set EV_INT_movetype to MOVETYPE_FOLLOW.
This way it will probably work, but if you just want to have a sprite above the player's head, instead I'd rather use TE_PLAYERATTACHMENT.
PHP Code:
write_byte(TE_PLAYERATTACHMENT)
write_byte(entity index of player)
write_coord(vertical offset) (attachment origin.z = player origin.z + vertical offset)
write_short(model index)
write_short(life * 10 )
https://www.amxmodx.org/api/message_const