The Socios fan platform was created by the Chiliz network, which also hosts several fan tokens that let supporters influence club administration. The native coin of the Chiliz network (CHZ) continues to soar as the 20 November approaches.
This date marks the commencement of the FIFA World Cup 2022, and the cryptocurrency world is abuzz with talk of Chiliz's bull run.
The consensus is that fans will flood the Socios platform, causing further price increases due to demand for the Chiliz token.
The value of Chiliz has soared by roughly 80% since mid-October this year. CHZ continues to lead the market with its solid bullish momentum as the world cup draws closer. The cryptocurrency price has increased by 9% over the last day and even hit an intra-day high of $0.247 before falling to its current price of $0.246.
Chiliz exhibits a real possibility of further price movement, owing to the ascending channel the cryptocurrency has followed since May this year.
The cryptocurrency's daily RSI shows relatively neutral conditions. And with the upward momentum it has exhibited over the last two weeks, Chiliz may continue toward the following targets at $0.27 and $0.33, respectively.
On-chain analytics, according to Santiment, have shown that the percentage of Chiliz's supply on exchanges declined in November.
Given Chiliz's significant price decline last week, which reduced its value to around $1.88, it is surprising how since 6 November, there have been more active addresses on the network than before.
This increase in active addresses shows massive user involvement and could indicate a positive sentiment toward the cryptocurrency. Additionally, CHZ had a positive outlook on social media according to its weighted sentiment score, which was in the green.
However, despite Chiliz's impressive price performance over the last week and its social sentiment score, a massive volume of CHZ tokens is still being removed from exchanges.
Chiliz withdrawal statistics like these may suggest that the investors are not planning to spend their CHZ shortly and are instead holding the tokens for longer, as seen by the growth in active wallets.
This implies that there could be a buildup from larger market players over the rest of the year or even in 2023.
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