Chiliz (CHZ) is a token that fuels the Socios.com fan engagement platform for major athletics clubs like PSG and Juventus. This token is primarily used as an alternative payment for conventional products, fan engagement, and much more. It runs on the Chiliz blockchain and is known synonymously as Chiliz (CHZ).
Over the last few days, however, the price of Chiliz token has been blasting through the roof with a 150% price increase that has continued throughout the week.
It is not hard to assume that whales actively support this move to the upside, as large transactions have hit the highest network amounts since March 29.
Are Whales Really behind This?
According to the crypto analysis platform Santiment, the outlook on CHZ seems bullish despite having already rallied by a triple-digit percentage. Whale activity on the Chiliz network has been at an all-time high for over five months, and the big players seem to be highly interested.
Since March, CHZ has pulled itself up to become one of the 40 largest crypto assets by market cap.
The analysis of other well-performing cryptos of 2022, like Dogecoin and Shiba Inu, has shown that whales were the main source of selling pressure after rallies that brought hope to investors.
In the case of Chiliz, however, selling pressure from whales may not be enough to drive its price lower.
The token indeed gained 50% of its value in the last 7 days. This alone is a deal breaker for some. But the main fuel driving the growth of the Chiliz token may very well be their partnership with a major soccer team based in the United Kingdom.
In addition to their deal with Arsenal FC, the Socios platform and Chiliz have announced major campaigns to provide fundamental value to the Chiliz token and hopefully drive the price higher.
CHZ Technical Analysis
Chiliz is trading at $0.2277 at the time of writing and is currently experiencing a minor pullback before another leg upwards.
CHZ, from a technical standpoint, has no visible problems on the market, despite the minor pullback it is currently experiencing.
According to the asset’s RSI and Moving Averages, CHZ is currently moving in an uptrend with no signs of a decreasing inflow of liquidity.
According to Santiment, the overall bearishness of the crypto market is resulting in bitcoin, the benchmark cryptocurrency, being sold at a loss. The price of Bitcoin, as many knows, affects the prices of other altcoins.
As a result of these losses, Bitcoin has slumped from its $25,000 position in August. It currently trades at $21,649 at the time of writing.
Ethereum, on the other hand, has been doing well for itself over the last 30 days. Tracking the progress of Ethereum (ETH), Cardano (ADA), and Polkadot (DOT) on the code repository platform GitHub, Ethereum’s development team has the highest records of notable development activity over the last month. Ethereum currently trades at $1704.54.
Whenever support for CHZ happens in the market, there can be a rapid reversal in trading volume and a massive retracement.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)