- Chiliz price has defied gravity in the past few days.
- Fan tokens have surged, pushing their market cap to over $412 million.
- Santos price has rallied by more than 160% in the past 24 hours.
Chiliz price surged to the highest level since April 25 of this year. The coin has surged by 172% from the lowest level this year, giving it a market cap of over $1.1 billion. The price is still about 73% below its all-time high.
Fan tokens performance
Chiliz is a top blockchain industry that is in the sports and entertainment niche. Its primary product is a blockchain platform that enables developers to build products in these industries.
Chiliz also created a technology project known as Socios, which is a leading platform that enables people to trade fan tokens.
A fan token is a cryptocurrency whose goal is to improve teams engagements with their fans. Token holders can vote on key issues in clubs and receive some discounts when they shop in their stores.
In the past few months, Chiliz has partnered with some of the leading clubs in the world like Manchester United, Manchester City, Juventus, Santos, and FC Porto. In total, there are 67 fan tokens that have a total market cap of over $412 million.
Chiliz price has defied gravity in the past few days as the prices of most fan tokens have surged in the past few days. For example, Santos fan token has jumped by over 164% in the past 24 hours and 236% in the past 7 days.
Similarly, other fan tokens like FC Porto, Lazio and Barcelona have risen by more than 20% in the past 24 hours. Barcelona is important for Chiliz because the company took a $100 million stake in Barcelona’s studio product. Still, it is unclear whether the gains in fan tokens are sustainable.
Chiliz price also rose after developers teased about the upcoming Pequin network upgrade that will lead to faster speeds in the network.
Chiliz price prediction
The daily chart shows that the CHZ price has been in a strong bullish trend in the past few days. Along the way, the coin managed to move above the 25-day and 50-day moving averages. It is now approaching the 23.6% Fibonacci Retracement level. The coin’s Relative Strength Index (RSI) has moved to the overbought level.
Therefore, I believe that the recent gains are not sustainable and that a brief pullback is necessary. If this happens, the next reference level to watch will be at $0.1640.
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