Chiliz (CHZ), the leading blockchain network for sports and entertainment, recently hit a three-month high, marking a significant price surge. The token reached an intraday peak of $0.072, its highest level since July 22, and has gained over 66% from its lowest point earlier this year.
This upward momentum comes in tandem with a broader rally in fan tokens, which have seen impressive gains. The OG Fan Token (OG) has soared by 213% in the past week, bringing its market cap to $33.42 million. Other fan tokens like Alpine F1 Team Fan Token (ALPINE) and Santos FC Fan Token (SANTOS) have also seen notable price jumps, rising by 43% and 41%, respectively. Together, these fan tokens now represent a combined market cap of over $313 million, according to FanMarketCap.
Chilizβs rise is partly attributed to anticipation surrounding the upcoming Pepper airdrop, scheduled for October 10, which has spurred investor interest.
The recent price action of CHZ also highlights a key technical development. After bouncing from $0.043 in August, CHZ broke above the critical resistance level of $0.0715 (its highest point in late September) and has turned it into support. This move has invalidated the double-top pattern that was previously forming, signaling a shift in momentum.
Furthermore, the token has risen above both the 50-day and 100-day Exponential Moving Averages (EMAs), a bullish signal that suggests the bulls are taking control. If the upward trend continues, the next key resistance to watch is $0.084, a level last seen on April 13.
