Chiliz’s (CHZ) price has surged, driven by whale accumulation and heightened trading volume. According to Santiment, a behavior analytics platform, Chiliz is currently a rising topic in the crypto market due to a price pump that reached its highest level in six weeks.
Moreover, whale addresses holding at least 10 million CHZ have added a total of 42.67 million CHZ in the past 30 days. This surge in whale activity and trading volume could indicate further price stability or increases in the short term.
The recent price movement of Chiliz has shown volatility, with notable increases and retractions. Rising by over 13% in the past day, the price of CHZ reached a level not seen in six weeks. Additionally, there was a massive spike in trading volume, reaching 415.5M CHZ, the highest in 22 months.
Moreover, whale accumulation has witnessed an uptick. Addresses holding more than 10 million CHZ accumulated an additional 42.67 million CHZ in the last month. This is visualized by a sharply rising line chart, reflecting increased holdings by large stakeholders. Such accumulation suggests strong buying pressure in the market, often indicating a bullish sentiment.
The whale activity and surge in trading volume could lead to increased price stability or further price hikes. However, long-term trends will depend on continued whale accumulation and high trading volume. At publication, Chiliz trades at $0.136131, with a daily trading volume of $214,468,878, up 0.38% on the last day.
Crypto analyst Zen notes that Chiliz’s correction phase, which has been ongoing since March 2021, may end soon. While dips to 2022 levels are possible, a breakout of the upper trendline could lead to a significant price increase, potentially retesting the bear order block at the $0.23 to $0.27 zone. This would represent approximately a 150% increase from the current price levels.
The recent whale accumulation and trading volume surge indicate a bullish trend for Chiliz. If these trends continue, Chiliz could see further price increases in the short and long term.
