Chiliz (CHZ) climbed to a nearly six-week high at $0.143 on May 25. This sports blockchain token has seen strong accumulation from whale wallets.
It is currently down slightly to $0.133 with a market capitalization of $1.18 billion.
On-chain signals
Data from on-chain analytics platform Santiment shows that two large wallet groups have accumulated CHZ over the past eight days. It includes a wallet pool of 10 million to 100 million tokens and a wallet pool of 1 billion to infinite CHZ tokens.
Typically, whale accumulation supports a bullish thesis for an asset.
From May 19 and 27:
Whale wallet group holding between 10 million and 100 million CHZ bought another 180 million CHZ
The group of whale wallets holding between 1 billion and infinite tokens purchased an additional 1.44 billion CHZ
This data is taken from Santiment's CHZ supply distribution chart, as seen below.
Source: Santiment
Analysts at Santiment also noted a boom in trading volume, which hit a 22-month high, in tandem with whale accumulation on May 26. Higher trading volumes indicate there are more buyers and sellers of CHZ in the market, suggesting the token is receiving interest from investors.
Source: Santiment
CHZ technical analysis
The weekly chart shows that CHZ price held a key support zone at $0.1 following the sell-off during the week of April 8-14, 2024 (blue arrow). This creates a long wick below, indicating strong buying at lower levels.
Last week, CHZ price formed a bullish engulfing pattern (blue ellipse). This is a bullish pattern, signaling that the bulls have regained control.
The weekly RSI bounced from 50 and is sloping up, favoring continued upside.
Therefore, CHZ price could continue to rise towards the nearest horizontal resistance zone at $0.165, which is 27.97% above the current price level.
A break above this zone will help CHZ rise to the next resistance zone at $0.28.
CHZ/USDT Weekly Chart | Source: TradingView
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