Data from TradingView, a financial trading platform, shows that Chiliz (CHZ) posted a solid performance in the past few weeks, with prices showing upward trends, making them worth looking into.

Chiliz price has risen 19.92% in the last 7 days, due to optimism in the cryptocurrency market and positive fundamentals. The price decreased by 0.08% in the last 24 hours.

At the time of writing on Monday 08:47pm EAT (East African Time), the price of Chiliz was 14.8% higher, trading at $0.218557 USD with a trading volume of 24 $941,487,907 USD hours. The token is currently classified #42, with a live market capitalization of $1,312,869,213 USD, according to CoinMarketCap.

Chile (CHZ) is the native token that powers Socios.com, a sports fan engagement platform, which is built on the Chiliz blockchain infrastructure. The platform allows users to exchange fan tokens to show their support for professional sports teams. Tokens on Socios.com, called Fan Tokens, make users eligible for rewards and can also be used to influence team decisions through popular voting on the Chiliz blockchain.

Why is Chiliz still bullish?

The 2022 FIFA World Cup scheduled to start on November 20 in Qatar is adding buying pressure to the CHZ token and could continue to fuel the bullish incentive. An associate representative of Chiliz described via Twitter social media that FIFA was a major factor in the latest rally.

Since Oct 22, CHZ hit a local bottom of $0.1624, as a result, it has been trending higher as football anxiety builds in anticipation of the world cup tournament.

The World Cup will see 32 national soccer teams compete to crown a new world champion. As fans gear up for the tournament, fan tokens have seen a surge in popularity and have generated double-digit weekly gains.

Another reason for Chiliz’s push has been the success of fan tokens, which were created for various sports organizations, including European football clubs like Barcelona, ​​Paris Saint-Germain, AC Milan, Juventus and Man City, among others. National soccer teams like Argentina and Portugal have also signed up for the fan tokens, indicating continued adoption of the cryptocurrency.

In addition to that, the sports token is transitioning to a new layer 1 blockchain network called Chiliz Chain 2.0 (CC2) that promises greater possibilities for investors. The mainnet of its layer one blockchain is set to launch later this year, fueling another rally.

According to the recent report by Blockchain.News, CC2 promises to help sports and entertainment brands introduce Web3 capabilities, including the ability to mint NFTs and fan tokens. It also seeks to develop decentralized finance (DeFi) products and play-to-win games, create events, and run loyalty and marketing programs.

Image source: Shutterstock