Are Chiliz (CHZ) Whales Preparing for Ascension?

Chiliz Token price is down 23% from its 2023 high. However, on-chain metrics show that strategic crypto whales are starting to accumulate CHZ ahead of a busy summer season in global sports.

On-chain data provided by Santiment indicates that a whale has received substantial CHZ into its wallet in the past two weeks. The chart below shows that between March 30 and April 11, those holding whale amounts of 10 million to 100 million CHZ added 120 million tokens.

After a sharp sell-off in March, the newly added tokens are worth $16 million at current market cap. When crypto whales deposit such a substantial amount of funds in a short period of time, it often means that they are positioned for a price increase in the future.

In particular, the historical buy/sell pattern in whale wallets mentioned above is closely related to Chiliz price movements. If this chart structure repeats, CHZ holders can expect a price increase in the coming weeks. Correspondingly, the Network Value to Transaction (NVT) rate also confirms the possibility of a CHZ bull rally. The latest Santiment data shows the NVT rate has dropped 85% from 881.06 recorded on March 26 to 129.52 as of April 11.

Since Chiliz has been trending downwards for a long time, it indicates that the native token is undervalued. As the Chiliz NVT rate has been on the decline for most of the last two weeks, crypto investors may be saving up soon. IntoTheBlock’s GIOM shows that CHZ could propel its next rally to a new year high price peak of as low as $0.19.