Chiliz, the Layer-1 blockchain for Sports and Entertainment and the native token of Chiliz Chain, has seen a sharp rise today,up nearly 24% to trade around $0.0376.
The sudden move has raised one key question across the market: what is driving CHZ higher today?
DeFi Innovation Boosts Confidence
One of the main reasons CHZ is rising today is a new DeFi update on the Chiliz Chain. Chiliz recently launched the Decentral Protocol, which allows football clubs to borrow stablecoins by using their future media and broadcasting income as support.
A $1 million USDC pool offering 12% yearly returns is already live. This step links sports money with crypto in a simple and real way. Since CHZ is used to pay fees on the network, more activity means higher demand for the token.
Exchange Campaign Increased Buying Interest
Another key reason behind today’s price jump is a recent trading campaign on the MEXC exchange. The CHZ Frenzy event ran for a month and saw over 140,000 users take part. It offered zero trading fees, rewards for holding CHZ, and futures bonuses of up to 2,500 USDT.
This campaign brought in new traders and pushed more people to buy and trade CHZ, increasing demand.
Massive Spike in Trading Volume
CHZ also saw a huge rise in trading activity. In the last 24 hours, trading volume jumped over 500% to around $231.5 million. This is a clear sign of strong buying interest, not just from a few traders but across the market.
When many buyers rush in together, sellers get absorbed quickly, pushing prices higher in a short time.
Chiliz’s Technical Price Outlook
Chiliz (CHZ) has been moving inside a falling wedge pattern on the weekly chart, which is often a bullish sign. This pattern shows that selling pressure is slowly weakening.
Right now, CHZ is testing a strong support zone around $0.035–$0.037. In the past, buyers have stepped in at this level, stopping the price from falling further. This repeated buying suggests the price may be forming a short-term bottom.
If CHZ holds above this support and starts moving up, the next key level to watch is the resistance near the top of the wedge. A clear breakout above this area could lead to a stronger rally.
Based on this setup, analysts see possible upside targets at $0.050, $0.085, $0.160, $0.300, and higher in the long term.
