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Chiliz jumps 24% today as DeFi upgrade boosts real-world sports blockchain usage demand.
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MEXC trading campaign attracted 140000 users increasing $CHZ demand through zero fees and rewards.
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Bullish falling wedge pattern shows $CHZ holding support with upside targets ahead soon possible.
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.