Chiliz (CHZ) Faces Selling Pressure From Large Holders
Chiliz (CHZ) is trading near $0.032 as of Thursday. Earlier this week, it failed to break a key resistance level. Data from on-chain sources shows that large holders, known as whales, are selling their CHZ tokens. This sell-off points to less interest from investors. At the same time, social media discussions about CHZ are dropping, signaling lower community engagement.
Santiment’s data reveals that whales holding between 100,000 and 1 million CHZ and those holding 10 million to 100 million tokens have sold about 101.54 million CHZ since Sunday. The Social Dominance metric for CHZ fell from 0.124% on Wednesday to 0.054% on Thursday. This sharp decline confirms the reduced attention around Chiliz in the crypto media.
Security Concerns Highlight Potential Risks in Chiliz Blockchain
Bybit’s Lazarus Security Lab reviewed 166 blockchain networks. They found 16 blockchains, including Chiliz, have built-in fund-freezing features. Another 19 blockchains could add these features by small changes in their protocols.
The freezing methods vary. Chiliz and VeChain use hardcoded logic. Others like Sui and Aptos rely on configuration files. HECO uses on-chain contract execution. These mechanisms show possible centralization risks. They may affect trust and security in decentralized blockchain systems like Chiliz.
Chiliz Price Outlook Shows Bears Targeting $0.025 Support
Chiliz recently faced resistance at the 50-day Exponential Moving Average (EMA) of $0.034. This level matches the 61.8% Fibonacci retracement. After failing there on Saturday, CHZ fell 5% by Wednesday and now trades near $0.032.
If the price keeps falling, CHZ might reach the 50% Fibonacci level at $0.029. Breaking below this could push it down to $0.025. The Relative Strength Index (RSI) dropped to 48, indicating stronger bearish momentum.
However, if CHZ closes above $0.034 daily, it could rise to the next resistance point near $0.038.
