Chiliz Jumps as Socios.com Scores $20M Messi Deal

The fan token app Socios.com has signed a $20 million ambassador deal with Lionel Messi. The news has brought significant attention to its Chiliz token. 

Socios.com and Messi Join Forces

Chiliz is soaring. 

The native token for the Socios.com platform has rallied since the firm announced a partnership with one of the world’s greatest soccer players. 

Lionel Messi, one of the sport’s most influential stars, has signed a multi-million dollar contract with Socios.com to become the firm’s global brand ambassador. The Argentine athlete will play a key role in publicity and promotion campaigns that Socios.com is creating ahead of the Qatar World Cup 2022, which starts in November. The agreement is worth more than $20 million and will have Messi as the face of Socios.com for three years. 

Messi said he was “proud” to join Socios.com because the platform focuses on enhancing the fan experience. “Fans deserve to be recognized for their support,” he said in a statement, adding that it is important to allow them to play a vital role in shaping the teams they support. He said that Socios.com has created a new way to connect and reward fans worldwide. 

Unlike some other recent crypto sports partnerships, Messi’s deal does not include cryptocurrency payments. Still, CHZ appears to be benefiting from the news. The fan token has seen its price surge by nearly 30% since the announcement. Chiliz powers the Socios.com platform.

The recent gains have pushed CHZ into overbought territory with the Tom DeMark (TD) Sequential indicator presenting a sell signal on the daily chart. The bearish formation developed as a green nine candlestick, which indicates a one to four daily candlesticks correction. 

A spike in profit-taking around the current price levels could send CHZ to $0.28 or even $0.24 before the uptrend resumes. 

However, a breach of the $0.33 resistance level could invalidate the short-term pessimistic outlook. Slicing through this significant resistance level could send CHZ to $0.42. 

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.