The Santos FC Fan Token (SANTOS) has seen a significant surge, with its price increasing by 78.42% in the last 24 hours, reaching $5.95 USD . This surge is likely driven by several factors:
Key Drivers of the Surge
- Partnership with Binance: Santos FC's partnership with Binance, the largest cryptocurrency exchange in the world, has contributed to the token's popularity . This partnership allows fans to engage with the club through voting, digital collectibles, and rewards.
- Increased Trading Volume: The token's trading volume has increased by 492.41% in the last 24 hours, reaching $73.5 million USD . This surge in trading activity has contributed to the token's price increase.
- Growing Fan Engagement: Santos FC's large fan following, with over six million fans in Brazil and ten million followers on social media, has helped drive interest in the token .
- Tokenomics: The token's supply is capped at 30 million, with 15.17% of the total supply available for trading . This limited supply may contribute to the token's price increase.
Technical Analysis
- Resistance Levels: To continue its upward momentum, SANTOS needs to stay above $5.58, with potential resistance levels at $6.21 and $7.50 .
- Support Levels: If the price drops, the first support level to watch is $5.58, followed by $4.94 .
