- SANTOS Crypto Secures Binance Futures Listing
- The token price rose to a seven-month high following the announcement, but risks remain.
Investor enthusiasm for Santos FC Fan Token (SANTOS) surged on October 28, recording an intraday gain of over 100% following the announcement of a major listing.
Binance Expanded futures trading options. launching SANTOSUSDT perpetual contract on Binance Futures offers up to 75x leverage. This was activated by providing token holders with a new avenue for trading.
For those unfamiliar, Santos Tokens are fan tokens for Brazilian soccer club Santos FC.
It was created in collaboration with Binance’s Fan Token platform.
SANTOS price/performance ratio
The listing pushed SANTOS to $8.3, its highest price since the end of March. At the time of writing, the price has been settled at $5.1.
According to CoinMarketCapThis means that the coin’s daily return is more than 50%.
Additionally, trading volume has surged 5000% in the last 24 hours, reflecting a significant influx of activity and investor interest.
This rise pushed the token’s market capitalization to $29.05 million, an increase of approximately 60%.
Is withdrawal approaching?
To analyze the prospects for the SANTOS cryptocurrency, AMBCrypto looked deeper into the daily charts. that analyze The relative strength index (RSI) reached 77.72, clearly entering overbought territory.
These elevated RSI levels are usually a sign that the asset may face potential corrective pressure in the near term.
Source: TradingView
Additionally, it has been confirmed that market participants’ profit-taking activities have increased through Chaikin Money Flow (CMF).
At press time, the indicator remained below the zero line at -0.31, indicating that selling pressure was greater than buying interest.
Meanwhile, $5.50 remained a significant barrier that could lead to potential price rejections. Earlier this month, the token faced a similar rejection at this level, leading to a decline that damaged $3.6 support.
Moreover, the latter level is important to maintain the token’s bullish momentum. In case of failure, SANTOS could face further downward pressure, with the price likely to move towards the $2.5 level.
The Rise of Fan Cryptocurrency with SANTOS
This announcement gave SANTOS the highest rally among fan cryptocurrencies over the past 24 hours, but the gains were not isolated.
Source: CoinMarketCap
Other fan tokens including Alpine F1 Team Fan Token (ALPINE), Spanish National Fan Token (SNFT), SS Lazio Fan Token (LAZIO), and FC Porto Fan Token (PORTO) also saw impressive double-digit increases.
At press time, SANTOS was ranked as the second-largest fan token by market capitalization, behind only the Paris Saint-Germain Fan Token (PSG).
As Fan Tokens continue to capture the attention of cryptocurrency enthusiasts, the sector appears to be emerging as a niche market within the broader cryptocurrency market.
So the question is: Could Fan Tokens become the next “IT”, joining the ranks of Memecoins and AI tokens? Well, only time will tell.
Their long-term relevance will depend on whether they can continue to engage and add value to their communities in a sustainable way.