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Why is Santos FC Fan Token Up By 50%? Analyst Shares Next Price Target

Rene Peters Rene Peters
January 16, 2024
Why is Santos FC Fan Token Up By 50%?

The Santos FC Fan Token (SANTOS) has erupted over 50% higher in recent days, surging from around $3 to over $4.70 at the time of writing. The explosion move validates a bullish technical pattern highlighted yesterday by an analyst, with the fan token now breaking out emphatically from its year-plus basing formation.

Crypto analyst Crypto Trades Made Simple first flagged SANTOS in tweets this week as an altcoin primed for a significant price breakout. With fan tokens broadly gaining traction, he cited SANTOS specifically as presenting an excellent chart setup following a weekly close above the key $3.30 resistance level.

Fast forward 72 hours, and SANTOS has already tacked on over 55% in gains as predicted, with eyes now on the major upside target around $5.83, the token’s all-time high from 2021.

What is Santos FC Fan Token?

For background, SANTOS exists as part of a growing niche of sports fan tokens that have found immense popularity, especially amidst the pandemic. Sports clubs like Brazilian football giant Santos FC partner with crypto firms like Binance to launch branded fan tokens, allowing supporters to participate in exclusive team access, merchandise, governance rights, promotions, and more—beyond just cheering from the stands.

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The novel concept of merging sports loyalty rewards with crypto has seen its following spread globally. With Santos FC being Brazil’s 2nd most prestigious football club, SANTOS enjoys support from one of the largest fan bases worldwide.

This grassroots fandom serves as the foundation driving SANTOS volumes to nearly $65 million daily, helping validate the technically-based price forecasts eyeing 400–500% returns from current levels.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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