The Santos FC Fan Token (SANTOS) experienced a remarkable 19% price surge following hints about Neymar’s potential return to his former club, signaling renewed investor interest in the sport-backed cryptocurrency.
By Parth Dubey
Edited by Marco T. Lanz
Updated
3 mins read
Santos FC Fan Token (SANTOS), a digital currency launched as a result of a partnership between crypto exchange Binance and the Brazilian sports club Santos FC, has shot up a massive 19% in the past 24 hours, trading at $3.37 at the time of writing. This price surge was a result of the club teasing the return of its star player Neymar, claiming that the athlete will be “home” soon.
According to a report, Neymar’s contract with Al Hilal SFC, another football club based in Riyadh, came to an end this week just after seven appearances. The 32-year-old athlete’s former team, Santos, stepped up, indicating intentions to re-sign the forward. Also, Tottenham forward Richarlison shared a post on the social media platform Instagram about Neymar joining the Brazilian sports club.
Não há lugar melhor que o nosso lar. 🏠 pic.twitter.com/4hqycshULu
— Santos FC (@SantosFC) January 28, 2025
The former Paris Saint-Germain star cost a staggering $98 million to sign, and after a brief seven-appearance stint at Al Hilal, the deal goes down in history as one of the biggest flops for a sports club. The athlete could be making a comeback at the team where he rose to prominence.
Fan tokens rose to prominence during the 2021 crypto market bull run. Several football clubs have their own fan tokens, including FC Porto Token, Manchester City Fan Token, and more. These tokens allow the holders to share experiences and gain early access to NFTs, among other offerings.
According to the data from CoinMarketCap, SANTOS has dropped 31.92% in the past year and is down 88.5% from its all-time high of $28.60 seen over three years ago. The trading volume of the cryptocurrency soared a significant 239.88% in the past 24 hours and stands at $44.94 million.
Source: TradingView
The SANTOS on-balance volume (OBV) on the daily chart below shows that the buyers have started to take advantage of the bullish narrative surrounding Neymar’s possible signing with the Brazilian football club. The gradient of the line suggests higher prices for the fan token in the coming days. However, the cryptocurrency needs to break the prominent resistance at $3.5.
Source: TradingView
Meanwhile, the Relative Strength Index (RSI) for the cryptocurrency stands at a value of 56, which means that the bulls are overall in control of the SANTOS price action. On the other hand, the MACD line (blue) just soared above the signal line (red), which confirms a bullish divergence on the daily chart. Higher prices are likely for the fan token.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
