• Wed. Aug 17th, 2022


Computers Tech Games Crypto Music and More

Synthetix price prediction: Here's why SNX just soared to $4 – CoinJournal

Choose your language:
Synthetix price continued soaring on Thursday as demand for DeFi tokens surged. SNX, its ecosystem token, rose to a high of $4, which was the highest level since May 9th of this year. It has jumped by over 180% from its lowest level this month, bringing its total market cap to over $855 million.
Synthetic Network is a leading blockchain platform that describes itself as the derivatives liquidity protocol. It allows users to create synthetic assets that offer unique exposure to real-world assets on the blockchain.
The concept behind Synthetix is easy. Users can create derivatives in assets like forex, commodities, shares, and exchange-traded funds (ETFs). For example, a developer building a DEX can incorporate assets like Apple, crude oil, and copper. Some of the most popular synths in its network are sUSD, sEUR, and sAAPL.
Synthetix price has done well in the past few days for several reasons. First, its developers launched perpetual futures in its platform. Perpetual futures are similar to those in the stock market, with the difference being that they don’t have an expiry date. This product launched and expanded on Optimism, which is a level 2 project.
Second, the developers introduced atomic swaps, which are a new exchange function that allows users to atomically exchange assets with reasonable fees by pricing synth exchanges via a combination of Chainlink and DED oracles. This feature has been incorporated in Curve and 1Inch.
Further, the developers are building the third version of the platform that will be much faster and more efficient. The price also rose after the recent partnership with Jump Crypto.
Third, the Synthetix price has risen because of the booming DeFi industry. The total value locked in all DeFi platforms like Uniswap, Lido, and Curve Finance has jumped to over $84 billion. This is a significant increase from the YTD low of about $70 billion. 
The daily chart shows that the SNX price has staged a strong recovery in the past few days. And now, the coin rose to the highest level since May. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level of 70.
Therefore, the coin will likely continue rising as buyers target the next key resistance level at $5. A drop below the support level at $3 will invalidate the bullish view. 
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.


Leave a Reply

Your email address will not be published.