Synthetix cryptocurrency has soared over 40% in value during the last 24 hours. SNX crypto is now currently trading at $3.01. Trading volume has also increased by 657% as the price momentum sees bullish continuation.
With Synthetix (SNX) passing through $3 once again, the bulls will certainly have their eyes on the $4 territory. Synthetix is still down 89% from the previous all time high of $29 which was set on the 14th February 2021.
$3.42 currently serves as a very strong resistance for Synthetix. If we see another impulse to the upside, $4 could certainly be a pragmatic price level to approach.
What can we expect from SNX over the next few weeks?
Cryptoassets are a highly volatile unregulated investment product.
Synthetix (SNX) Crypto Price Prediction 2022
On the 18th of June 2022 Synthetix incepted in a strong rally to the upside resulting in a price increase from $1.43 to $3.36. This is an mesmerizing 134% increase in price over the last two days.
According to the Twitter page of Synthetix this is due to the Atomic Swaps on DeFi platforms 1inch and CurveFinance (an atomic swap is an exchange of cryptocurrencies from separate blockchains) which average roughly $100m in daily volume.
The second are the derivative platforms and options trading protocols which are powered by Synthetix. These platforms are known as Kwenta, Lyrafinance and PolynomialFi. Synthetix had tweeted to their audience that this is where the majority of volume had been coming from recently.
Synthetix Twitter Page
It is certainly alleviating for current holders to see Synthetix crypto spinning the cogs behind the scenes even during a bear market. The Synthetix (SNX) fundamentals continue to get better and better. In turn, this should increase the investor appetite and create greater exposure for the project.
Currently, SNX is experiencing significant volatility. As per Coinmarketcap, Synthetix Crypto is ranked #88 with a market cap of $342 million, down from its peak of $3.11 billion. We’re now seeing prices not seen since 2020, and if you had invested before the bull run, you would have enjoyed capital gains exceeding 900%.
Will Synthetix (SNX) go up in June 2022?
A real deal breaker at the moment for synthetix is being able to break through the $3.42 resistance level. We have already seen multiple rejections here on the 30th and 31st of May and also the 1st of June 2022.
Synthetix Price Chart – 4 Hour Time Frame
Should we be able to break through the resistance trendline of $3.42 I would expect to see continuation up until around $3.78 in June. If we can break through this resistance level with strong volume I would then be speculating an impulse to around $4.36.
On the contrary, we are seeing a slight bearish divergence form on the 4 hour time frame which could suggest a short-term pull back in the meantime. Traders should still remain risk average and avoid chasing green candles.
Altcoins will still take a long time to recover than blue-chip projects. I do however believe current price levels offer a nice undervaluation and accumulation range for new long-term investors.
What is Synthetix (SNX) Crypto?
Synthetix crypto is a decentralized finance (DeFi) platform that gives on-chain access to a mix of crypto and non-crypto assets. The SNX protocol runs on the Ethereum (ETH) blockchain. This allows users to access very liquid synthetic assets called synths. So, what are synths? They are assets that track and give returns without needing a person to own the actual asset.
The mission of the protocol is that it aims to broaden the cryptocurrency sector by introducing non-blockchain assets. Effectively, this grants access to a more robust financial market. Synthetix is a leading financial primitive which enables the creation of synthetic assets.
The unique selling point of Synthetix is that it is a derivatives liquidity protocol. They offer unique derivatives and exposure to real-world assets across the blockchain protocol.
With Synthetix currently trading as low as $3 I think the current price is certainly appealing. Many investors and crypto analysts speculate a $30 to $50 SNX by 2030 and to be honest, they have a good reason to.
Cryptoassets are a highly volatile unregulated investment product.
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