As the crypto industry introduces new multi-baggers across various digital assets, market players are seeking out established gems. In this frenzy, Synthetix (SNX) emerges as a top contender with significant potential. With the resurgence in demand for the DeFi sector, numerous crypto assets are expected to thrive.
Synthetix is one such cryptocurrency, utilizing a derivatives liquidity protocol to support derivatives trading. Without further ado, let’s explore CoinDarwin’s Synthetix price prediction.
Synthetix, with its native asset SNX, has shown strong performance over the past year and might be awaiting a revival in the DeFi sector.
Are you among those interested in SNX price predictions? Look no further as we break down the feasible price predictions for 2024 and beyond.
Synthetix Price Prediction for August 2024
As bearish sentiment intensifies in the cryptocurrency market, Synthetix’s price has declined by 2.67% over the past 7 days and by 10% over the past 30 days. Additionally, the price has dropped 55.26% since the beginning of the year, indicating strong bearish sentiment toward SNX.
The Moving Average Convergence Divergence (MACD) shows a neutral trend, with its averages flattening out on the 1-day time frame. Additionally, the Simple Moving Average (SMA) indicator has recorded bullish convergence, suggesting mixed sentiment towards the altcoin.
If the market regains momentum, SNX’s price could test its resistance level at $2.342 in the coming weeks. However, bearish price action could lead to the altcoin retesting its key support level at $1.525.
SNX Price Prediction for 2024
If the community focuses on expanding its user base and enhancing the platform, the cryptocurrency is expected to rise. Consequently, the price could surge to $5.00.
Conversely, if user and investor needs are not met, the token price could drop to $2.00. Therefore, a balanced trading practice might result in a year-end price of $3.5.
Synthetix Crypto Price Prediction for 2025
Certain incoming developments and partnerships could drive the currency’s growth. If any social media influencers take a positive stance on the token, it is expected to rise.
In such a case, the price could soar to a high of $7.35. However, if the token fails to enhance its protocol, SNX could fall to $3.75.
Conversely, considering both bullish and bearish targets, the average price could settle at $5.55.
SNX Price Prediction for 2026
The potential price range for SNX is expected to be between $4.88 and $9.87, with an average price of $7.37.
CoinDarwin’s SNX Price Prediction
According to CoinDarwin’s Synthetix price prediction, partnerships with other companies and startups could lead to significant gains for investors.
In this scenario, SNX’s price could reach an annual high of $5.00 in 2024. On the other hand, if bears continue to dominate the market, the price could drop to $2.00.
What is Synthetix (SNX)?
Synthetix is a DeFi token designed to facilitate on-chain investments in a wide range of crypto and non-crypto projects. The ecosystem is built on the Ethereum (ETH) blockchain, allowing traders to gain access to highly liquid synthetic assets.
These assets track underlying projects and provide returns without requiring users to directly hold the assets. By incorporating non-blockchain assets, the ecosystem expands the cryptocurrency space, entering advanced financial markets.
The platform has its own native token, “SNX,” which enables features such as earning a share of network trading fees and minting new SNX.
Synthetix Fundamental Analysis
Synthetix is software that allows users to mint new crypto assets that simulate real-world and crypto assets. It operates as a set of smart contracts on the Ethereum blockchain network.
Synthetix users do not need to trust any third party to manage crypto assets. They only need to trust the code to execute as written. Synthetix uses a process called collateralization to generate new crypto assets. Users must purchase SNX cryptocurrency to collateralize assets on Synthetix.
Synthetix was founded by Kain Warwick, who served as a non-executive director of the Blueshift retail platform. Before launching Synthetix, Warwick was involved in several other cryptocurrency projects. He launched Pouncer, a live auction site targeting Australian audiences.
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