- The Synthetix Network price closed the previous day’s trade at $2.33 with a market capitalization of $552.73 million and a circulating supply of 238.5 million SNX.
- Synthetix token price has been compressing to a greater extent and hence a notable bullish action could be fast approaching.
- In the coming years, SNX price is expected to regain the bullish momentum and undergo a 2x or 3x run to test the current ATH.
What is Synthetix (SNX)?
Synthetix is a decentralized protocol that enables users to mint a new crypto asset that impersonates real-life assets like the USD or Bitcoin. The platform running on Ethereum was founded by Kain Warwick and issues ‘Synthetix assets’ which are financial instruments in form of smart contracts known as Synths. These track & provide the returns of another asset without the need to hold the asset.
The platform uses 2 cryptos to offer the minting service for the users, one is its native token SNX and the secondly, is synths. Initially, the user needs to acquire & deposit an SNX token and in turn, the platform creates a new synth token of his/her choice. If the value of SNX surges, then more synths can be created.
Synthetix Price Analysis for October 2022
|Market Cap||$551.34 million|
|Circulating Supply||238.5 million|
|Max Supply||291.65 million|
|Vol (24H)||$79.25 million|
Read more: Top Altcoins 2022
Synthetix (SNX) Price Prediction 2022
Synthetix token price has been trading with diminished volatility from more than a month and hence has been maintaining a consolidated trend since then. Meanwhile, the token is attempting to rebound from the bearish trend but it is still not validated. Therefore, the SNX price may rebound after a minor consolidation and regain the levels above $3 initially and may trade around $3.5 by the end of the monthly trade.
Considering the SNX price to have undergone a decent bullish close for October, the November trade set-up may be slightly bullish. On achieving $3, the prices may face a bearish action which may remain for a short time. A quick rebound may assist the price to regain the levels and head towards the pivotal resistance at around $4.93, surpassing $4.39 but at the end of October.
Will Synthetix Price Reach $5 by December 2022?
As the trade approaches the end of the yearly trade, the asset may slightly increase its volatility hence a decent upswing may be expected. The prices may rise beyond $5 during the H1 of the month which could be followed by strong bearish action, dragging the price lower. However, the token may remain largely consolidated until the end of the year and try to maintain its levels around $5.
Additional Read: Ethereum Price Prediction
Synthetix (SNX) Price Prediction 2023
Will Synthetix Price Reach $10 in 2023?
With a decent close for the year 2022, the price may have a consolidated start for 2023 that may uplift & sustain the price above $5. Further, until the end of Q1, the prices could trade between $5.5 to $5.9 and by the end of H1, the token may surpass $6 and try to reach $6.4 but may remain restricted below $6.5.
The second half of 2023, maybe somewhat bullish and hence the price may receive a significant influx of liquidity that may enable the price to propel high. The price may quickly rise beyond $7 and later test the pivotal resistance at $7.9. Here if the bulls maintain their strength the SNX price may break through these resistance levels and close the yearly trade between $8.4 to $9.2.
Synthetix (SNX) Price Prediction 2024
The SNX price during the 2023 close may hover around the neckline of a double bottom pattern which may result in a notable upswing ahead. After reaching close to a double-digit figure, the price may surpass $10 in the first few days of 2024 and by the end of Q1, it may reach close to $11.3. Further by the end of Q2, the prices may trade around $12.2 to $13.6.
The token initially has been rejected multiple times at these levels, and hence the bears are speculated to drag the price lower again. Therefore, after a brief pullback, the SNX price may ignite a notable rebound and close the Q3 trade around $14.2 and by the end of Q4, the prices may surpass $15.
Synthetix (SNX) Price Prediction 2025
Will Synthetix Price Reach $30 in 2025?
The price may undergo a notable upswing in 2025, wherein the bearish interference could have been minimized to a large extent However, the likes of the 2021 bull run may not be expected but a slow yet steady upswing may persist. By the end of the first half of 2025, the price may hover around $19 but may not surpass $20 levels.
During the H2 trade, the price may quickly gain levels above $20 and may aim to surpass the current ATH to form a new one. Therefore, by the end of Q3, the price may slice through $25 but may remain an inch close to reaching the ATH at $28.77. As the trade approaches the last quarter of 2025, the SNX price may intensify its trend and surge extremely high to surpass its ATH & close the yearly trade above $30.
Synthetix (SNX) Price Comparison Table (2017-2022)
|Year||End of Year Price||% Change|
Prices as on 18 October, 2022.
SNX Price Technical Analysis
- The Synthetix price began with a steep bearish trend even before the market collapsed in May 2022.
- The depleting trend compelled the price to maintain its trend within a descending triangle and sliced down the lower support before reaching the apex.
- However, with the recent price action, the price managed to enter the triangle but may be due for another pullback soon.
- Hence, the SNX price may experience a pullback but may rebound from the base at $2 and quickly surge high to reach $3.
SNX Price Comparison with Mirror Protocol(MIR)
- Mirror protocol is a Synthetix asset built by Terraform Labs and hence compared with Synthetix quite often.
- The MIR/USDT price underwent a gigantic upswing from almost the same levels the SNX/USDT price.
- The MIR price rose as high as +116.10% form the lows at around +4.60% and presently trading around +28.38%.
- While the SNX price maintained a significant descending trend and dropped to hit -35.45% and presently trading at -21.69%.
Additional Read: Top Cryptos 2022
SNX Price Comparison with BTC (Correlation)
- The Synthetix network has maintained a notable descending trend within both the trading pairs.
- The SNX/USDT & SNX/BTC dropped heavily since the beginning of September and unable to break above the descending trend.
- The price of bitcoin has been giving up its gains for a very long time and the bulls maintaining a low-key trend has driven both the pairs lower.
- While SNX/BTC price dropped from +7.81 to -17.50%, SNX/USDT price dropped from +2.44% to -21.56% at the press time.
Additional read: Bitcoin Price Prediction
Factors affecting SNX Price
- Synthetix platform is among the top 5 projects in the terms of dApps revenue. Ethereum is the leader while Synthetix ranks 5th after Opensea, dYdX & Pancakeswap
12/ Top projects/dApps by revenue
Ethereum is a clear leader by 90 day revenue with $194.1M USD.
• OpenSea $35.1M
• dYdX $22.2M
• PancakeSwap $16.5M
• Synthetix $14.1M
• ENS $12.7M
Interestingly, Solana's low transaction fees also means low revenue. pic.twitter.com/vuey1Bjabh
— Ignas | DeFi Research (@DefiIgnas) October 6, 2022
- The upcoming SNX perps V2 is about to be launched which aims to introduce multiple new features like stimulated liquidity, new funding rate, etc.
SNX perps v2 is going to be massive, as it'll introduce
1. Simulated liquidity
2. An Improved funding rate model
3. Hybrid oracles (off-chain?)
Wanna learn more?
— MattLosquadro.eth ⚔️ (@MattLosquadro) October 15, 2022
WHERE & HOW TO BUY Synthetix (SNX)
Buying or selling Synthetix is simple & safe on CoinDCX. All you need to do is,
- Download CoinDCX App on your smartphone
- Enter your details to register
- Complete with KYC
- After verification, fund your wallet and Buy SNX