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- 1 The SNX token price gained 2.10% in the past 24 hours and was at $4.34 at the time of writing.
- 2 The technical indicators imply a bullish outlook above the 50-day and 200-day EMAs.
Synthetix is a DEX and a platform for synthetic assets, which are tokens that track the value of real-world assets, such as currencies, stocks etc. Users can trade synths without holding the actual assets, using SNX tokens as collaterals.
SNX holders can also stake their tokens and earn fees and rewards from the network. It uses oracles to provide accurate price feeds for the synths, and has migrated to the optimistic Ethereum manniet to improve scalability and performance.
Synthetix Price Technical Analysis
The price analysis of Synthetix crypto showcases volatility over the daily chart with the price headed upwards forming jigger highs and higher lows and price hovers above the 50-day and 200-day EMAs, indicating strength.
The price performance of the SNX crypto shows that the crypto has gained over 18.02% through the week and 67.85% in a month. Moreover, the price has a year-to-date gain of over 199.9%.
The volume analysis shows that SNX had a 24-hour trading volume of $116.62 Million with a drop of 31.21% as compared to yesterday. The live market cap of SNX is $1.308 Million and it ranks 53rd among all cryptos. The volume-to-market cap ratio is 9.22% indicating mild volatility in the market.
Synthetix Price Prediction 2023
The most optimistic price prediction of the analysts expects the SNX token price to reach a high of $5.374, signifying an upside potential of 23.74% from the CMP. The minimum price that SNX crypto could drop is $3.319.
Synthetix Price Prediction 2024
As per analysts, the most optimistic target that the SNX may achieve by 2024 is $9.4303, indicating an upside potential of 116.98% from the CMP. The average analyst price target is $7.211 by the end of 2024. However, the pessimistic ones pegged the target at $5.817.
Synthetix Price Prediction 2025
The most optimistic analyst forecast for Synthetix crypto expects the price to reach a high of $13.28 with a potential gain of 225.6% from the CMP. The minimum forecasted price by the end of 2025 is $8.36.
Synthetix Price Prediction 2026
The SNX coin price may reach a high of $21.944 if a positive trend prevails for the crypto market. On the flip side, the most pessimistic view of the analysts expects the price to reach $15.44 by 2026.
Synthetix Price Prediction 2027
As per analysts, the most optimistic price up to which it may reach is $27.249. The minimum price target that SNX coin may achieve is $20.98.
Synthetix Price Prediction 2028
The most optimistic price prediction of the analysts is $35.55 over the next five years. The pessimistic view of analysts pegs the target at $26.14 by the end of year 2028.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
