The crypto market is known for dominating two tokens, primarily BTC and ETH. However, with technological innovation and improvement, we experience new tokens almost every other day. Similarly, the market has recently witnessed a unique opportunity in the Synthetix project. The latest Blockchain innovation simplifies the DeFi concept, allowing businesses to leverage their everyday operations. But is the token the suitable investment for the long term? Let’s find out as we explore the different aspects of the token in the following sections. Let’s get started.
Synthetix (SNX): At A Glance
Synthetix (SNX): At A Glance
|Project Name||Synthetix Coin|
|SNX Market Cap||$ 761,688,733|
|Circulating Supply||303,804,966.14 SNX|
|Current Price (As of November 1st week)||$ 2.51|
|All-time High Rate||–|
Synthetix (SNX): Overview
Kain Warwick, the Australian cryptocurrency entrepreneur who founded Synthetix, launched the platform in December 2016. It is a token instead of a coin because it is built on ETH (Ethereum) blockchain. As a result, there may be references to the "Synthetix coin" or an "SNX coin price prediction"; however, these words are technically wrong. Every blockchain-based system requires a native coin, and Synthetix offers one that is aptly titled and also goes by the ticker symbol SNX. Holders can stake the tokens in exchange for virtual assets using this for staking. Additionally, it is utilized for governance, allowing holders of SNX to vote on network modifications. Through tokenized derivative assets known as "synths," users of the decentralized finance (Defi) platform Synthetix can trade several cryptocurrencies and fiat currencies, including commodities. One need not be the owner of the underlying asset to use a synth. Several Defi protocols use the technique. For example, Lyra is an autonomous market maker that leverages Synthetix for better deals and liquidity, while Kwenta is a decentralized exchange that uses Synthetix's debt pool to support trade. Messari, a cryptocurrency research company, stated: "Synthetix has developed a special building piece that gives Defi scalable liquidity access for a virtually limitless variety of assets. In addition, builders are utilizing the opportunity to enhance the range of native Defi financial products by building products on top of the protocol. Based on the Ethereum smart contract network and the layer-2 scalability technology Optimism, the platform (ETH). Optimism is a separate system that, despite being connected to Ethereum, does not exist within it. The idea is that users can execute transactions on a secondary blockchain before transferring them back into the primary blockchain, theoretically speeding up and lowering the cost of processes.
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Synthetix seeks to address the liquidity and slippage problems that centralized and decentralized exchanges (DEXs) traders encounter (CEXs). It accomplishes this with the aid of its mechanism, which combines all synthesizers borrowed under the protocol into a single debt pool. Initially known as Havven, the protocol changed its name to Synthetix around 2018. The technology "enables the production of on-chain synthesized assets (Synths) that mirror the asset's value in the real world," according to Synthetix's website. "Synthetic fiat currencies (sAUD, sUSD, sKRW, etc.), synthetic resources like gold (sXAU), and more sophisticated assets like equity indices are some instances of assets that its platform offers," the statement continues. Users who wish to borrow assets using the system must stake SNX, Synthetix's native token, as collateral. In addition, the whitepaper from Synthetix states that there is now a 400% margining ratio supporting synths.
SNX Token Fundamental Value
As mentioned earlier, SNX runs on the Ethereum (ETH) blockchain. It enables holders to produce Synths, synthetic commodities in the form of ERC-20 coins. These are replicas of the underlying assets. Therefore, to guarantee that it has the latest correct price information, it has partnered with Chainlink, the leading provider of Oracle solutions.
- Cheap Execution: For perpetual futures contracts, traders using platforms connected to the Synthetix protocol are ensured to receive some of the finest price executions, with minimal to no slippage and fills unavailable elsewhere.
- Lowest Risk of Downtime & Liquidation: In times of strong volatility, users are not likely to see the downtime witnessed on CEXs. The possibility of cascading effects exists since our synths are only mirrors of price action.
- Liquidity Simulated: Simulated liquidity is the core algorithm underlying all synthetic resources available for trade on the Synthetix protocols. It ensures that traders can use up to 10x leverages on any asset combination with excellent liquidity and little to no slippage.
- Encrypted Layer 2: OE ensures that the safety of Ethereum Mainnet is passed over to Layer 2 as an EVM-similar solution. Thanks to simple coding, your money is as safe as keeping it on the mainnet, but without the gas expense.
- Whatever Asset Class: the users can enjoy completely on-chain permissionless futures markets across many asset classes and all the advantages of DeFi. Trade amongst crypto tokens, commodities, currencies, and more in one location and gain leveraged exposure to price activity in any market.
- Low Fees and Gasoline: Because the Synthetix coin is based on Optimistic Ethereum. This way, transactions happen almost instantly, and gas prices are far cheaper than L1.
Now that we know the token's fundamental value let’s look at its price history and overview.
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SNX Token Price History & Overview
Let's look at the SNX historical price right now. The past performance of the token might provide us with much-needed context for analyzing or making our Synthetix price predictions, even though past performance must never be used as an indication of future outcomes. In March 2018, Synthetix initially entered the open market at a price of roughly $0.45. In the wake of the bubble burst that characterized the end of 2017 and the beginning of 2018, the market began a period known as "crypto winter" around this time.
Over the following two years, the low and slow prices impacted SNX, with the worst day being January 5, 2019, when it reached an all-time low. Beginning in 2021, the cryptocurrency market took off, and SNX could profit from this expansion that was at least partially fueled by American Covid-19 stimulation cheques entering into the crypto-verse. On 14 February 2021, the token's all-time high was $28.77. After that, there was unavoidably a decline, but the cryptocurrency continued to function reasonably well until the great cryptocurrency day crash of May 19, 2021, when it started to decline again. Although the summers of 2021 were difficult for cryptocurrencies, there was a sort of resurgence in July, without SNX reaching as high as $10 at some times during the month. In June, SNX had fallen below $7. Overall, SNX has had a horrible year in 2022.
The token had a promising start to the year, reaching $7.43 on January 5, but after Russia invaded Ukraine on February 24, 2022, it fell to a low of $3.36. A bullish wave in late March culminated with a periodic peak of $8.11, indicating some recovery. The UST stablecoin's de-pegging in May, which led to the demise of the LUNA cryptocurrency it was tied to, caused the SNX price to fall to $2.22 on May 12. The denial of withdrawal requests on the cryptocurrency platform Celsius (CEL) in June confirmed the bearish sentiment of the cryptocurrency market, and on June 18, 2022, SNX hit a regular low of $1.45. After that, there was a small improvement; on August 11, the token reached a high of $4.33. However, the cost has since decreased; on October 17, 2022, it was approximately $2.30. Out of the 297,650,364 SNX produced, there were 238.500,594.39 in use at the time. With a $550 million market cap, the token is now the 66th largest cryptocurrency.
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SNX Token Price Forecast
The Synthetix network's native coin is called SNX. Since the SNX coin is an ERC20 coin, ETH wallets may accommodate it. SNX owners could become SNX stakers simply staking their SNX (Synthetix) coins to receive staking benefits and facilitating actions (particularly offering collateral) inside the Synthetix network. Let's take a closer look at SNX's technical and fundamental analysis:
According to Synthetix price analysis, since mid-September, SNX's price movement has been consolidating inside a symmetrical triangle. However, every time SNX tried to break over the upper border of the triangle, it was met with intense selling pressure. SNX is presently just below the lower boundary of the triangle and seems to be gaining strength for another breakthrough attempt. The price of SNX appears to be roughly $2.20, where it is presently trading and where it has previously found support.
To prevent a potential reversal of the negative trend, it will be critical for SNX to sustain or enhance its buying pressure as the Relative Strength Index moves closer to the neutral zone. The basic analysis points to the possibility of short-term upward movement for SNX. However, the bulls must remain strong to prevent a probable negative trend reversal. Note: The fact that these are only forecasts should serve as a reminder that no crypto asset can be predicted with absolute certainty. Furthermore, no fundamental or technical forecasts indicate what will happen in the next few months. These technical evaluations are not accurate, but they are meant to help you decide whether to move through with your investments or not. But, of course, you always have the last call to make, so keep that in mind.
SNX Token Price Prediction 2022-30
If you want to know where the values of Synthetix (SNX) coin will go in the future, you may be looking for Synthetix price estimates for the years 2022, 2023, 2024, 2025, and 2030. In addition, the previous pricing of Synthetix (SNX) will be examined, and we'll also find out what industry insiders are saying about its potential future price movements. Please keep in mind that you should approach this prognosis and every other prediction with the understanding that it is merely a recommendation from a few market analysts. Let’s check out the different prices in the following sections:
Synthetix Token Price Prediction 2023 | Potential ROI: -33%
The SNX price is anticipated to exceed an average price point of $2.80 in 2022, and the anticipated minimum price of Synthetix at the end of the year 2022 should be $2.70, according to the projected price as well as the technical analysis for the stock. Additionally, the maximum price for SNX is $2.95. The price of Synthetix (SNX) in October 2022 is expected to range between a minimum of $2.41 and a maximum of $2.71.
However, in October 2022, analysts expect that the average price of SNX will be $2.64. As a result, the lowest predicted price for Synthetix will be $2.62 in November 2022.
The price of SNX might go as high as $2.82, with an average projected price of $2.72. In December 2022, Synthetix may cost between $2.70 to $2.95. while $2.80 should be the typical trade price.
Synthetix Token Price Prediction 2023 | Potential ROI: -65%
Market volatility is what drives cryptocurrencies. Therefore, forecasting and keeping up with the present pricing are difficult today. In this context, several crypto analysts are involved. Nevertheless, the price predictions are accurate for the cited years. Consumers of cryptocurrencies are nonetheless anxious about the new regulations and bans. If the market experiences a strong bull run in 2023, the price of Synthetix may exceed $4.57. However, its average cost for 2023 will be close to $4.09 since long-term investors are anticipated to hold it.
Synthetix Token Price Prediction 2024 | Potential ROI: -91%
The basic analysis is crucial for making long-term predictions about the price of Synthetix. There are a few advantages for the industry that the native token provides. The independence of the digital economy makes it ideal. The network provides competitive programmable payments, logistics, and storage alternatives as DAPPs and stable coins grow. If more investors are drawn to the notion, there is a potential that the average cost of SNX will increase to roughly $6.06 by 2024. For 2024, the year could end with a maximum value of $7.02 and a minimum market price of $5.90.
Synthetix Token Price Prediction 2025 | Potential ROI: -52%
The current price range of Synthetix may attract many traders, and as a result, SNX can achieve $10.08 by 2025. However, reaching this price range won’t be easy. We expect the token to touch such a price range after significant collaborations. Besides, if the following price conditions are met, we can expect the token to reach an average cost of $8.47 for the year 2025; it can surpass the current price trend to achieve new highs. However, considering that the market had been dominant, there might be bullish patterns for the remainder of the year.
Synthetix Token Price Prediction 2030 | Potential ROI: 18%
Due to the large user base, SNX will be viewed as the superior choice, and Synthetix's price will reach new highs. However, price swings are challenging to forecast, particularly when the market is much more bearish or bullish than ever. The cost of Synthetix in 2030 will be close to $50.49. The highest price we can obtain is $59.23. By 2030, the average Synthetix pricing will be around $52.25 per unit. A significant price fluctuation is anticipated within the range set by the cryptocurrency market. Considering the different price of the token over time, it can be challenging to to give you an overview of the same. Therefore, to help you better, here’s an overview of the price prediction over the years. [wpdatatable id=410] With this, we conclude our price prediction for Synthetix. Each investment made will be profitable due to its potential and importance. If you intend to keep the token for a long time, it is undoubtedly a wise purchase. However, as mentioned earlier, these predictions are typically not the main consideration when choosing a product. Experts claim that technical evaluations and outside factors affect their judgments. Therefore, gathering your thoughts before using the forecasts to shape your viewpoint is a good idea. Finally, it is wise to avoid depending on price forecasts for your livelihood.
Should You Invest In SNX?
Synthetix SNX just rose by 100%, defying the bear crypto market. $1M in fees were produced for the day due to cooperation with the Curve protocol. Synthetix has maintained its strength throughout the year and could rise more in the future months. By providing synthetic assets (money) indexed to the value of physical assets, Synthetix delivers a ground-breaking product on the market. Investors who directly own SNX will benefit from the Synthetix website for years to come as a result. The acceptance and performance of the Synthetix technology in the DeFi industry will determine the pricing projection for SNX in the future. However, given its high potential for disruption and the optimistic long-term predictions of market analysts, SNX might have consistent growth in the years to come. Therefore, before buying or trading in SNX or any other digital asset, it's crucial to conduct your study and analysis.
Synthetix is a decentralized exchange and marketplace for artificial assets (DEX). The protocol allows users to use synths to access the underlying securities without holding them. In addition, synths can be individually traded and exchanged amongst platform users. Additionally, it provides a pool where the owners can stake their current SNX tokens and get compensation from the Synthetix Exchange as a percentage of the transaction cost. Finally, the platform records an underlying value using oracles, a smart contract price delivery technology. Users of Synthetix may trade synths without worrying about slippage or liquidity issues. Furthermore, it eliminates the need for third-party facilitators. The ERC20 protocol for Ethereum is compatible with the SNX coin. Proof-of-stake (PoS) consensus is used to secure the Synthetix network. Owners of Synthetix stake the SNX and profit from the trading fees. Staking rewards, a component of the protocol's inflationary monetary policy, are another means for SNX stakers to receive compensation. Our Synthetix projection for 2031 indicates that the maximum price for the digital asset could be $82.70. However, the rate of growth is not indicative of Synthetix's future. A Synth will bring down the entire platform if its peg to assets is lost. By the end of 2031, the SNX price is expected to be at a minimum of $68.44 and an average of $70.85. But, again, this is merely designed to be a resource for you to DYOR; it is not intended as investment advice.
Q1. Is it profitable to invest in Synthetix coin?
Although Synthetix achieved 11/30 (37%) green days during the past month, historical data indicates that investing in the SNX coin is not profitable. The share price of Synthetix fell -77.34% over the past year, whereas its three-year record is 211.75%.
Q2. Is Synthetix a wise investment in 2022?
Several technical and quantitative indicators point to a pessimistic outlook for Synthetix in 2022. This would indicate that there are better decisions than purchasing Synthetix in 2022. It's critical to consider both technical analysis and fundamental analysis (given above) before determining whether to purchase Synthetix or not.
Q3. Will Synthetix increase or decrease?
It is challenging to predict. Despite the optimism of certain websites, such as CryptoNewsZ, others, such as LongForecast, are much more pessimistic about the future. It's important to remember that pricing predictions usually prove incorrect and that costs could increase or decrease. In the extremely unpredictable world of cryptocurrencies, it is vital to carry out your research on a token or coin to determine whether it is a suitable fit for your investing strategy. Your risk tolerance and the amount you intend to invest, among other factors, will decide if SNX is a great investment for you.