Is There a Price Reversal for Synthetix Ahead?

According to our SNX price prediction, the Synthetix token may soon end the current downturn as it gains the potential to break its resistance levels. 

The birth of cryptocurrencies marked a revolutionary era in the world of finance with multiple doors to the business economy. As decentralized finance (DeFi) becomes the talk of the town, blockchain algorithms and cryptocurrencies seem to be ruling the Web3 world. Renowned cryptocurrencies like Bitcoin, Ethereum, XRP, Litecoin, etc., have significantly contributed to evolving the blockchain space, and now it is the time for Synthetix to continue the legacy. One of the crowning glories among crypto assets is Ethereum, and the SNX token is a forked version of ETH. As technology and globalization widened their wings in the global financial system, the economies of countries all around the globe started coming closer and closer. This paved the way for SNX to develop a successful flourishing, development, and evolution of resources, knowledge, and wealth from one corner of the globe to another. The SNX token has been severely impacted this year by the LUNA crash and the recent market turmoil caused by FTX’s bankruptcy filing, plunging SNX to the bottom level. Hence, our SNX price prediction seeks to bring its in-depth project analysis and expected future potential with advanced technical analysis of the current price trend to help you choose the best investment option amid the market downturn.

Synthetix (SNX): A Quick Introduction

Synthetix is a blockchain protocol built on the Ethereum mainnet, which provides a platform for crypto enthusiasts to access several crypto and non-crypto assets, such as indices, and commodities, among others. SNX is a decentralized finance (DeFi) software protocol powered by a bag of intelligent contracts on the Ethereum blockchain. SNX is the native cryptocurrency of the Synthetix network, and it is an ERC20 token, making it compatible with ETH wallets. Besides facilitating activities (specifically to offer collateral) within the Synthetix network, SNX holders can become stakers by staking their SNX holdings to earn staking rewards.

Synthetix network was launched into the crypto market in September 2017 under the name ‘Havven’ (HAV), and its founder is Kain Warwick. Havven (HAV) rebranded to the current Synthetix name a year later. As the name suggests, Synthetix enables users to trade using synthetic assets, which are tokenized versions of assets ranging from cryptocurrencies to fiat currencies and commodities. Before moving further, let’s take a look at SNX’s current market details to get a better view of our SNX price prediction. 

Cryptocurrency Synthetix
Ticker Symbol SNX
Price $1.5
Price Change 24H -1.9%
Market Cap $368,762,630
Circulating Supply 248,983,399 SNX
Trading Volume $15,834,094
All Time High $28.77
All Time Low $0.03258
Synthetix ROI +225.89%

SNX: Fundamental Analysis And Roadmap

Synthetix has gained a strategic position in the crypto industry because of its approach to providing access to non-blockchain assets through Synths. This means that investors who initially lacked access to specific market sectors and commodities can now access them with the help of Synthetix. This integration of non-blockchain assets builds a vast possibility of expansion for the crypto community, which could bolster the contribution of Synthetix to the crypto space and expand its offerings.

The whitepaper states, “the Synthetix ecosystem has created a peer-to-peer payment network and price-stable token that does not rely on a central authority to maintain trust. Programmable blockchains allow the logic of a payment network to be decentralized in a transparent way, enabling anyone to verify whether the network is solvent. This eliminates systemic risk and reduces the costs associated with centralized networks.”

As Synthetix’s infrastructure, resources, and products are all on the Ethereum blockchain, the infrastructural development of the Ethereum blockchain will have a bullish effect technologically on Synthetix. For instance, migrating to layer two upon the deployment of Eth 2.0 would scale the platform to the next level.

The primary mission of the Synthetix network is not to lead solely on the growth path. The protocol has big plans for the future, with impactful partnerships and collaborations. Being listed on major cryptocurrency exchanges like Coinbase and Binance, SNX offers a safe and trustworthy platform to its traders and provides lesser fees and a plethora of digital and synthetic assets for investment. These upgrades and successful tie-ups have boosted the momentum with the creation of the ecosphere of smart contracts far and wide. Since its inception, the upgrade has substantially accelerated the price of Synthetix on the exchange. 

SNX Price Prediction: Price History

Before digging further, it is essential for investors to know the price history of the SNX token to get a better idea about its future potential from our SNX price prediction. However, it is to be noted that SNX price history can’t guarantee its expected future price, which entirely depends on the market sentiments. 

SNX token went live into the crypto trading market with a value of $0.46 on 15 March 2018. SNX made a downward correction to $0.38 on 18 March before surging to $0.51 on 25 March. Synthetix token witnessed substantial volatility, and with intense bearish pressure to $0.31 on 7 April, the SNX token made a yearly upward journey and reached $0.69 on 22 May. However, the token made a dip to $0.08 on 24 September but made another pump by the end of October with a high of $0.14 on 16 October. After that, the SNX token ignited a fresh bearish trajectory and continued to drop for the rest of the month. SNX token traded in the range of $0.06-$0.04 till mid-2019. By the end of April 2019, SNX started trading in the North direction, and it touched $0.07 on 19 April. SNX broke the $1 barrier for the first time and touched $1.4 on 29 November. 

The bullish momentum continued further, and SNX kept its stability upward and hit a high of $7.3 on 1 September 2020. However, it saw a decline by the end of that year and made a low of $2.7 on 5 November. In 2021, SNX gained much attention due to its robust potential, and it got blown up by the bullish storm in the crypto market, pushing crypto assets to new highs. SNX began trading at $7 in January, and its price kept surging and made an all-time of $28.77 on 14 February 2021. However, the token failed to hold its upward trajectory and dropped heavily, reaching a low of $14.1 on 26 April. SNX made more declines in the next few weeks and touched $5.95 on 27 June. SNX token made a minor surge afterward as it made multiple tops between $10-$14 in August. As the crypto market plunged hard by several macroeconomic factors, SNX made a solid bearish trend and tumbled again to lows of $2.63 on 27 August. SNX extended its bearish momentum further and ended 2021 on a bearish note below $5. 

In 2022, the token saw more dips due to several negative market news and touched $1.55 on 19 June. SNX went into a death spiral recently after the FTX’s demise, resulting in losing 40% of its value. 

SNX Price Prediction: Technical Analysis

SNX is currently witnessing a solid bearish momentum over the last few days, and it can soon make a potential downward trend with a monthly low ahead. Moreover, several bankruptcy filings in the crypto space have brought bearish woes to the community, with rising concerns regarding trust and safety, putting extreme selling pressure on the price chart. Hence, our SNX price prediction aims to bring you an in-depth technical analysis using advanced technical indicators to invest amid the current downturn and guide you through a profitable investment plan.

According to CoinMarketCap, the current price of SNX trades at $1.5, with a downtrend of nearly 2% from yesterday’s performance. Our SNX crypto technical analysis reveals that this digital asset may soon make a fresh bullish start to new highs after a short-term bearish consolidation. Looking at the daily price chart, SNX struggles to trade above the EMA-20 trend line at $1.66 as the negative sentiments in the market put a barrier on the price graph. SNX price analysis shows a downward market road, which means that the asset is currently trading on an extremely bearish path following the recent market crash. The SNX market has been experiencing high volatility recently, with prices fluctuating between $1.8 and $1.3 over the past month, and the sudden trading session in an extreme fear zone, which was brought about by FTX’s collapse, created a panic situation for investors. However, the asset has barred itself from dropping further as it has formed a support level at $1.44, from which the coin is making a slight upward retracement to its 31.8% Fib retracement. The Balance of Power (BoP) indicator trades in a bearish region of 0.61, which may push SNX to test its support near $1.4. 

The popular indicator RSI-14 trades in a selling region at the level of 35, which may push SNX downward to break its support near the 23.6% Fib levels. Moreover, the MACD line forms a falling pattern in the chart as it ignites red candles below the signal line, signifying bears’ domination in the SNX price chart. The SMA-14 made a steep decline as it continues to fall and currently hovers around the level of 40, which may trigger a short-term downward journey for SNX to $1.2. If the SNX coin breaks above its EMA-100 trend line at $2.08, it may spark a clear uptrend to its Bollinger band’s upper limit of $2.49, above which it may make an attempt to break its solid resistance of EMA-200 at $2.7. Conversely, a further downfall is expected if SNX’s price drops below the critical support level of $1.4; below this price level, SNX may accelerate a sharp collapse as it can trade near its Bollinger band’s lower limit of $1.09. If SNX fails to hold above $0.9, it may accelerate for a more bearish bloodbath and trade near $0.65.

SNX Price Prediction By BlockchainReporter

SNX Price Prediction 2022

According to our SNX price prediction for 2022, the token is predicted to attain a maximum value of $1.69 with an average trading price of $1.64. However, our technical analysis reveals that the SNX coin can go as low as $1.48. 

SNX Price Prediction 2023

Our SNX price prediction for 2023 expects a maximum trading price of $2.73, with an average trading price of almost $2.25. The SNX coin might retrace downward with a minimum price of $2.18 by the end of 2023. 

SNX Price Prediction 2024

The Synthetix platform boasts of developing incredible and excellent fundamentals for the crypto space. Our SNX price prediction for 2024 predicts that the token will extend its bullish momentum and likely achieve a maximum price level of $3.74. After that, SNX crypto might record a low of $3.17, with an average trading price of $3.26.

SNX Price Prediction 2025

Our SNX price prediction for 2025 anticipates a minimum value of $4.44 and a maximum value of $5.44. In addition, our SNX price forecast for 2025 predicts an average trading price of $4.61.

SNX Price Prediction 2026

SNX coin may witness an incredible high in 2026 and bring an outstanding return on investment to its long-term holders. Our SNX price prediction for 2026 expects a maximum trading price of $7.71 with an average trading price of $6.63. SNX coin may trade at a minimum value of $6.44. 

SNX Price Prediction 2027

The crypto market may soon recover from the bearish mud and overcome its current hurdles as it is building potential for a bullish comeback and is expected to skyrocket in the next few years. Our SNX price prediction for 2027 suggests that it may touch a maximum trading price of $11.39. SNX coin may trade at an average price of $9.92 with a minimum value of $9.58.

SNX Price Prediction 2028

Our SNX price prediction for 2028 states that it may touch a maximum price of $16.76 and an average trading price of $14.83. The minimum value for the SNX cryptocurrency is predicted to hit $14.34.

SNX Price Prediction 2029

In the upcoming years, SNX coin may gain impactful partnerships due to its robust fundamentals and can push its price to the North. Our SNX price prediction for 2029 expects a maximum price for this token to be $25.03 and a minimum price of $21.59. SNX crypto may reach an average value of $22.18. 

SNX Price Prediction 2030

Depending upon the future market sentiment and response from the community, SNX crypto can see a maximum price level of $37.47 with an average trading price of $31.92. However, the SNX coin is projected to hit the bottom level at $30.81 by the end of 2030.

SNX Price Prediction: Industry Experts

According to Digital Coin Price’s SNX price prediction, the price of SNX is expected to surpass the level of $3.30 in 2023. By the end of the year, the Synthetix token is expected to reach a minimum value of $3.18. In addition, the SNX price is capable of attaining a maximum level of $3.81. In 2029, SNX is projected to trade above the level of $14.46. By the end of the year, Synthetix is expected to reach a minimum value of $14.41. In addition, the SNX price may register a maximum level of $15.37. 

Trading Beasts’ SNX price prediction states that the Synthetix Network price is forecasted to hit $1.68496 by the beginning of January 2023. The expected maximum price is $2.10620, with a minimum price of $1.43221. The Synthetix Network price may reach $1.68496 by the end of the month. The website further predicts that SNX may reach a minimum value of $2.14793 and a maximum value of $3.15872, with an average trading price of $2.52698. 

Is SNX A Good Investment? When Should You Buy?

As SNX provides access to non-blockchain financial assets, it makes Synthetix a strategic contributor to the development of the Web3 community. Its dynamic workings and scalability, built off the credibility and infrastructure of Ethereum, suggest a promising future for Synthetix, making it a good investment option in the future. Since the Synthetix token is just a few years old, its future performance will be quite bullish. Our SNX price prediction suggests investing in this asset at a price of $1.3. 

Conclusion

Synthetix offers a revolutionary aspect in the market by providing synthetic assets (currency) pegged to the value of real assets. The future price prediction of SNX is uncertain, as it will depend on the adoption rate and success of the Synthetix platform in the DeFi market. However, with its strong potential for achieving goals and positive long-term outlook from market experts, SNX may potentially see stable growth in the coming years. However, it is advised to investors to do their own research and consult investment advice from experts before investing in a volatile asset.