Price Analysis

Is Synthetix(SNX) Price Hinting Buy Signal? Investors eagerly wait for a trend reversal!

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The native token of Synthetix, SNX, increased in value once the protocol’s Layer-2 debut was announced. In the previous ten days, the price of (SNX) has risen by +87.4 percent. The most recent increase of 25% occurred over the weekend, following the team’s announcement that it would launch on Optimism this month. For Ethereum, this is a layer 2 solution. The use of Layer 2s lowers transaction costs dramatically, making the platform more accessible to regular investors.

Synthetix’s founder, Kain Warwick, said that the platform would be live on Ethereum’s Layer-2 Optimistic Rollup, Optimism, on July 26. The news functioned as a trigger for SNX, which has risen to a new monthly high of $13.60.

Synthetix (SNX) Price

It increased by 1,000 percent in just four months, from $2.50 to $28.90 per coin, from the beginning of November 2020. From there, the price has steadily declined to a recent low of $5.60, but it has recently rebounded to around $12.50. 

SNX is targeting a gain of over 100%, pending a positive consolidation around present resistance levels above $12. On Monday, the bulls maintained their rally, with the token’s prices continuing to rise. It may go back to the $10 mark before resuming its upward trajectory. Between $15.64 and $16.28 is a possible goal for the upward movement’s peak.

The relative strength index for SNX remained neutral at 66.71. The RSI line, on the other hand, is rising upwards, suggesting that the token is about to enter overbought/overvalued territory. If this occurs, SNX may see a trend reversal.

Synthetix is presently trading for $11.47.In the last 24 hours, the SNX price has decreased by 12.14% percent. The price forecast sentiment for Synthetix is currently neutral.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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