Cryptocurrency Price Prediction

Synthetix Price Prediction: Will SNX Surge 2X This 2022?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 14, 2022

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 The crypto industry has been mushrooming with a plethora of digital assets which have been striving to establish one’s reign. Successively, the projects catering to the finance sectors, have been under the acute consideration of marketers. With the rise of Defi, a myriad of crypto assets are anticipated to thrive. Synthetix is one such cryptocurrency that is engaged with a derivatives liquidity protocol that supports derivatives trading. 

Synthetix boasts its native asset SNX, which has portrayed euphoric runs in the past year. And is now probably waiting for the awakening of the Defi sector. Are you one amongst the many, who are keen on SNX’s price projections? Look no further, as we decode the feasible price predictions for 2022 and beyond. 

Overview

CryptocurrencySynthetix
TokenSNX
Price$ 2.4430
Market cap$ 531,558,151.0000
Circulating Supply 217,691,715.0276
Trading Volume $ 68,622,014.0000
All time high$ 28.5300 Feb 14, 2021
All time low$ 0.0348 Jan 6, 2019

Synthetix (SNX) Price Prediction For 2022

Potential LowAverage PricePotential High
$4.999$5.834$6.605

  Synthetix had waled into the year 2022, whilst being on a leg-up, and with a price tag of $5.943. After its spike to $9.585, it slipped to $3.626 by the 23rd of January, amidst the market-wide liquidations. Post which the altcoin bounced to $6.233 by the 6th of February. 

However, turbulence in the business resulting from geopolitical tensities and soaring inflation numbers, dragged the price to $3.52 by March 6th. Thereafter, an uptrend closed the quarter at $7.006

Synthetix (SNX) Price Prediction For Q2

  Synthetix has been on a steep fall since the start of the second quarter. The digital asset has lost gains accounting for over ~67% in the due course of time. A bullish rebound from current levels with volumes acting as supplements, the price might hit its potential high of $3.404

In contrast, prolonged continuity in bearish trends might aggravate the losses incurred by SNX, wherefore, it might find support at $2.37. That said, a balance in buying and selling pressures might settle the price at average levels of $2.889

SNX Forecast For Q3

  If the network attracts newer adoptions and collaborations with its sound derivatives liquidity, and creation of synthetic assets. The price of SNX might chug up to a maximum of $4.828 by the end of the third quarter. On the flip side, negative criticism and ebbing volumes might crash the asset to $3.429. Constrained by the linear projection, the regular price might fall at $4.214

Prediction Of Synthetix For Q4

  If the makers of the protocol employ developmental and community building initiatives. Synthetix might find star’s inclining in its favour. In such a case, the price of SNX might surge to hit a maximum of $6.605. Conversely, a possible financial crisis or a regulatory clampdown might knock the price down to $4.999. Considering the bullish and bearish targets, the average price might settle at $5.834

Synthetix Price Forecast For 2023

  Analyzing the shorter and larger price projections on the chart. It is understood that the SNX price has been deviating from its path usually every couple of months. The altcoin project would probably traverse on a range-bound scale in 2023. However, the maximum price of the asset is expected at $12.353, and the minimum possibility is at $6.316.

Price Prediction Of SNX For 2024

The cryptocurrency is anticipated to rise if the community concentrates on expanding the user base and enhancing its platform. As a result of which, the price might surge as high as $23.658. In contrast, the token might sink to $11.927, if it fails to satisfy the users and investors. 

Price Trajectory For 2025

  Certain inbound developments and partnerships may lead to the growth of the currency. The token is anticipated to rise if any social media influencers have a positive outlook on the token. In such circumstances, the price might soar to a maximum of $51.686. However, SNX may decline to as low as $21.704, if the token fails to enhance its protocol.

YearPotential LowPotential High
2023$6.316$12.353
2024$11.927$23.658
2025$21.704$51.686

What Does The Market Say?

Trading Beasts: 

  According to the forecast of Trading Beasts. The price of SNX might soar to a maximum of $2.988 by the end of 2022. Whilst a reversal in trend might drop the price to $2.54. An equilibrium in buying and selling pressures might curb the price trajectory to $3.735. The forecast pins the maximum price targets for 2023 and 2025 at $3.126 and $4.541. 

Digital Coin Price:

  As per the prediction of the firm, SNX’s price might hit a maximum of $3.42 by the end of 2022. The analysts from Digital Coin Price, expect SNX to hit its potential high of $4.03 by the end of 2023. And a maximum of $5.59 by the end of 2025. 

Priceprediction.net:

  The predictions by the website anticipates the altcoin to close its annual trade for 2022 at a maximum of $3.59. While the minimum and average targets for the year are set at $3.14 and $3.26. The maximum closing price for 2025 is expected to occur at $11.51. 

Click here to read our price prediction of YF Link (YFL)!

What is Synthetix (SNX)?

Synthetix has been a DeFi token that aims to facilitate on-chain exposure to a vast range of cryptocurrency and non-crypto projects. The ecosystem is built on Ethereum (ETH) blockchain and enables traders access to highly liquid synthetic assets. 

These assets trace and offer returns on the underlying projects without requiring users to directly hold the asset. The ecosystem thrives to widen the cryptocurrency sphere by adding non-blockchain assets, granting access to an advanced financial market. 

The platform has its own native token called SNX. That enables features like gaining a percentage of network trading charges and newly minted SNX. 

Fundamental Analysis

Synthetix is the software that allows users to forge new crypto assets that mock both the real assets as well as the crypto assets. It is a collection of smart contracts that runs on the Ethereum  Blockchain network. 

Synthetic users do not need to trust any third party to take care of the crypto assets. They only need trust in a code which will execute as written. Synthetix generates new crypto assets by using a process called collateralization. SNX cryptocurrency must be purchased by the users to collateralize an asset on Synthetix. 

Synthetix was founded by Kain Warwick, He was a former non-executive director at the blueshift retail platform. Before launching Synthetix, the founder served on numerous other cryptocurrency projects. He had launched Pouncer, which is a live auction site focused on the Australian audience.

Our Price Prediction

  As per Coinpedia’s formulated Synthetix price prediction. Certain partnerships with other undertakings and startups might result in attaining high prices as well as the investors. In such a case, SNX’s price might hit the annual high for 2022 at $6.5. On the other hand, if the bears continue to dominate the industry, the price might slump down to $5.

Historical Price Sentiments

2018

Synthetix made its existence in the crypto world on 14 March 2018 with a price of $0.49. Later, the token started to variate and the price hovered between $0.27 and $0.68 till the end of July. Further, the price declined to $0.07 by September. SNX continued to be in the same price level with certain variations and ended the year 2018 at $0.04.

2019

On a bearish note, SNX entered the year 2019 with a price of $0.03. The altcoin started to variate after and traded between $0.04 and $0.08 until mid-May. Dramatically, Synthetix surged to $0.35 by the end of June and the price started to rise with certain inequalities. On a bullish note, SNX hit $1.46 by the end of November. Later, the token traded at $1.22 in December to end the year 2019.

2020 

Synthetix continued to exchange at the price of $1.20 during the dawn of January. Further, the price dropped to $0.4 in mid-March. As the crypto market crashed and the major currencies suffered a huge decline in their values. The token continued to recover after and surprisingly hit $7.10 by the end of August, as it gained the attention of the market.

 Later, SNX failed to sustain the resistance level and the prices again started to decline. As the bears were held into dragging the prices, the currency shockingly sank to $2.51 by November and continued to recover after. By reclaiming its previous resistance level at the $7 mark in December, SNX ended the year 2020 with a price of $7.42.

2021

  With certain improvements, Siacoin traded at the price of $0.005 during January. The Siacoin price has lately caught the pace of the alt season in early 2021. In March, the asset managed to generate a two-year high at $0.06292. However, bulls failed to carry the price action for the long term. Further, the asset has plummeted to support of $0.01065 owing to the May market crash. 

SC price has failed to rise to the expectations. However, with certain fluctuations, the token has risen to $0.025 on November 29th. While it was slowly regaining its bullish momentum, the recent market crash plummeted the price to $0.016. However, selling pressure continued till the year’s end with no positive volatility.

To read our price forecast of Bytecoin (BCN) click here!

FAQ

Q: Is Synthetix powered by the Ethereum blockchain?

A: Yes, Synthetix is an ERC-20 token, powered by the Ethereum blockchain.

Q: Can Synthetix be halved?

A: No, Synthetix cannot be halved as it is only mined.

Q: What makes Synthetix a unique digital currency?

A: Synthetix enables the special feature called Peer-to-contract trading. It executes the trade quickly and easily without an order book.

Q: Is Synthetix a collateralized platform?

A: Yes, Synthetix is a collateralized platform.

Q: Is it worth investing in Synthetix?

A: Yes, Investing in Synthetix might be worth it if you are thinking for the long term.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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