{"id":33023,"date":"2023-11-23T03:52:38","date_gmt":"2023-11-23T07:52:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=33023"},"modified":"2023-11-23T03:52:38","modified_gmt":"2023-11-23T07:52:38","slug":"synthetix-snx-shines-as-tvl-hits-670m-analyst-predicts-continued-upswing","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/23\/synthetix-snx-shines-as-tvl-hits-670m-analyst-predicts-continued-upswing\/","title":{"rendered":"Synthetix (SNX) Shines As TVL Hits $670M, Analyst Predicts Continued Upswing"},"content":{"rendered":"

Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a substantial uptrend<\/a> of 60%, while its year-to-date performance shows an impressive price increase of over 108%.\u00a0<\/p>\n

These notable achievements indicate the potential for continued bullish momentum <\/a>for the decentralized protocol and its native token.<\/p>\n

Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges<\/h2>\n

Renowned cryptocurrency analyst and writer, Jake Pahor, has expressed <\/a>a highly optimistic outlook on SNX, hailing it as the ultimate \u201cpicks & shovels play\u201d in anticipation of the forthcoming bull market.\u00a0<\/p>\n

Pahor highlights Synthetix\u2019s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of $54 million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies.<\/p>\n

While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for significant growth <\/a>in the coming years, according to Pahor.<\/p>\n

Notably, a key driver of Synthetix\u2019s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure.\u00a0<\/p>\n

SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality.<\/p>\n

With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of $1.14 billion, placing it at the forefront of the Synthetics category.\u00a0The protocol\u2019s treasury holds a healthy $145.96 million, including stablecoins, BTC\/ETH, and its token SNX.<\/p>\n

SNX Bulls Poised For Breakout Opportunity<\/h2>\n

Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils\u2019 Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development.<\/p>\n

It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading.\u00a0<\/p>\n

According to Pahor\u2019s analysis, with a \u201cstrong ecosystem\u201d of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category.<\/p>\n

Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a significant catalyst<\/a> for the protocol. Additionally, the protocol\u2019s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading.<\/p>\n

Currently, SNX is trading at $3.455, reflecting a significant 4.7% uptrend over the past 24 hours. This positive momentum<\/a> follows a 31% gain over the last fourteen days.\u00a0<\/p>\n

In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at $3.58, which is necessary to retest its recently achieved yearly high of $3.810. As SNX reached this high only a few hours ago, its next target is to surpass the $4 mark, a level not seen since August 2022.<\/p>\n

On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the $3.035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a substantial uptrend<\/a> of 60%, while its year-to-date performance shows an impressive price increase of over 108%.\u00a0<\/p>\n

These notable achievements indicate the potential for continued bullish momentum <\/a>for the decentralized protocol and its native token.<\/p>\n

Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges<\/h2>\n

Renowned cryptocurrency analyst and writer, Jake Pahor, has expressed <\/a>a highly optimistic outlook on SNX, hailing it as the ultimate \u201cpicks & shovels play\u201d in anticipation of the forthcoming bull market.\u00a0<\/p>\n

Pahor highlights Synthetix\u2019s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of $54 million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies.<\/p>\n

While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for significant growth <\/a>in the coming years, according to Pahor.<\/p>\n

Notably, a key driver of Synthetix\u2019s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure.\u00a0<\/p>\n

SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality.<\/p>\n

With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of $1.14 billion, placing it at the forefront of the Synthetics category.\u00a0The protocol\u2019s treasury holds a healthy $145.96 million, including stablecoins, BTC\/ETH, and its token SNX.<\/p>\n

SNX Bulls Poised For Breakout Opportunity<\/h2>\n

Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils\u2019 Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development.<\/p>\n

It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading.\u00a0<\/p>\n

According to Pahor\u2019s analysis, with a \u201cstrong ecosystem\u201d of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category.<\/p>\n

Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a significant catalyst<\/a> for the protocol. Additionally, the protocol\u2019s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading.<\/p>\n

Currently, SNX is trading at $3.455, reflecting a significant 4.7% uptrend over the past 24 hours. This positive momentum<\/a> follows a 31% gain over the last fourteen days.\u00a0<\/p>\n

In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at $3.58, which is necessary to retest its recently achieved yearly high of $3.810. As SNX reached this high only a few hours ago, its next target is to surpass the $4 mark, a level not seen since August 2022.<\/p>\n

On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the $3.035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n

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