SNX Price Prediction: Will it Reach $4?

Key Insights:

• SNX rose 37% on July 4 to a high $2.9196 from a low of $2.1233 recorded on June 30. 
• The token currently ranks 97th in the list of cryptocurrencies worldwide by market capitalization at $296 million.
• Technical analysis shows that short-term sentiment on SNX is neutral.

Last month, SNX surged 109% in 24 hours which led to short liquidations worth $4 million recorded on 20 June, along with $1.42 million worth of long liquidations.

This month, the native token of the derivatives trading platform, Synthetix rose 37% on July 4 to a high $2.9196 from a low of $2.1233 on June 30.

Synthetix is a protocol for the issuance of synthetic assets that tracks and provides returns for another asset without requiring users to hold that asset. This brings liquidity to the market and users can earn rewards in the form of SNX tokens by providing collateral to the platform.

Price Action

SNX started its journey in March 2018 at $0.4683.

The token witnessed a strong bull run in February 2021 which led to an all-time high (ATH) price of $28.77 on 14 February. The price then consolidated to $23.01 by May 18 that same year.

 

Following this, SNX plummeted to $5.21 on June 26, 2021, climbing back up to a high of $12.93 by September. Its price then retreated and has been stuck in a downwards trend ever since, even in November 2021 when the crypto market was experiencing relative highs.

Brief price surges occurred in late December 2021 and early January of this year, in addition to an elongated correction throughout the month of February.

As the total market capitalisation of the crypto market fell below $1 trillion, SNX dropped to a low of $1.45 on June 18 this year – its lowest price in two years.

SNX is down over 91% from its all-time high of $28.77 set in February 14, 2021 and is currently trading at $2.58. It ranks 97th in the list of cryptocurrencies worldwide by market capitalization at $296 million. Its price is up 1.10% in the last 24 hours.

 

Technical Indicators

SNX’s current support level stands at $2. For a token that went from less than $1 to over $20 in seven months, reaching $4 in the long-term is a possibility.