What’s Driving the SNX Crypto Rally?

Synthetix is a decentralized exchange which allows the trading of synthetic assets. It uses a pooled collateral model where SNX, ETH and LUSD are locked up to mint synths. 

It can also be traded on the Synthetic exchange or other platforms that use Synthetix liquidity. These include Kwenta, Lyra, Polynomial and 1inch. SNX aims to provide low fee, high liquidity. It also provides permissionless access to a wide range of financial instruments, such as futures, options and atomic swap.

Synthetix crypto shows volatility in the short term. The price has been range bound in the past few sessions. The long term trend is still positive. However, the bulls seem to be losing momentum in the short term.

Moreover, the price performance shows that the SNX crypto is up over 6.55% a week and has gained over 96.71% in the past three months. Also, the crypto has added over 182% to its market cap on a year to date basis.

Synthetix Price Prediction 2024

The long term trend is bullish and the price might continue in the next year. The analysts are bullish about the price trend and expect the price to reach a high of $7.008 by the year end. Moreover, the bearish view of analysts expect the price to reach a high of $5.394 by 2024. 

Synthetix Price Prediction 2025

The most optimistic analyst forecast for the Synthetix coin expects the price to reach a high of $12.23 with a potential gain of 198.08% from the CMP. The minimum forecasted price by the end of 2025 is $8.94.

Synthetix Price Prediction 2026

Over the next two years the Synthetix crypto may attain a high of $16.32. Whereas the lowest price that the crypto may attain is $11.67. 

Synthetix Price Prediction 2027

The most optimistic price target that the SNX crypto may achieve by 2027 is $20.99. On the other hand the least price target up to which the crypto may reach is $16.022. 

Synthetix Price Prediction 2028

Till 2028, the overall crypto market may see more exposure and evolve more. On the most optimistic side, the SNX crypto price may reach a high of $25.22. On the flip side, the most pessimistic price that SNX crypto may attain is assumed at $19.97. 

Synthetix Price Prediction 2029

As per the analysts, SNX price may rise as high as $32.25 by the next five years. However, the pessimistic view of analysts expects the price to reach $23.409.  

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.