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SNX Price Prediction as Synthetix Stats Improve
Synthetix price has made a strong recovery in the past few weeks. SNX, its token, has soared to $2.55, the highest point since November 8. The coin has surged by more than 70% from its lowest level in 2022. So, why is Synthetix soaring?
Synthetix usage rises
Synthetix is a useful blockchain project that exists in the trading industry. It is a derivatives protocol that makes it possible for developers to create financial derivatives known as synths. Therefore, developers can create synths of all assets, including stocks and commodities.
Synthetix price has done well in 2023 mostly because of the strong performance of cryptocurrencies. Bitcoin has surged above $21,000 while the total market cap of all digital coins has moved to over $945 billion.
SNX price has soared for several other reasons as well. In a statement, the number of daily active users on Synthetix has jumped sharply. According to The Defiant, daily active users in the network has more than doubled to over 5.8k. This growth happened after Synthetix launched perpetual futures on Optimism.
Perpetual futures are popular financial assets that resemble contracts in the stock and commodities industry. The only difference is that these futures contracts don’t have an expiry date. On the other hand, Optimism is one of the fastest-growing layer 2 networks in the blockchain industry.
Meanwhile, according to Synthetix, atomic swaps in its ecosystem have been in a strong bullish trend in the past few days. They have jumped in top platforms like Curve Finance. This is a sign that the network is doing well.
More so, Synthetix is one of the blockchain networks that is making money. The total SNX fees in the past 24 hours totaled about $21,650, which is higher than the 30-day average of $5,214. These are fees in its layer 1. In layer 2, the 7-day average fees is $51k. This means that total fees in the past 7 days was over $437k.
Synthetix price prediction
Signs of SNX bottom started to emerge in November when the token struggled to move below the support at $1.50. Since then, the coin has managed to move above the resistance point at $2, the highest point on December 5. It has also crossed the 50-day moving average while volume remains at an elevated level.
Therefore, the token will likely continue rising with the next key resistance point being at $2.80, the highest point on November 5.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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