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

SNX is a decentralized finance (DeFi) platform that allows individuals to trade a variety of cryptocurrencies, fiat currencies, and commodities using tokenized derivative assets known as synthetic assets, or “synths.” Synths do not require the user to own the underlying asset.

The platform is built on the Ethereum (ETH) smart contract blockchain and the Optimism layer-2 scaling solution. Optimism exists as a distinct system that is tied to Ethereum but is not exactly a part of it. The concept is that it allows people to conduct transactions on a different layer before transferring them back to the main blockchain, making things faster and cheaper in theory.

The protocol was originally known as Heaven before being rebranded as Synthetix in 2018.

For example, a user must deposit $4 in SNX in order to borrow $1 in USD. At a collateralization ratio of 150%, ETH deposits are also accepted as an alternate form of collateral for mint synths.

Synthetix’s goal is to alleviate the liquidity and slippage problems that traders face on decentralized exchanges (DEXs) and centralized exchanges (CEXs). It accomplishes this through its method, which pools all synthesizers borrowed from the protocol into a single debt pool.

Price

As of 6:55 p.m., the price of Synthetix is $2.92, a movement of 9.04% in the previous 24 hours. The current price movement in Synthetix has resulted in a market capitalization of $939,314,646.47. Synthetix has seen a change of 105.39% so far this year. Synthetix is a DeFi according to CoinDesk’s Digital Asset Classification Standard (DACS).

Synthetix was worth roughly $0.45 when it initially hit the open market in March 2018. Following the collapse of the boom that characterized the end of 2017 and the beginning of 2018, the market entered a so-called crypto winter around this time. Over the next two years or so, SNX was impacted by slow and low prices, with the checkpoint being on January 5, 2019, which led to an all-time low of $0.03258.

The crypto market began to explode at the beginning of 2021, and SNX was able to capitalize on the growth created, at least in part, by American COVID-19 stimulus checks entering the crypto-verse. On February 14, 2021, the token reached an all-time high of $28.77.

The current price of Synthetix is $2.92, with a 24-hour trading volume of $311.36 million, a market size of $335.85 million, and a market dominance of 0.03%. In the last 24 hours, the SNX price grew by 9.52%.

Synthetix reached its highest price on February 14, 2021, when it traded at an all-time high of $ 28.63, while its lowest price was recorded on January 5, 2019, when it traded at an all-time low of $ 0.032478. Since its ATH, the lowest price was $ 1.400150 (cycle low). Since the last cycle low, the highest SNX price was $3.35 (cycle high). The price forecast opinion on Synthetix is now optimistic, while the Fear and Greed Index is 51 (Neutral).

Analysis

On the Daily chart

The Moving Averages Convergence Divergence (MACD) indicator for SNX is 1.40, indicating that TD Synnex Corporation is a sell.
The 20-Day exponential moving average of TD Synnex Corporation (SNX) is 96.64, while the share price of TD Synnex Corporation (SNX) is $99.16, making it a Buy.
The 50-Day exponential moving average for TD SYNNEX Corporation (SNX) is 94.67, and the share price is $99.16, making it a Buy.

On the Weekly Chart

The Moving Averages Convergence Divergence (MACD) indicator for TD Synnex Corporation (SNX) is 1.40, indicating that TD Synnex Corporation is a Sell.
The 20-Day exponential moving average of TD Synnex Corporation (SNX) is 96.64, and the share price of TD Synnex Corporation (SNX) is $99.8, making it a Buy.
The 50-Day exponential moving average of TD Synnex Corporation (SNX) is 94.67, while the share price of TD Synnex Corporation (SNX) is $99.8, making it a buy.

Indicators

The Relative Strength Index (RSI) for TD Synnex Corporation (SNX) is 61.26, indicating a Neutral signal.
The Trend Strength Indicator (ADX) for TD Synnex Corporation (SNX) is 16.98, indicating a Buy signal.
The Commodity Channel Index (CCI) of TD SYNNEX Corporation (SNX) is 90.42, indicating a Neutral signal.
The Price Rate of Change (ROC) for TD Synnex Corporation (SNX) is 6.25, indicating a Buy signal.

Synthetix has support levels of $ 2.62 and $ 2.41, with the strongest at $ 2.25 based on today’s traditional pivot point (P1) of $ 2.78. Similarly, the resistance levels for Synthetix are $2.99, $3.15, and $3.36.

Prediction

Price Forecast for Synthetix in 2025

The price projection for Synthetix in 2025 is now between $3.54 on the low end and $9.73 on the high end. If SNX meets the upper price target, Synthetix might gain 232.07% by 2025 compared to today’s price.

Price forecast for Synthetix in 2030

The price projection for Synthetix in 2030 is now between $ 1.511615 on the low end and $ 7.09 on the high end. If Synthetix meets the upper price target, it may gain 141.84% over today’s price by 2030.

Radhe