2023-10-10 19:16 |
It’s not a good start to the week for crypto prices as stocks falter amid the latest flare up in the Israel-Hamas conflict. Among cryptocurrencies to see a brutal start is Synthetix Network (SNX), whose native token is down 4% in the past 24 hours and more than 10% in the red this past week.
The altcoin traded at around $1.93 on Monday afternoon as sellers pushed intraday volume up by 63% amid a likely dip to prices last seen in June. But despite this outlook, a popular crypto analyst says the 58th ranked cryptocurrency, whose market cap exceeds $625 million, has “several mid-term catalysts” that could help bulls.
SNX price outlook – the potential bullish catalystsSynthetix is a protocol for decentralised synthetic asset issuance, providing for synthetic assets for fiat currencies and other real-world assets, and crypto. The platform is powered by SNX, a token whose price reached highs of $28.53 in 2021.
However, the overall impact of the crypto winter had SNX trading lower and has since lost nearly 93% of the bull market gains. It’s a wavering that has the immediate outlook largely favour sellers, with total value locked (TVL) down from a peak of over $2.17 billion to $366 million as of October 9, 2023.
Even then, network features such as staking and hedging are helping to keep bulls in sight.
Also key to a bullish outlook, according to crypto analyst The DeFi Investor, is the upcoming launch of version 3 of Synthetix’s trading protocol. The Synthetix Perps provides for backend infrastructure for decentralised Perps trading that any protocol can integrate.
As an upgrade to Synthetix Perps, V3 is expected to function as a liquidity layer rather than just a derivatives protocol. This means developers will be able to leverage the V3 infrastructure and liquidity to build new on-chain derivative protocols. A V3 trading competition on Coinbase’s L2 platform Base will run from October 2 to 23.
Other than the Synthetix Perps V3, the ecosystem is gearing for the unveiling of the CEX-like project Infinex. Synthetix Perps is also poised for integration on increasingly popular platform Base.
These aspects make SNX “one of the tokens with several mid-term catalysts,” the crypto analyst added in a post on X.
SNX price predictionIf SNX price taps into the forecast positive triggers, a rebound to above $2.00 could see buyers target $2.50 and then July highs above $3.15. On the other hand, continued weakness could accelerate the decline and see SNX nosedive to March 2020 lows of $0.38.
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