SNX is down nearly 60% since January 2022. It is one of the worst performing cryptocurrencies in its category.
In the last five days, SNX has added about 5% of its value.
Synthetix Price Prediction: Performance Analysis
|Last 5 days||+12.1%|
|Last 5 days||+5.6%|
|Last 5 days||+3.7%|
What is the Synthetix Protocol (SNX)?
Synthetix is positioning itself as a Liquidity Protocol and ensures traders have some of the best price executions around, with little or no slippage and fills that you can’t get anywhere else.
Here are some facts about Synthetix:
- Synthetix Network was launched in September 2017 by Kain Warwick under the name Havven (HAV).
- In 2018, Havven was renamed Synthetix.
- Synthetix is a DeFi protocol that provides on-chain exposure to a wide variety of cryptographic and non-crypto assets.
- It was developed on the Ethereum blockchain.
- According to the official Synthetix platform, it is a new financial services provider that helps in the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain.
- Synthetix offers to provide all defi services with a fully on-chain permissionless futures trading experience.
How is Synthetix different from others?
- Synthetix claims to monitor the price movement of not only cryptocurrencies, but also fiat currencies, stocks, commodities and others without any slippage.
- Synthetix is a DEX exchange with its own resources known as Synths. The exchange allows users to trade independently with the help of Synths.
- In other words, Synths are resources voted for by the community.
- Synthesizers can be in any form, it can be in the form of cryptocurrencies, fiats, stocks or any commodity that has a price.
Synthetix Price Prediction: What is the Use of the SNX Token?
SNX is Synthetix’s native token. It is used to bet on the platform. It is used as collateral on the Synthetix platform, in other words whenever a Synth or Synthetix asset is issued, the SNX token is locked into the smart contract.
SNX is also used to reward investors.
Who are the competitors and how did they behave?
With the growing demand in the blockchain, DEX or Decentralized Exchange industry, it has also grown to provide a peer-to-peer marketplace for users. However, unlike non-DEX exchanges that allow fiat to crypto trading, DEX only allows crypto to crypto trading.
However, trading in DEX exchanges is booming and with the entry of more players, the DEX trade value is expected to increase.
SNX Crypto Price Prediction: Long-Term Prediction
Price Forecast 2023
The price of SNX is expected to remain below $4 in 2023. If SNX earns 50% per year from now, the price forecast of SNX Crypto 2023 is $3.66.
If SNX earns only 10% per year, SNX’s 2023 price forecast is $2.68.
SNX Crypto Price Prediction 2025
SNX’s momentum in 2025 is expected to be bullish. If SNX increases by 50% per year, the price of SNX could reach $8.24 in 2025. However, the price could remain below $4 if SNX earns only 10% per year.
Synthetix Price Prediction 2030
In 2030 SNX could reach $20 if the price increases by 30% per year from now.
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SNX Crypto Price Prediction Today
|The wisdom of the crowd||negative|
|Sentiment of the social media network||lower|
Synthetix Network Token Price Prediction: Market Capitalization and Volume Data
|Market capital||$572 million|
|Trading Volume (24H)||$45.3 million|
SNX Crypto Price Prediction 2022
|SNX Forecast 2022 average price||$3.0|
Synthetix Price Prediction: How to Buy SNX Token?
Here are the steps to purchase SNX encryption:
- Find the exchange where the SNX coin is listed
- Create an account with Exchange
- Verify your identity
- Finance your portfolio
- Make the purchase