All you need to know about Synthetix’s latest move

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  • Syn­thetix makes a move to expand its perps port­fo­lio with sev­en addi­tion­al dig­i­tal assets.
  • SNX sees a resur­gence of sell pres­sure after pre­vi­ous­ly deliv­er­ing a bull­ish performance.

The Syn­thetix net­work just announced that it extend­ed its perps sup­port for at least sev­en extra assets. This move may deliv­er more util­i­ty at a time when its native token SNX has been deliv­er­ing a bull­ish performance.


Read Synthetix’s [SNX] price pre­dic­tion 2023–24


Will Synthetix’s new­ly added perps fuel more bull­ish con­fi­dence? First, let’s take a deep­er dive into what the lat­est announce­ment from the net­work is all about. For those that are not aware, perps can be described as on-chain futures options. They are ide­al for any­one look­ing to trade cryp­to deriv­a­tives instead of spot assets.

Some of the under­ly­ing assets for which Syn­thetix just launched perps have been in high demand, recent­ly and Pepe is an ide­al exam­ple. This means Syn­thetix is look­ing to tap into the excite­ment around these assets. Strong demand for the new­ly sup­port­ed perps may fuel more util­i­ty for the SNX token, but is it enough to sup­port SNX’s upside?

SNX bulls encounter resistance at the 50-day MA

Synthetix’s native cryp­tocur­ren­cy SNX deliv­ered a 33% upside since 12 May. This bull­ish per­for­mance out­per­formed some of the top cryp­tocur­ren­cies includ­ing Bit­coin and Ethereum.

Although the lat­est Syn­thetix news revealed the like­li­hood of more demand, SNX’s price action demon­strat­ed some sell­ing pres­sure in the last 24 hours. This was after a brief surge above the 50-day mov­ing average.

SNX price action

Source: Trad­ingView

Note that the pull­back occurred after its MFI dipped into over­bought ter­ri­to­ry and right above the RSI’s mid-lev­el. SNX vol­ume reg­is­tered a sub­stan­tial vol­ume spike in the last 24 hours. This was also con­sis­tent with a spike in dai­ly active address­es to the high­est point so far this week.

Synthetix volume and active addresses

Source: San­ti­ment

So why did the price fall despite the vol­ume and active address­es surge? The bear­ish out­come in the last 24 hours occurred a day after the sup­ply held by top address­es reg­is­tered some outflows.

Mean­while, there was an increase in the sup­ply held on exchanges with­in the last three days. This indi­cat­ed a build-up of sell pressure.

SNX supply on exchanges and supply held by top addresses.

Source: San­ti­ment

A pos­si­ble expla­na­tion for the resur­gence of sell pres­sure was that whales have been secur­ing short-term prof­its. The surge in vol­ume reflect­ed an influx of liq­uid­i­ty from retail traders, hence offer­ing exit liq­uid­i­ty for whales.


Is your port­fo­lio green? Check out the Syn­thetix Prof­it Calculator


It is still too ear­ly to tell whether SNX will extend this pull­back or whether this is just a bit of a cool-down before the ral­ly con­tin­ues. Nev­er­the­less, the recent­ly added perps may fuel long-term demand for the SNX token.



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