Synthetix (SNX) Steals Show With 22% Surge, This Complete Overhaul Is Reason

Synthetix (SNX) Steals Show With 22% Surge, This Complete Overhaul Is Reason
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Synthetix is on a major price run as it stole the show from the altcoins after surging as high as 22% to $3.56 at the time of writing. The Synthetix surge has pushed the token to its highest price level in 2023, erasing all past losses as the year-to-date (YTD) gains have soared to 147%.

SNX 1Y Chart. Source: CoinMarketCap

Projected Synthetix (SNX) Perp V3 upgrade

The Synthetix bulls are on a rampage today after the protocol unveiled plans for a new upgrade dubbed Perp V3. As highlighted in its announcement, Perp V3 will build on the success of V2, and the plan is to launch the new trading engine on the Base Layer-2 network. 

The protocol recanted the success it recorded with V2, noting that it achieved a $30 billion milestone riding on the back of advanced innovations like on-chain perps, a focus on risk management, and the debut of “now-standard features like dynamic funding rates and price impact.”

With Synthetix now coasting on to V3, the protocol said users can expect to enjoy the collateral of multiple assets, including sUSD, sETH and sBTC, among others, for use as margin. While liquidity upgrades will also be at the forefront of the Perp V3 innovation, Synthetix highlighted how it will introduce cross margins and integrate account-based access. 

Notably, the V3 hype has been around for some time, yet the launch date was not revealed. The excitement surrounding the upgrade has, however, forced Synthetix traders to drive the price of SNX higher.

Potential price trend to watch

Synthetix (SNX) is known for occasional bullish price action that typically takes a detour from the general market. This ongoing rally is proof that the token remains a highly regarded asset among altcoin traders.

Should the current momentum continue, we May see the price of SNX soar as high as $4 in the short term as an attempt to retest its all-time high (ATH) of $28.77 remains the ultimate long-term goal.

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