Synthetix is among the best gainers in the crypto market currently. The majority of the broader market is trading at the green zone, and SNX is mimicking this trend. With bitcoin fighting to reach $48,000, SNX and other coins are also fighting to create new all-time highs.
Synthetix is trading at $12.36 at the time of writing after a 5.6% gain in 24 hours.
Synthetix Price Analysis
Market support from the broader market has immensely contributed to the recent rise in SNX prices. The coin’s volatility is moderate, and unlike many altcoins, SNX is struggling to make new highs.
If the uptrend continues, we could see SNX heading towards the next higher resistance of $13. SNX tried breaking past this level during intraday trading hours, but the uptrend was interrupted. However, market support remains strong; hence we could see the altcoin trying to break past this level again.
If there is no market support, SNX’s prices could drop, in which case the coin will retreat and go lower to retest support at $10. SNX’s gains in the past week stand at 21%, which is slightly lower than most coins have made. This shows that buyer support is not very strong. However, a dip could fuel demand from buyers who want to purchase at low prices.
The Synthetix protocol supports synthetic commodities like gold, silver and synthetic fiat currencies. Recently, the platform ventured into layer 2 through Optimism, a layer two project based on Ethereum. According to the announcement, Synthetix sought after layer two solutions to lower Ethereum gas fees. With this, Synthetix hopes to boost the user experience.
Where to Buy SNX
If you want to buy SNX during the current bulls, you can create a cryptocurrency exchange account on the following platforms:
eToro is one of the most reliable social copy trading platforms. The exchange charges low trading fees and commissions. Besides, it favours new traders as it allows them to train using a demo account and through copy trading, they increase their chances of making profits.
You can also buy Synthetix from KuCoin. KuCoin is also a leading cryptocurrency exchange platform. It supports a wide range of cryptocurrencies and trading pairs. KuCoin also supports copy trading, which is a helpful tool for new traders.