You’ve probably already heard about Decentralised Finance or DeFi and the many upcoming projects for that landscape. But, you’re probably not aware that Synthetix (SNX) is one of the protocols born out of it. Experts and traders speak highly of the Synthetix protocol, and things are looking up for their SNX price prediction 2025. In the long-term, technical results predict that the SNX coin could hit $10!
Another bullish run seems to be ringing again since it went from less than $1 to over $20 in seven months. With some experts predicting that it could explode soon, you might want to get into it early at its current price. If you’re worried about a market crash, you might be worrying too much. For most people, if you miss SNX now, you may have to wait forever for another chance. That said, what are the future projections for the coin?
Table of Contents
- SNX Price Prediction | Short-term
- Coin Bureau
- Lewis Jackson
- SNX price prediction | Long-term
- Art of Marketing Blog
- Hottest Synthetix SNX News and Updates
- Synthetix Plans Launch of Perpetual Futures
- SNX Announces Layer 2 Launch
- Lyra Sets New Rewards Program
- Synthetix Network | The Fundamentals
- How Does The Synthetix Network Work?
- Decentralised Oracles
- The Synthetix Network Token or SNX Token
- Trading Synths on Kwenta
- SNX Current Price
- Synthetix Network | Technical Analysis
- Where Can I Buy or Sell SNX?
- Is SNX a Good Investment?
SNX Price Prediction | Short-term
Coin Bureau notes in his latest video on Synthetix network that he likes how the protocol rewards those who stay into perpetuity. He also believes this move ensures that there will be healthy growth for the SNX ecosystem even past 2023. This means that there will be further trading fees, liquidity, stakes, and a higher SNX price in the future—all else equal.
Lewis Jackson believes that SNX’s price chart is forming a topping structure. He believes that the most realistic SNX price prediction for 2022 is a growth of about 150%. However, if a supercycle does happen, Lewis Jackson’s price forecast is $109, which would be equivalent to a spike of 2000%.
SNX price prediction | Long-term
Art of Marketing Blog
Art of Marketing Blog’s latest video on the SNX price compiles a series of price predictions from several reliable sources. These are some of the most notable ones that he cites in his video:
– DigitalCoinPrice: They expect the average price of SNX to hit $30.74 by 2025 and $45.01 by 2028.
– PricePrediction: The people over at priceprediction.net think the maximum price of SNX could hit $339.99 by 2030. On the flipside, by this year, the SNX minimum price forecast is $293.94—still very bullish compared to the Synthetix price today.
While these SNX price predictions may be all bullish now, there are still a lot of factors that could affect the token’s current price—meaning a smooth climb toward high future prices isn’t guaranteed. These price predictions could be invalid should something unexpected happen to the cryptocurrency market as a whole.
Having said that, it is essential to consider what other things could affect the Synthetix Network token price. Here are some of the latest news and updates about SNX that may have impacted its current price.
Hottest Synthetix SNX News and Updates
Synthetix Plans Launch of Perpetual Futures
Synthetix only recently announced that it would be launching its perpetual futures product on the Ethereum L2 scaling solution. For those unfamiliar with the concept, a perpetual futures contract is a deal that allows you to non-optionally buy or sell an asset with the transaction only getting settled at some point in time in the future.
Those holding the native token SNX will also benefit from these futures. Perpetual futures will give the attractive chance of having an additional revenue stream from exchange and funding rate fees. The perpetual futures will also reduce the need for hedging.
SNX Announces Layer 2 Launch
The price of SNX reached a fresh all-time high in the past when the Synthetix protocol readied to launch the much-awaited and much-talked-about exchange powered by Optimistic Ethereum. It was arguably one of the most critical milestones in the protocol’s history thus far.
Lyra Sets New Rewards Program
The Synthetix price also jumped when DeFi project Lyra created its brand new rewards program, reinforcing the growing community of participants in the Synthetix ecosystem. Essentially, to mint new sUSD coins, traders will first have to get SNX tokens and then lock them into the Synthetix platform through a process known as staking. Under Lyra’s trial liquidity mining program, LYRA tokens were made available to the ecosystem’s liquidity providers.
Synthetix Network | The Fundamentals
How Does The Synthetix Network Work?
Synthetix is an Ethereum-based protocol that serves the purpose of issuing so-called synthetic assets. Synthetic assets are ERC-20 smart contracts. They are most commonly known as Synths. These Synths track and provide the returns of another asset without requiring users to hold that asset at all.
Synths use decentralised price oracles to track the parts of specific underlying assets. These are smart contract-based price discovery protocols. Synths provide exposure to assets that are not usually accessible to the average crypto investor through this. It, therefore, allows people to trade the assets quickly and efficiently. They are not tokenized commodities, however.
The Synthetix Network Token or SNX Token
The Synthetix Network’s native token SNX is used to provide collateral against Synths that are issued. Basically, on the Synthetix platform, all Synths created by staking SNX coins are supported by a 600% collateralization ratio determined through community governance. You can obtain SNX tokens on an exchange and stake them on Mintr, the decentralised app created by Synthetix.
Trading Synths on Kwenta
Kwenta is the decentralised exchange where you can trade Synths. It would interest you to know that it functions through peer-to-contract trading. In simpler terms, you can execute all your trades against a smart contract.
SNX Current Price
SNX is currently trading at $5.08 with a market capitalisation of $583.77 million. In addition, it has a total circulating supply of 114,841,533 SNX tokens, with a total supply of 215,258,834 tokens. Some analysts in the Synthetix community believe that the token is relatively illiquid since most SNX tokens can be staked and thus locked.
Synthetix Network | Technical Analysis
Valdrin Tahiri of Be In Crypto said SNX has broken out from a descending resistance line but is still trading below the $7.20 horizontal resistance area. He adds that despite the recent drops, both the RSI and MACD have generated significant bullish divergences, indicating that the upward movement has not yet ended. The path is most likely an uptick towards the long-term descending resistance line at $10.
Where Can I Buy or Sell SNX?
You can buy SNX on decentralised platforms such as Uniswap, Kyber, DEX.AG, or 1inch.exchange. The coin is also available on Kucoin, Coinbase, Poloniex, and eToro. Out of all these options, eToro is the most accessible and most convenient option. It has a user-friendly mobile app for you to check your investments on the go.
Is SNX a Good Investment?
All the experts like Synthetix because of its attractive fundamental growth potential in the long term. However, this opinion does not mean that its tokenomics will follow suit. Remember that the cryptocurrency market is affected by many external factors, not just related to protocols, blockchains, or exchanges. Therefore, even though the Synthetix network has a lot of projects lined up for the future that could signal strong growth, there is a possibility that the price of its native token SNX will not follow suit.
As of this writing, both the fundamentals and technical analysis say the same thing: SNX has nowhere to go but up. Synthetix is one of the biggest household names in the DeFi space and has a lot of plans that could further boost its ecosystem in the future.
However, note that this may not be a smooth uphill climb and that most gains are reaped in the more extended scheme of things, while all other things are held constant. Do not expect immediate profits or any profits at all, for that matter, since nothing is 100% sure.