Synthetix (SNX) is one of the interesting decentralized finance (DeFi) projects in the crypto space, making it one of the leading platforms in DeFi.
Synthetix itself is primarily a decentralized exchange where you can trade cryptos. It is also a platform for the issuance of synthetic assets, which makes the project a bit special than the others in the market.
In today’s article, we are going to discuss the SNX price prediction for the year 2021.
As part of our norm, we have gone as far as getting various price predictions from the crypto price prediction website, YouTube, and the individual forecasts from Twitter. Let’s get started.
What is Synthetix (SNX)?
Synthetix is an Ethereum based DeFi ecosystem that acts as a decentralized exchange (DEX) and as an issuer of assets.
These synthetic assets can track the price of any other asset, whether it is currencies, bonds, equities, commodities, or even other cryptocurrencies.
If it has a real-world value, then the Synthetix platform will permit a synthetic asset to be built to track that asset’s price. The maintenance of the system is in the form of staking.
The process behind the Synthetix is like the one stablecoin uses to maintain their pegged value. The only difference is that instead of a single stablecoin, Synthetix will allow users to mint a synthetic asset backed by the SNX token.
History of Synthetix
Kain Warwick founded the Synthetix protocol. At the initial stage, the Synthetix protocol was called Havven. In 2018, the protocol raised $30 million by selling 60 million HAV tokens.
The goal of Havven’s token was to create cryptocurrencies that imitate the performance of fiat currencies like the EURO, USD on multiple blockchains, including ETH and EOS.
However, in the last quarter of 2018, Havven was rebranded to Synthetix. And at that time, it was expanding its goal of including the creation of Synthetix assets for commodities and cryptocurrencies.
In 2019, over $3.9 was raised by Synthetix by selling the SNX tokens to framework and ventures.
Synthetix (SNX) Price Prediction 2021
One of the goals for the technical analysis of a coin in the market place is to predict the future price of the coin.
Predictions and forecasts help you understand current market events, adjust your trading strategy, and make calculated investment decisions for the future.
In this post, we looked into the Synthetix price predictions for the year. Remember that when the coin was launched, the trading price was less than $1, but the story has changed today.
Synthetix has been rising steadily since it was rebranded in 2018 and the SNX token was launched. The token didn’t take off until the founder introduced a change in monetary policy.
From our observance of the various predictions, we saw that most predictions were made based on the coin’s historical price chart.
In contrast, others used technical analysis to arrive at their prediction. Let’s take a look at the various SNX forecast for the year.
SNX Price Forecasts on CryptocurrencyWebsites
Top crypto prediction websites that forecast different cryptocurrencies’ prices have dropped their Synthetix price forecast for 2021. Let’s look at them.
Walletinvestor experts have given their opinion on the year’s Synthetix price—the top prediction website based their prediction on technical analysis by artificial intelligence.
The experts on the website think that SNX is an excellent long term (1 year) investment, and if you are looking for cryptos with a good return on investment, Synthetix can be a profitable investment option.
From their prediction, the average price of the coin by the end of the year would be $73.50. They went further to forecast that the coin’s minimum price would be $71.29, with the maximum at $75.64.
The long term earning potential of the coin over a year is projected to be around 288%.
Considering the price of SNX last year, you will agree that this platform is highly optimistic that the coin will have a bullish run this year.
This platform is known for cryptocurrency price prediction. Although they don’t forecast on all coins, they joined other platforms to release their SNX price prediction for the year.
The Crypto-rating experts based their prediction on the reading of the CVIX and all-encompassing data of historical price behavior, the prospects of the project’s future development.
From their analysis, they think that the price of the digital coin will reach $50 by the end of the year.
This is yet another platform that is seeing a bullish run. Considering the factors they put into consideration in their prediction, it shows that they are highly optimistic about their forecast.
The website’s available information shows that the website based its prediction on historical price data and using a combination of linear and polynomial regressions.
The crypto prediction website, which has been predicting the price of cryptos for years, forecasts that the price of the SNX will reach $22.66 (maximum price) at the end of the year. They also predicted the minimum price, which is $18.13.
From their prediction, we can deduce that the analyst on the website is neutral in the coin’s investment suggestions.
Although, they always say that their predictions are merely a suggestion and not intended to be used as investment advice.
The analyst at Digitalcoinprice, who specializes in crypto forecasting, has unveiled their Synthetix price prediction for 2021.
In their forecast, they agreed with Walletinvestor that the SNX would have a bullish run in 2021. Using their price prediction algorithm, they predict that the SNX price will reach $32.41.
All their SNX price prediction for the subsequent years shows an upward movement which solidifies their stance on their 2021 SNX coin prediction.
This website based its forecast on the predictions of popular crypto prediction websites; Digitalcoinprice, and Walletinvestor.
From their prediction, the price of SNX will increase to $2.52 in one year. But considering the forecast’s timestamp, we advise that you take this prediction with a pinch of salt.
Looking at their prediction, you could see that the SNX price has surpassed that, meaning that their SNX prediction is outdated.
But, one thing that the prediction website agreed with others was the bullish run.
The Coinarbitragebot forecast gives a bearish price movement for a short-term investment on the SNX token.
In contrast, it provides a bullish price movement for a long-term investment.
From their prediction, the experts on the platform are neutral on a 1-year investment in the cryptocurrency.
According to their forecast, the price of Synthetix could be $15.58 at the end of the year 2021. Also, it could rise beyond that in the subsequent years.
The prominent crypto prediction website that based its prediction on the Synthetix network token historical price data is unsure about the token’s future.
So, they can’t offer any investment advice on the digital currency as they do to some other coin
The experts on this website have made their SNX price prediction for the year. The website, which usually bases its forecasts on cryptocurrencies’ historical price chart, has given the nod to the crypto.
The Cryptocurrencypriceprediction forecast expects a bullish run in the crypto this year. From their prediction, the coin would reach $42.19 at the end of 2021.
From their forecast, we could notice that they are optimistic that the coin will be a profitable 1-year investment.
Even their SNX price prediction for successive years shows a bullish run, which shows their level of optimism on the coin.
Gov.capital is another crypto prediction website that has dropped its SNX forecast for the year. The site-based its forecast on a custom algorithm that is based on deep learning that helps users to decide if SNX is a profitable investment.
Their prediction considers so many factors like volume change, price change, market cycle, similar coin, etc.
Although the site’s forecast is sometimes outdated (like a few years back forecasts), they think that the Synthetix coin will trade at an average price of $70.02 at the end of the year.
They went further to predict that the coin will have a minimum price of $59.52 and a maximum price of $80.53.
That is a staggering 285% return on investment when you consider the current trading price.
Looking at their prediction, we could deduce that they already see the coin as a profitable future investment.
According to Pickacrypto, cryptocurrencies’ future prices can be forecasted using support/resistance, trendlines, moving averages, and simple indicators like the RSI.
These are most of the tools that the website uses in its crypto predictions. Through current trends, investor sentiment, and the cryptocurrency market’s overall direction, the analysts at the site think that SNX will be worth around $18 in the next few months.
However, analysis of their prediction creates a bit of confusion; that’s whether it will be a rise or fall. However, a critical study of their prediction shows that they believe that the coin will have a bullish run this year.
SNX Price prediction for 2021 from Twitter
Having given you the SNX price forecast from different platforms, let’s look at the individual predictions from Twitter. This will help you in making investment decisions as regards to Synthetix coin.
The crypto predictions from this user caught our eyes. In his tweet, he forecasted the price of different coins for 2021.
He predicted that the SNX price would reach $100 before the end of the year. “Price prediction thread for HOPIUM (only my opinion) : $ETH – $8000 / $AAVE – $1500 /$RSR – $1.2 /$PAID – $15 / $BMI – $100 / $DOT – $200 / $LINK – $200 / $PRQ – $10 / $ALBT – $5 / $OCTO – $200 / $ALPHA – $25 / $ORAI – $150 / $OCEAN – $5 / $INJ – $110 / $SNX – $100 / $KSM – $1200”
Price prediction thread for HOPIUM (only my opinion) :$ETH – $8000$AAVE – $1500$RSR – $1.2$PAID – $15$BMI – $100$DOT – $200$LINK – $200$PRQ – $10$ALBT – $5$OCTO – $200$ALPHA – $25$ORAI – $150$OCEAN – $5$INJ – $110$SNX – $100$KSM – $1200
— jackchantw (@jackchantw) February 3, 2021
Just like the predictions above, he thinks that the coin will have a bullish run this year. You can also check the comments about his predictions from users.
The user has made his crypto price prediction for the year. In his tweet, he predicted the price of different crypto’s for the year 2021.
From his prediction, he agrees that the coin price will increase before the end of the year. His SNX price forecast for 2021 is $60. “Price prediction for 2021 November -December $ALPHA – $30 $RUNE – $69 $KP3R – $5000 $CRV – $50 $NEAR – $30 $SUSHI – $100 $YFI – $250K $SNX – $60… Keep Calm you Bags will pump”
Price prediction for 2021 November -December$ALPHA – $30$RUNE – $69
$KP3R – $5000$CRV – $50$NEAR – $30$SUSHI – $100$YFI – $250K$SNX – $60$AAVE – $8000$BNB – $400$LTC – $2000$ETH – $10,000$BTC – $200k$REEF-$3$Akro-$3$OCEAN-$20$RSR. -$3
Keep Calm you Bags will pump
— $Rune_Mogollon (@Rune_Mogollon) February 4, 2021
His prediction drew a lot of comments, with most people criticizing his predictions.
While some think that his forecast is way higher than expected, others feel that he undervalued most of the coins.
Above all, he has made his predictions for the year, and we think it is his personal opinion.
The crypto investor and blogger have made his SNX price prediction for the year. However, he posted his prediction on his blog.
According to his forecast, the SNX price will rise to $955 by the end of the year. The Twitter user who predicted the price of different coins based his predictions on the cryptos’ historical price data.
However, his predictions faced lots of criticisms when he shared his post on his Twitter account with some disagreeing.
The Twitter user made so many price predictions for different coins. But the one we want to talk about is the SNX prediction.
The Twitter user predicts that SNX price will reach $100 by the end of the year. “Price prediction for 2021 $LINK -$150 $BAND $150 $SNX – $100 $UNI- $100…”
The user seems to agree with Jackchantw on his prediction. However, his predictions drew comments.
— BITCOIN #BULL (@MukunBTC) January 2, 2021
DeFi Times, a crypto blog that talks about decentralized finance on Ethereum, Polkadot, etc., have made different coin predictions for the year.
According to their forecast, SNX price will reach $700 by the end of the year – that’s really amazing, right? It is the second-highest prediction we have encountered so far.
And such prediction coming from a popular crypto blog begs a lot of questions. “Price predictions for Dec 2021: $BTC –> $150,000 $ETH –> $12,000 $DOT –> $400 $AAVE –> $1,000 $YFI –> $3,000,000 $SNX –> $700 What are your price targets?”
What are your price targets? 👇👇👇
— DEFI TIMES (@defitimes) December 31, 2020
Their predictions for the year draw a lot of comments. While most people were thrilled with their forecasts, others saw it as a joke.
One user exclaimed, “Snx 700, really?” That’s a sign of doubt. Maybe the user is shocked by the prediction. You can check the forecast and the comments from users.
This is one of the popular Twitter users that likes predicting the future price of digital currencies.
In her new year prediction, she sees the SNX price reaching $60 by the end of the year. She also went ahead to predict the price of other coins. “Price prediction for 2021 $LUNA – $4 $ALPHA – $6 $RUNE – $20 $KP3R – $3000 $CRV – $4 $NEAR – $10 $SUSHI – $11 $YFI – $100K $SNX – $60”
— Chariot Meriry $ALPHA Wolves (@BBhodler) January 1, 2021
The user made has made his SNX price prediction for the year. Although the forecast was made in December last year, however, it seems to be in the right direction.
The user predicts a bullish movement of the coin. From his prediction, he thinks that the price of SNX will reach $100 before the next few months. “Price Predictions for March 2021: SNX $100 AAVE $1200 RSR $.55 UNI $25 BNT $25 CUR $43 These are the backbone of DeFi, and will see phenomenal gains compared to all other coins. Disclaimer: buy LINK”
Price Predictions for March 2021:
These are the back bone of defi, and will see phenomenal gains compared to all other coins.
Disclaimer: buy LINK
— Chad in 🚀 OK;LG (@Chadd_Link) December 25, 2020
Another Twitter user @Hans_2024 also posted his Synthetix network token price prediction for 2021 and he expects it to rise to $75. “My Crypto predictions for 2021 #Bitcoin 99k #Ethereum 1400$ #Synthetix 75$… Some revolutions here and there”
— Hans (@Hans_2024) December 31, 2020
SNX Price Predictions for 2021 by Popular YouTubers
From the analysis at the Cryotosnake YouTube channel, Synthetix has the capacity to grow in 2021 and increase to $150 per token.
According to Cryptosnake, SNX token is a great blue-chip token with enormous potential with its ability to issue synthetic assets.
Based on the fact that it is relatively new, the YouTuber feels that it has the capacity to grow and reach his $150 prediction for 2021.
He believes there is a huge opportunity for the project to grow in the market even though they are still at the beginning of their journey.
The YouTube channel has dropped its SNX prediction for 2021. The channel, which based their prediction on the coin’s historical price chart, thinks that the Synthetix coin is capable of reaching $25 in the future.
His prediction is based on the market cap and historical price chart of the token.
Brave New coin
Furthermore, YouTuber Bravenewcoin also holds the opinion that SNX is looking good at the moment.
The unchained stats are also pulsating despite its newer borrowing and lending protocol, which users are embracing and using in good numbers.
This is quickly pushing Synthetix further into a huge part of the DeFi network.
He believes that as long as borrowing and lending on the blockchain stay in demand and the speculative front continues, then Synthetix should continue to pump.
From the analysis of SNX by the YouTube channel, SNX can increase in the future. From the study, the coin could surpass $30 in the near future.
What has changed for the Synthetix price prediction?
According to the founder of the protocol, he explained in an interview with Unchained why he feels SNX gained such massive popularity to become the second biggest DeFi protocol in terms of total value locked.
To him, the success was gradual and things took a big turn for the better on the launching of new synths like bitcoin, silver, gold, LUX. From there, the interest in the project expanded very fast and the project awareness level blossom.
Additionally, the changing of the protocol monetary policy helped a lot. It changed the adoption level and consequently, the price projection took on a positive outlook in the market.
So, what’s changed in terms of the monetary policy that saw the price of Synthetix rise steadily even with the market ups and downs. Well, just like every other ethereum-based token that previously launched pre-2020, the Synthetix protocol also had a fixed total supply of tokens at 100 million tokens.
This did not spur users’ participation as the team had hoped for low staking rates to be the norm for the protocol. This prompted the team to switch things up and change the monetary policy to rewarding stakers by paying them inflation for their active participation.
The result was an almost instant boost in participation and activities on the Synthetix protocol as users became more interested and excited about the project. Thus, creating more understanding of the project and adoption and as a result positive movement for the SNX price in the market. The growth of the protocol and the price just kind of took off at that crucial moment. We can say it has not looked back since then.
The Trajectory looks good for Synthetix
On January 15, the Synthetix protocol in partnership with Optimistic Ethereum released a scaling solution for the Synthetix network.
With this development, it is further cementing Synthetix claim as the future of finance. It could further move the Synthetix price in 2021 upward.
The collaboration allows Synthetix users to move SNX to the Optimistic Ethereum, which is a 2nd layer scaling solution that improves the speed of transactions and lowers the cost too.
The Optimistic Ethereum scaling solution utilizes Rollups technology to achieve this. However, at the moment this is a one-way bridge for Synthetix and you can only stake on it.
That is supposed to change in the coming months as support is extended to cover USD synths (sUSD) trading into other synths, upgrading the one-way bridge into a two-way bridge, support for Chainlink oracles as well as other native features of the Ethereum version of Synthetix.
With these changes that are coming, the price of Synthetix is expected to see good fortune in the market as more users interact with the protocol to utilize these new features.
Final Thought on SNX Price in 2021
From the predictions so far, you can see that majority thinks that the future is bright for the Synthetix protocol. Some even went as high as predicting $955 for the digital coin.
Also, you will notice that the few that predicted a bearish price movement were neutral on the investment advice for the coin- meaning that they might change their prediction to a bullish signal in the future.
To show the level of optimism that people have for the project, popular blog DeFi Times even went as high as forecasting that the SNX token price will reach $700 before the end of the year.
So far, the highest prediction we saw was from Matt_Bitcoin, a Twitter user known for predicting the price of cryptocurrencies.
In contrast, the lowest prediction came from Changelly ($2.52) – although it was an old prediction.
From your own view, what do you think would be the price of Synthetix token by the year-end? Do you agree that it will rise or fall? We would like to hear your opinion below?
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