The Synthetix price is contracting but still buyers are in the driving seat, tracking the total DeFi TVL.
As of writing on Feb 1, the SNX price is near its all-time high at $17. It is steady on the last day, outperforming ETH in the last week of trading.
Overly, market participants are upbeat, expecting more gains as they anticipate ETH prices to expand, consequently pushing TVL higher.
SNX prices may be oscillating in tight ranges in lower time frames. However, trading volumes are average when market participants are upbeat, bullish about DeFi prospects in the medium term.
As of Feb 1, SNX trading volumes were down 21 percent on the last day, sustaining prices above $17 as SNX pushed to new highs on Jan 31.
Synthetic Price Overview
The SNX price is around its all-time high printed on Jan 31.
In the medium term, Jan 31 highs of $19.5 and $14.5 marking Jan 24 lows will be resistance and support levels, respectively.
The middle BB is the support level if prices contract from spot levels as bears of Jan 31 spills over. Notice that the all-time price bar has a lower upper wick suggesting a possible liquidation in lower time frames.
With high trading volumes, excitement about the future of DeFi as a weapon against establishment following WSB stock trading halting for retailers, the SNX price may surge higher.
Losses below $14.5 and Jan 24 lows may see the SNX/USDT price halve to $11 and $7.5 in a retest.
Synthetix Market Movers
Synthetix is a trustless derivatives trading platform. It is one of the most actively used portals allowing users to trade derivatives without necessarily registering for accounts like they would in CEXes.
As of Feb 1, the total TVL in Synthetix exceeds $1.8 billion, making it a leading derivatives DeFi project in Ethereum.
Synthetix enables fair finance. Silver trading is not active:
We can't be halted.
— Kwenta (@kwenta_io) January 28, 2021
Better features have been added for a better user experience:
As per SIP-60, account merging is now live for the next 14 days. This allows SNX stakers to merge their escrowed balances from multiple wallets. There is a simple UI for account merging now available, with instructions outlined in this thread. 1/https://t.co/DxqXj0JDoO
— Synthetix ⚔️ (@synthetix_io) January 27, 2021
And liquidity continues to improve:
Strong first couple of days of @synthetix_io cross-asset swaps on @CurveFinance with over $3m in volume consistently having the best prices from high five figures and up on ETH/BTC/USD/EUR pairs. pic.twitter.com/45emsH1Rbw
— Charlie – Curve.fi (@charlie_eth) January 18, 2021
They also recently activated Optimistic Ethereum for Layer-2 staking. This relieves the base layer and drastically reduces Gas.
Synthetix Price Prediction
The SNX/USDT price is at around its all-time highs printed on Jan 31 when SNX prices reached $19.5.
As of writing, although the uptrend is firm and buyers are in control with decent trading volumes, prices could correct.
Jan 31 bar closed with a long upper wick suggesting weakness and liquidation in lower time frames. A break above $19.5 to new 2021 highs will nullify bears in a trend continuation.
In the immediate term, the Jan 24 lows of $14.5 and the middle BB offer traders support. As long as prices range within this zone with comparatively low trading volumes, buyers are in charge.
Accordingly, they may pick off pullbacks as loading opportunities with a target at $19.5 and $22—the 3.618 Fibonacci extension level of the Aug to Dec 2020 trade range.
Further losses may see the SNX/USDT uptrend cool off as bears drive prices back to $11 and $7.5, respectively, in a retest.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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