Advertisement
AD

Main navigation

Synthetix (SNX) Soars 10%, Is New High in View?

Advertisement
Fri, 21/07/2023 - 12:45
Synthetix (SNX) Soars 10%, Is New High in View?
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Synthetix (SNX) is one of the altcoins leading the bullish run on the market today after recording massive 10% growth over the past 24 hours to $3. Based on the current performance outlook, Synthetix is now up by more than 16% in the week-to-date (WTD) period.

Advertisement
Article image
Synthetix Chart. Source: CoinMarketCap

Synthetix occupies a defined niche in the decentralized finance (DeFi) ecosystem. The protocol is designed as a decentralized liquidity provisioning protocol that any outfit requiring its locked liquidity can tap into for various purposes. The deep liquidity being maintained by Synthetix, accompanied by its low fees, serves as a backend for some of the most popular protocols in the industry, including the duo of Optimism and Ethereum.

Related

Synthetix, over the past few months, has shown how formidable it is as a protocol, set to retest its previous highs. Prior to the long-drawn-out crypto winter, SNX recorded an all-time high (ATH) of $28.77. Per its current price action, the cryptocurrency is still down as much as 89.5%, a bearish indicator showing the possibility of a massive upside soon.

Advertisement

The bullish trading volume is up by more than 77.56% over the past 24 hours, a showcase that the token is being gobbled up by retail investors, among others.

Consistency is the Synthetix mantra

There have been a number of hurdles in the broader digital currency ecosystem thus far this year, with regulatory crackdown on exchanges by the United States Securities and Exchange Commission (SEC) taking center stage. This centralized exchange crackdown has paved the way for Synthetix through some of the CEX competitors it is bootstrapping.

Related

Amid the uncertainty, Synthetix has remained consistent in its growth upsurge, as frequently reported by U.Today. The SNX token has been beating crucial DeFi milestones over the past few months and is primed to retest its 52-week high of $4.39.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD