SNX is a token of platform Synthetix. Its current price is around $3.03 by the time of writing, with a low of $1.45, and it has a market cap of 717 million dollars.
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What is Synthetix?
Synthetix is a software that provides a unique opportunity for users to mint new crypto assets that can imitate various types of real-world assets and cryptocurrencies.
The Synthetix protocol enables the issuing of synthetic assets on the Ethereum blockchain. Synthetix supports synthetic commodities like gold and silver, synthetic cryptocurrencies, synthetic inverse cryptocurrencies, and more.
What is SNX?
SNX is the coin of the Synthetix platform, which is around $3.03 by the time of writing, with a low of $1.45. It reached a high of $15.83, and its current ranking is #59, according to CoinMarketCap, with a market cap of 717 million dollars.
SNX is the native token of Synthetix protocol. It allows users to generate and trade their custom digital assets.
SNX Coin Market Analysis
SNX has a total supply of 294,845,211 coins worth around $3.03 with a market volume of 133 million dollars, whereas the market capitalization is 717 million dollars at writing. Many protocols have been built on top of the Synthetix infrastructure.
These include Lyra, which offers options trading, Curve, which offers cross-asset swaps, and dHEDGE, which allows traders to pool capital and offer a decision market.
SNX Price Prediction
One of the reasons that SNX is listed is to show a good performance on the exchange. It’s no wonder the Synthetix token shows a price rise, making it profitable for investors.
On the 1D timeframe, the price action of $SNX/USDT is moving inside the symmetrical triangle. We have to wait for a successful breakout or breakdown.
On-demand analysis on $SNX or any other coin can join our Telegram channel anytime.
Closing Thoughts
Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.
