Cryptocurrency adoption is on exponential growth, especially altcoins and, more so, those associated with decentralized finance (DeFi). One of the altcoins whose popularity has risen is the SNX coin. As of 3rd January 2022, Synthetix is trading at $6.60 in its USD rate with a price change of -0.88% in the last hour. SNX has a total market cap of $758,233,244 with the 24-hour trading volume of $191,837,355.00. Synthetix (SNX) ranks at 117 in the cryptocurrency market.
The innovation coming from the @synthetix_io ecosystem is wild. Communities are looking to make a quick dollar, and then there are communities like Synthetix that want to build something that improves DeFi. Big difference.
This article will look at Synthetix network token price to help investors understand what to expect with the Synthetix price action in the future. But before we get into the price forecast, we shall explain what SNX coin is and what it is used for.
What is SNX?
SNX is the native cryptocurrency of the Synthetix network. Currently, there are about 114,841,533.01 SNX coins in circulation supply out of the total maximum supply of 212,424,133 coins. It is currently ranked at position 71 with a market cap of $1,624,800,798.
The SNX token is an ERC20 token, and therefore it is compatible with ETH wallets.
Besides facilitating activities (specifically to offer collateral) within the Synthetix network, SNX holders can become SNX stakers by staking their SNX coins to earn staking rewards.
What is Synthetix network?
Synthetix Network is a decentralized finance (DeFi) protocol that allows users to trade synthetic assets (synths).
Currently, the Synthetix network is the 40th largest cryptocurrency trading exchange worldwide.
SNX is a derivative product
In a nutshell, synthetic assets are derivative products issued and traded on DeFi protocols. They are similar to traditional derivative products that derive their value from the underlying assets like cryptocurrencies, fiat currency, commodities, precious metals, bonds, and stocks.
The underlying assets are cataloged onto a DeFi protocol like the Synthetix network through tokenization by using smart contracts. Then the tokens, which represent a certificate of ownership of the real-world assets, are issued to investors and traders who can then go ahead and trade the derived assets without holding the real-world assets.
Synthetix unique features
Synthetix network was among the first blockchain protocols to introduce synthetic crypto assets.
The synthetic cryptocurrency assets minted via the Synthetix protocol are synths and have an ‘s’ at the beginning of their names. If the underlying asset is the USD, for example, the synthetic help on Synthetix would appear as sUSD, BTC would appear as sBTC, ETH would appear as sETH, and so on.
The community voted the synths for them to exist on the Synthetix protocol.
The prices of the underlying assets of the synths are tracked using smart contract price delivery protocols known as oracles. This system ensures no slippage or liquidity issues when trading the synths.
To mint a synth on the Synthetix network, a user will have to lock up some SNX tokens in a smart contract.
Who is the Synthetix founder?
Synthetix network was launched in September 2017 under Havven (HAV). Its founder is Kain Warwick. Havven (HAV) rebranded to the current Synthetix name a year later, a name it has maintained to date. Warwick is also the founder of Pouncer, a live auction Australian site, and a non-executive director at blueshyft retail network.
SNX price history
The Synthetix token was first listed on a crypto exchange for trading in March 2018. Until June 2020, the SNX was trading below $1.5, as seen in the chart below.
However, in July 2020, the Synthetix coin unleashed a monster bullish rally that continued until February 2021. And during the bullish momentum, the SNX hit an all-time high of $28.77.
After hitting the all-time high, SNX price took a downwards turn to drop to around $6 in June 2021. The cryptocurrency continued in a bullish trend since the end of June.
Within the last month, the price of SNX decreased by -34.694%, eliminating a whopping average sum of $3.51 from its current value. This sudden down means that the coin is in a dip right now, meaning that it can be a good buy opportunity for quick investment.
The 90 days price change is around -41.47% and the price circulated from a minimum average price of $11.18 to a maximum average price of $13.06 in the past 90 days.
Synthetix is down by -29.39%, with the maximum average price of the coin being around $9.50, and the minimum average price was approximately $8.83 in the past 4 months.
According to the latest data gathered, the current price of Synthetix is $6.60, and SNX is currently ranked # in the entire crypto ecosystem. The circulation supply of Synthetix is 114,841,533, with a market cap of $758,233,244.
Synthetix is facing a hard time getting on board with other crypto coins. The SNX has been down to almost -0.92% in the last 7 days. The coin is still showing risking framing segments for the past few days; the coin might have solid fundamentals, but we don’t think it would be a profitable asset in the short term.
To speculate the next market step over the following months and years, we shall have to look at the Synthetix price prediction in detail. But before doing that, let us first see what the technical analysis says about the coin.
Synthetix price prediction by WalletInvestor (2022-2023)
SNX can be a bad, high-risk 1-year investment option. Synthetix price equals 6.566 USD at 2022-01-03, but prevailing factors can devalue your current investment in the future.
According to this forecast, the price in January 2022 will be in the $5 range, which will go to further lows after the months following February. The price might also change if the situation changes and can be back on track, so the users should keep themselves updated on the latest prices.
SNX price prediction by TradingBeasts
According to TradingBeasts, the Synthetix Network Token price will be bearish for the rest of 2022 except in December, when it increases to $7.15580. In January 2023, the Synthetix Network Token price is forecasted to be on average $4.92128. The expected maximum price is $6.15160; the minimum price is $4.18309.
SNX will start to pick up in price by mid-2023, and the projection is bullish from then on. By December 2023, the maximum price is $14.66954, or a 77.81 % increase in the coin’s value. If you invested $100 in SNX today, your investment would be valued at $177.81 in 3 years.
SNX price forecast by PricePrediction
Synthetix has an outstanding potential to reach new heights in terms of price. PricePrediction forecasts that SNX will increase in value. According to specific experts and business analysts, Synthetix can hit the highest price of $294.27.00 by 2031.
The above Synthetix price forecast matches the USD predictions within the same period.
The price prediction will come in handy for investors wondering if SNX is a good investment or not. To make up your mind, you can go through the detailed Synthetix network token price forecast and look at what SNX and Synthetix networks are. That way, you shall have a clear picture of how the cryptocurrency intends to impact the cryptocurrency market and, therefore, gauge how likely it is for the SNX value to grow in the coming months and years.
Nevertheless, besides using this price prediction, it is also essential to look for further investment advice from your financial advisers to know how much to invest and how long. Investing in the crypto market is extremely risky due to market price volatility. A trader requires a very high degree of risk tolerance to succeed even with accurate price predictions.
FAQs about SNX
Where can you buy Synthetix (SNX)?
If you want to buy SNX coins, you can sign up with any of the following crypto exchanges.
- Coinbase Pro
- Uniswap (V2)