logo

Synthetix SNX Price Prediction 2022-2031: Is SNX a Good Investment?

SNX

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.

Synthetix Network Token (SNX) is an Ethereum token that powers Synthetix, a decentralized synthetic asset issuance protocol. Synthetic assets are minted when token holders stake their SNX as collateral using Mintr, a decentralized application for interacting with the Synthetix contracts.

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 but the big question would be: Is SNX staking risk-free?

Today’s live Synthetix price is $2.61 USD with a 24-hour trading volume of $87,947,061. Synthetix is down 5.86% in the last 24 hours. The current CoinMarketCap ranking is #95, with a live market cap of $300,238,033. It has a circulating supply of 114,841,533 SNX coins and a max. supply of 212,424,133 SNX coins.

Let’s take a look at the historical background of the network to understand what to expect with the Synthetix price action in the future. 

Also Read: SNX Price Analysis: SNX price at $11.4 resistance, what’s the next move?

What is SNX?

SNX is the native cryptocurrency of the Synthetix network. 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.

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.

What is the Synthetix network?

Synthetix Network is a decentralized finance (DeFi) protocol that allows users to trade synthetic assets (synths). The protocol is built on the Ethereum blockchain, and it provides liquidity for synth tokens so that traders can seamlessly trade them. Currently, the Synthetix network is the 40th largest cryptocurrency trading exchange worldwide.

The platform enables users to issue and trade synthetic assets — digital assets that represent other real assets like stocks, fiat currencies, commodities, or cryptocurrencies. It also has a staking mechanism that incentivizes users to provide liquidity and maintain the platform.

The Synthetix Protocol was originally conceived as Havven back in 2017 by Kain Warwick. Warwick is currently also a Non-Executive Director of blueshyft- a network of over 1200 retail locations around Australia.

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.

How to Stake SNX

If you truly want to make money staking SNX, there are a few easy steps involved.

  1. First, you need to buy Synthetix in any exchange and connect to a web3 wallet.
  2. Visit Mintr, the best portal interface for minting and managing Synths.
  3. Connect your web3 wallet to Mintr.
  4. Click ‘Mint’ and choose what type of Synth you want to mint.
  5. Remember the collateralization ratio of 750%
  6. Input the number of Synths you want to mint.
  7. Click ‘Mint Now’.
  8. Confirm the transaction in your web3 wallet.

Afterward, your SNX token will automatically be staked. You will now be able to enjoy rewards generated from trading fees. Furthermore, you are also subject to inflation rewards.

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, the SNX price took a downwards turn 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 four 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 seven 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.

Synthetix Technical Analysis

The Synthetix downward trend is slowing down, as shown with the crisscrossing Wiliam Alligator trend lines. The MACD histogram indicated minimal SNX price momentum with a relative strength index of 49.98.

Synthetix SNX Price Prediction 2022-2031: Is SNX a Good Investment? 1

Synthetix Price Predictions by Authority Sites

Wallet investor

The site uses machine learning and artificial intelligence (AI) to provide the Synthetix SNX forecast. The AI rates SNX historical data index A+ and comments that it would make a bad investment. The Synthetix tokens value will drop by 91.96% from the current price to $0.21. Synthetix SNX’s price will be on an upward trend for the next two weeks, rising from the current price to $2.876. The ROI will drop to -93.42% in 2024 before dropping to 95.75% in 2025, -96.54% in 2026, and -94.37% in 2027. Synthetix SNX will not be a profitable investment.

TradingBeasts

Trading Beasts use linear and polynomial regressions on past performance to tell the future price of SNX tokens in the crypto market. The SNX tokens’ prices will be bearish for the second half of 2022, falling from their current price to $2.83307 at the end of the year. The upward trend will begin in 2023 until 2025. It will reach its highest price in December at $3.56873. SNX’s price forecast for 2024 is bullish for the whole year, with prices rising from $3.66304 in January to $4.68770 in December. In  2025, SNX will be in a bullish trend, with the year ending at an average price of $5.64174.

DigitalCoin Price

SNX has been highly volatile this year and has had its value drop since the beginning of May. SNX coin’s price is expected to rise to an average price of $3.51 in August and trade sideways at $3.79 for the rest of the year. SNX will then be profitable for the entire period between 2023 and 2031. SNX will trade at an average price of $3.85 in 2023. It will reach a maximum price of $4.21 and a minimum price of $3.45. SNX will trade at an average price level of $5.27 in 2025, reaching a maximum price of $5.83 and a minimum price of $4.48. SNX will trade at an average price level of $11.84 in 2030, reaching a maximum price of $12.35 and a minimum price value of $11.45.

Cryptopolitan

Synthetix SNX Price Prediction 2022-2031: Is SNX a Good Investment? 2
Synthetix SNX Price Prediction 2022-2031: Is SNX a Good Investment? 3

Synthetix SNX Price Prediction 2022

The Synthetix price prediction for 2022 is $3.26. Synthetix is down 50% from its opening price this year which is resilient considering the outlook of the cryptocurrency market. Synthetix recently surged 100% in a bear market following a partnership with Curve finance to offer Curve pools. Trading SNX will be profitable for investors.

Synthetix SNX Price Prediction 2023

The Synthetix price prediction for 2023 is $4.69. The Synthetix platform has a total value locked (TVL) of over $277M, with most investors preferring to hold SNX over Synths. This action will reduce the number of Synthetix native tokens in circulation, increasing their value. The Synthetix network token will reach a maximum value of $5.51 and a minimum of $4.56.

Synthetix SNX Price Prediction 2024

The Synthetix price prediction for 2024 is $6.68. The Synthetix exchange offers its users high liquidity of its ability to form synthetic commodities. Users are rewarded for creating synths for liquidity and are therefore assured of completing their orders at actual prices. This feature gives Synthetix an edge over the crypto market. The Synthetix bullish trend continues with prices ranging from $6.49 to $8.00.

Synthetix SNX Price Prediction 2025

The Synthetix price prediction for 2025 is $9.99. As the cryptocurrency market grows, so will the demand for more Synths. The demand will create more synth fiat currencies and Synthetic assets as the demand for blockchain products grows. The Synthetix native token price will range from $14.40 to $16.70.

Synthetix SNX Price Prediction 2026

The Synthetix price prediction for 2026 is $14.80. The Synthetix ecosystem is run by a decentralized autonomous organization where anyone can take part in decision-making by staking Synthetix. Ongoing developments proposed by the DAO will help increase its value. The Synthetix SNX price will range from $14.40 to $16.70.

Synthetix SNX Price Prediction 2027

The Synthetix price prediction for 2027 is $21.29. The future of WEB 3.0 is approaching and should be a reality in 2027. There will be increased investments in the crypto world, and Synthetix will be one of the beneficiaries in the blockchain industry. The SNX price will range from $20.55 to $25.09.

Synthetix SNX Price Prediction 2028

The Synthetix price prediction for 2028 is $30.05. The bullish SNX price prediction shows it will reach its long term price targets by breaching its all-time high price of $28.77 set on 14 February 2021. The SNX market capitalization will double as the trend continues, and the SNX price will range from $28.99 to $36.10

Synthetix SNX Price Prediction 2029

The Synthetix price prediction for 2029 is $44.09. The network will continue to incorporate more real assets as Synths as demand grows. The Synths will increase the platform’s utility, driving the demand for Synthetix SNX. The Synthetix SNX price will range from $42.88 to $51.06.

Synthetix SNX Price Prediction 2030

The Synthetix price prediction for 2030 is $64.06. The regulation of the crypto market will also affect the value of SNX. SNX is likely to face a lot of resistance from traditional financial markets and may affect long term investors. The price is, however, forecast to range from $61.85 to $74.72 

Synthetix SNX Price Prediction 2031

The Synthetix price prediction for 2031 is $91.29. The continued growth does not reflect the future of Synthetix. If a Synth loses its peg to assets, the entire platform will come down. The SNX price will range from $88.08 to $107.08.

Synthetix SNX Price Prediction 2022-2031: Is SNX a Good Investment? 4

Synthetix Price Predictions by Industry Influencers

Crypto Vault gives a Synthetix price analysis and technical analysis. Note that this is not investment advice.

Crypto Vault youtube channel goes through Synthetix forecast while providing technical analysis. They suggest Synthetix has the potential to close at $5.65 this year.

Conclusion 

Synthetix SNX recently defied the bear crypto market and surged by 100%. Fees generated for the day amounted to $1M following a partnership with Curve protocol. Synthetix has been resilient through the year and has the potential to surge higher in the coming months.

Synthetix offers a revolutionary product in the market by offering synthetic assets (currency) pegged to the value of real assets. This will see the Synthetix website provide value for years to investors who directly hold SNX.

The Synthetix price prediction for 2031 is $91.29. The continued growth does not reflect the future of Synthetix. If a Synth loses its peg to assets, the entire platform will come down. The SNX price will range from $88.08 to $107.08. This is not investment advice and is meant only to be a resource you as you DYOR.

FAQs

Is Synthetix (SNX) a good investment?

Yes, analysts agree SYN price will rise long term.

Where can I buy SNX?

You can buy SNX on Binance, Coinbase PRO, Gemini, OKEx, and Uniswap (V2).

Is there a risk-free way of staking SNX?

The debt carried when staking fluctuates based on the current value of the issued synths. Imagine a trader making a profit of $50 by going sBTC and then selling to sUSD after sBTC has risen. This $50 profit is "paid" to the trader by issuing debt on all stakers proportionally to their stake. Being a staker is like owning a small part of a B-book exchange. You gain money from fees, from traders who make bad trades, and you lose money from traders who make good trades. Additionally, there's an inflationary SNX reward to mitigate the low volume on the platform since it's not feature-complete. Learn more about SNX staking from their Discord channel.

What's Mintr?

Short Synths are called “inverse Synths” and are prefixed with an “i.” When a user wants to mint a Synth, they need to use the Synthetix native platform token, SNX, as collateral. The minting platform is called Mintr.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

Related News

Hot Stories

What You Need to Know About Phoenix Global (PHB)
How to Buy Wonderland TIME in 4 Easy Steps
How to Buy Theta Token in 3 Easy Steps
OutSad Launches Expressive NFTs for Exploring the Metaverse
Bitcoin, Binance Coin, Algorand, and VeChain Daily Price Analyses – 2 August Morning Price Prediction

Follow Us

Industry News

Tiffany & Co. announces CryptoPunk pendants
Honduras launches BTC Valley in the Santa Lucia tourist town
Halborn warns traders about a new phishing scam
Largest Monero mining pool is shutting down
Israel's new limits on cash transactions to promote digital payments