Synthetix (SNX), currently ranked as the 53rd largest cryptocurrency, has seen a significant uptrend of 58.39% in the last 30 days. This surge has elevated Synthetix’s year-to-date gains to an impressive 99.44%.

The recent surge in prices signifies a substantial recovery for Synthetix, which had faced challenges in the market for an extended period.  These noteworthy accomplishments suggest the possibility of sustained bullish momentum for Synthetix and its native token.

This article delves into the Synthetix price prediction, and you can also watch the provided video below for an in-depth analysis. Follow Jacob Crypto Bury’s YouTube channel for additional crypto-related content. Jacob also runs a Discord channel with 17,000 members, providing trading tips and insights into upcoming crypto presales. 

The Rally Fueled by DeFi Trends and Protocol Advancements

The upswing in Synthetix prices can be attributed to various factors, including the announcement of the Perps V3 upgrade and the increasing popularity of decentralized finance (DeFi).

DeFi, a swiftly expanding sector in the cryptocurrency market, is drawing in more investors seeking fresh opportunities for growth and profitability. Synthetix stands out as a leading DeFi protocol, reaping the benefits of this rising trend.

Functioning as both a decentralized exchange (DEX) and a platform for synthetic assets, Synthetix is structured to expose users to underlying assets through synths, eliminating the need to hold the actual asset.

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The platform empowers users to autonomously trade and exchange synths, featuring a staking pool where $SNX token holders can stake their tokens and receive a portion of transaction fees on the Synthetix Exchange as rewards.

Smart contract price delivery protocols known as oracles track the underlying assets in the platform. Synthetix facilitates seamless synth trading, mitigating liquidity/slippage concerns and bypassing the necessity for third-party facilitators.

$SNX tokens serve as collateral for minted synthetic assets, meaning that whenever synths are issued, $SNX tokens are locked in a smart contract. Since its launch, the protocol has migrated to the Optimistic Ethereum mainnet to reduce gas fees on the network and minimize oracle latency.

Perps V3 is Anticipated to Build the Next Generation of Decentralized Perpetuals

While Perps V3 is approaching, set to build upon the impressive success of V2, the anticipation for the upgrade has been ongoing without a disclosed launch date. Perps V2 marked a significant shift in on-chain perpetuals, prioritizing risk management and introducing now-standard features such as dynamic funding rates and price impact.

Exciting news! Perps V3 is on the horizon, set to build upon the remarkable success of V2. Get ready for its upcoming launch on @BuildOnBase via the Andromeda Release.

V2 brought a paradigm shift to onchain perps, focusing on risk management and introducing now-standard features… pic.twitter.com/z2a7U9N4nv

— Synthetix ⚔️ (@synthetix_io) November 19, 2023

These innovations, coupled with deep liquidity and minimal fees, catapulted the platform to a trading volume exceeding $30 billion, generating substantial fees for liquidity providers in the tens of millions.

The forthcoming Perps V3 is anticipated to introduce several new features aimed at enhancing the protocol’s trading capabilities. Here’s a breakdown of what’s on the horizon:

Multi Collateral – Broadening its support to encompass a range of collateral types, including sUSD, sETH, sBTC, and others, available for utilization as margin.

Cross Margin – Leverage account margin seamlessly across different positions, enhancing the trading process.

Account-Based Access – Enhanced authority and adaptability via delegated permissions.

Liquidation Upgrades – A more intelligent liquidation procedure for substantial positions, incorporating gradual and non-sandwichable approaches with customizable delays for partial liquidations.

DeFi coins have ignited a revolution in the investment world, and in 2024, DeFi coins like Synthetix have undoubtedly grabbed the attention of investors and financial enthusiasts worldwide, signaling a new era of decentralized finance.

$SNX Crypto Price prediction

As of the current writing, the Synthetix price stands at $3.46, with a 24-hour trading volume of $420.83 million and a market cap of $397.05 million. Over the past seven days, the $SNX price has surged by over 9%.

The Relative Strength Index (RSI) value is currently at 72.41, indicating that the $SNX market is in an overbought position. The RSI indicator suggests a potential increase in the $SNX price. According to technical analysis and market trends, the Synthetix coin’s maximum predicted price is expected to reach $4.40 by the end of 2023.

This projection is attributed to the growing interest of investors in the decentralized derivatives trading sector, particularly in the Synthetix Network. The overall bullish trend in the cryptocurrency market is also contributing to the surge in Synthetix prices.

As the market continues its upward trajectory, Synthetix emerges as one of the tokens capturing the attention of investors. For additional new projects with significant upside potential, check out our articles highlighting the top cryptos to invest in at the moment.

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• Source: https://insidebitcoins.com/news/synthetix-price-prediction-snx-crypto-pumping-from-perps-v3-announcement