- Synthetix price has made a strong recovery in the past few weeks.
- Its total value locked has jumped to over $1.2 billion.
The Synthetix price has bounced back. SNX, its native token, has risen by over 20% in the past 24 hours and is trading at the highest point since April 6 this year. It has risen by more than 40% from its lowest level this month.
The fallen angel returns
Synthetix Network was once a high-flying blockchain project. At its peak, it was among the top 40 biggest coins in the world. In late 2021, the coin’s price started declining as activity in the network declined. As a result, it moved below top 100 and became a fallen angel in the cryptocurrency industry.
Synthetix Network has joined other fallen angels that have bounced back recently. They include Zilliqa, ThorChain, Shiba Inu, and Filecoin among others.
The SNX price has risen as investors reflect on the network growth as interest in derivatives trading resume. Its total value locked (TVL) has jumped to $1.2 billion while the total trading volume has remained at elevated levels.
It has also risen after the network announced additional perpetual futures markets. The new futures in the network are Solana, Avalanche, MATIC, AAVE, Uniswap, gold, silver, and euro.
For starters, perpetual futures are similar to those offered in the stocks and commodities market with the only difference being that they don’t have an expiry date.
Synthetix is not the only derivatives coin that is rising. In the past few days, ThorChain has become one of the best-performing coins in the market as it announced that it will launch its synthetic tokens. Others that have done well are Kyber Protocol, UMA, dydx, and Perpetual Protocol.
Synthetic price has also risen as the ecosystem has grown. Its products are being offered by Kwenta while anyone is able to launch synthetic products because of its integration with Chainlink. Also, its ecosystem includes options and automated options strategies. This means that one can buy Bitcoin and other cryptocurrencies using its coins.
Synthetic price prediction
The four-hour chart shows that the SNX price has been in a bullish trend in the past few days. This rally accelerated when it moved above the resistance at $5.75, which was the highest point on April 15th. It has also moved above the 25-day and 50-day moving averages while the RSI has moved upwards. The coin will likely keep rising as bulls target the key resistance at $7.
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