- Synthetix token has surged to the highest level since August 7th of this year.
- The token has jumped by more than 100% from the lowest level this year.
- Synthetix will launch Perps V3 on Base in the coming weeks.
Synthetix price continued its remarkable rally during the weekend as the recent momentum gained steam. The SNX token jumped to a high of $3.52, the highest level since August 7th of 2022. It has soared by over 150% from the lowest level this year, giving it a market cap of over $1.4 billion, making it one of the leading players in the crypto industry.
Perps V3 launch ahead
Synthetix is a leading player in the blockchain industry. It is a network that provides liquidity for permissionless derivatives like options, perpetual futures, and other parimutual assets across all EVM networks.
Synthetix has done well over the years. According to its website, its total trading volume has soared to over $47 billion while the Total Value Locked (TVL) has soared to over $798 million. At its peak, Synthetix had over $1 billion in TVL, helped by the V2 upgrade.
Synthetix is used widely in the blockchain industry. Some of the networks using its platform are Kwenta, Thales, Curve, and OverTime Markets. The total number of SNX stakers has jumped to over 44k.
Read more: How to buy Synthetix (SNX).
SNX price has risen recently because of the strong performance of cryptocurrencies, with Bitcoin sitting at over $36,000. The total market cap of all digital currencies has jumped to over $1.4 trillion, adding more than $600 billion in liquidity this year.
One reason why the SNX token is doing well is the recent announcement of Perps V3, which will happen on Base, the blockchain network by Coinbase. The new version will bring more features than those in V2 of the network, which focused on risk management.
V3 will bring multi collateral features, expanding the support of various collateral types like sUSD, sETH, and sBTC for use as margin. It will also bring cross margin features and account-based access and liquidation upgrades.
Synthetix price forecast
The daily chart shows that the SNX crypto price has suddenly woken up recently. It has surged and crossed the important resistance point at $3.22, the highest point on July 20th. Most importantly, the token has formed a golden cross, which happened when the 200-day and 50-day Exponential Moving Averages (EMA) makes a bullish crossover.
The Relative Strength Index (RSI) has moved above the overbought point of 70, a sign that there is strong momentum. Therefore, the outlook for the Synthetix price is bullish, with the next reference level to watch being at $4.43, the highest point on July 28th. The stop-loss of this trade will be at $3.0.
