Synthetix Price Outlook: SNX Soars 16% as Decentralized Derivatives Gain Traction

Updated: 06 September 2023

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Synthetix price has skyrocketed over the past two days, surging by nearly 22% every week. The project is focused on building a decentralized liquidity provisioning protocol that any protocol can use for various purposes.

Currently ranking as the 48th largest cryptocurrency with a market cap of $670.5 million, the project also saw a 150% increase in daily trading volume, currently at $120.8 million.

Synthetix’s price spent most of the last seven days fluctuating between $1.90 and $2. The fluctuations were more substantial in the last days of August, but with the start of September, the token’s volatility dropped, and its price action was much more flat.

On September 2, the price started to increase slowly, taking almost two full days to reach the resistance at $2. However, this finally happened on September 4, and the token shot up past $2, even breaking resistance at $2.2 during the initial surge.

However, the price corrected soon after that, dropping back to a support at $2.15 while treating $2.20 as the new resistance. This changed again on September 5, when SNX’s price surged, finally breaking the opposition and taking the token to the next barrier at $2.30.

After initially rejecting the price to $2.22, the resistance broke during the final surge earlier today, September 6, when the token skyrocketed by another 11.5%, reaching a weekly high at $2.54.

Since then, it has seen a slight correction, which left it at $2.47, where its price sits at the time of writing.

Synthetix price surges ahead of V3 rollout

Earlier this year, Synthetix launched a new version of its trading protocol, Synthetix Perps. This decentralized trading protocol offers the backend infrastructure that any other protocol can integrate.

However, the project is now working on deploying Synthetix V3, a new version that has been in the works for the past two years.

The developers defined it as the liquidity layer for DeFi, and the upgrade will bring multi-collateral to Perps v2, allowing any synth to be used as collateral and a native cross-margin.

The expectations of an upgrade are likely what led to the price surge, according to a report published yesterday, September 5.

Interestingly, experts announced that they expect a bullish wave before that on September 4, stating that the falling wedge upside breakout was already done in a 1D timeframe

Wall Street Memes offers crypto users last chance to buy meme coin

One of the biggest and most popular presales this summer was the Wall Street Memes (WSM) presale.

This is a new meme coin inspired by a subreddit called WallStreetBets — a branch of Reddit that consists of amateur traders who commonly discuss various financial opportunities, strategies, and alike.

In 2021, they stole the spotlight by standing up to institutional investors who sought to profit by shorting stocks of several firms, even though doing so threatened to harm the companies.

The crypto industry uses Wall Street Memes to commemorate their struggle to stand up to institutional greed with a meme coin, which became a hit more than two years after the event.

The presale was a huge success, raising over $25 million over the last few months, but now, it is in its final stage and just about ready to end.

The developers are inviting all interested buyers to purchase the token in this last opportunity before the presale is concluded, and the token gets listed on tier 1 exchanges, which should happen in about three weeks from now.

The token is available for $0.0337, and interested buyers can get it in exchange for USDT, ETH, and BNB or buy it with their credit/debit cards.

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