Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»Synthetix tops these rankings, but can SNX live up to the hype?
ALTCOIN NEWS

Synthetix tops these rankings, but can SNX live up to the hype?

By Crypto FlexsAugust 17, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Synthetix tops these rankings, but can SNX live up to the hype?
Share
Facebook Twitter LinkedIn Pinterest Email
  • Synthetix’s development activities highlight the network’s expanding efforts to attract more users.
  • The SNX downtrend was fueled by whale and institutional selling pressure.

Synthetix was one of the most promising crypto projects during the 2021 bull market. However, it has since struggled to gain traction as the DeFi sector becomes saturated. Likewise, its native token, SNX, has also seen a recent downturn.

Can Synthetix make a comeback? Well, this DeFi protocol has been struggling to stay relevant. Consider this: Synthetix has seen strong development activity recently, and has been rated as the best DeFi protocol in terms of DA over the past 30 days.

Is this a sign of a bigger move for SNX?

The aforementioned surge could be related to some of the project’s recent announcements. The protocol recently announced a new integrated protocol called TLX that enables leveraged trading. In fact, TLX announced just two days ago that it had achieved over $400 million in traded leveraged tokens.

Synthetix is ​​also said to be developing a new perps integrator. These observations suggest that there may be increasing demand for SNX within the Synthetix ecosystem.

SNX has been in a downtrend for nearly five months. At press time, the price tag of $1.29 is 75% off its YTD high of $5.28 reached in March.

Source: TradingView

At press time, the price of SNX appears to be below the previous bearish price levels. So the question is: Can we see a rebound? Well, on-chain data has revealed some interesting results regarding the SNX token.

Whales and addresses and more…

At the time of writing, approximately 98% of all addresses holding SNX were in a loss, while only 0.76% were in a profit. This suggests that accumulation was very low at or below the price level at the time of writing. This is consistent with the holding time balance, which shows that the number of HODLers has decreased by 37,830,000 SNX over the past 8 months.

Synthetics

Source: IntoTheBlock

The number of SNX traders has increased over the past two months, indicating a preference for short-term price increases. As a result, SNX has been unable to maintain a proper uptrend. Meanwhile, ownership statistics show that whales have been contributing to the selling pressure over the past 30 days.

Whale addresses have lost about 7.3 million SNX in the past four weeks. Investor addresses have lost 7.78 million coins over the same period. Retail addresses, however, have seen a positive growth of about 490,000 SNX.

Synthetics

Source: IntoTheBlock

The retailer’s acquisition hinted at a possible change in sentiment.

However, retail buyers may not have much influence on the market. Unless whales and investors turn their holdings into accumulation, SNX may remain stagnant.

Next: Will Arbitrum Reach $1 Soon? How Could This Help the ARB Rally

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The market will select US regulatory stable coins more than CBDCS every day of CBDCS every day.

July 3, 2025

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025
Add A Comment

Comments are closed.

Recent Posts

From Wall Street to Wallet: Ark Defai redefines financial architecture.

July 7, 2025

What Every Investor Should Know

July 6, 2025

Protecting Your Portfolio In A Volatile Market

July 6, 2025

A Trader’s Guide To Smarter Moves

July 6, 2025

Crypto Price Prediction Strategies – How Traders Forecast The Market

July 6, 2025

Causes, History, And How To Survive

July 6, 2025

A Guide To High-Risk, High-Reward Strategies

July 6, 2025

Ethereum MVRV has 1.20–1.25 and suggests that Market Peak is not visible.

July 6, 2025

Bitcoin holders reach $ 1 trillion in paper gains.

July 6, 2025

It flashes again in July

July 6, 2025

AAS MINER Rolls Out 2025 AI Cloud Mining Plan — Fully SEC-Compliant, Risk-Controlled, And Tailored For Crypto Enthusiasts

July 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

From Wall Street to Wallet: Ark Defai redefines financial architecture.

July 7, 2025

What Every Investor Should Know

July 6, 2025

Protecting Your Portfolio In A Volatile Market

July 6, 2025
Most Popular

Claiming Inheritance Rights: Protect Your Digital Assets | Vault12

September 4, 2024

BTC Price Surges $63K as BlackRock CEO Calls Bitcoin ‘Legit’

July 15, 2024

The Future of Finance: ADA, APT, BlockDAG

March 2, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.