Synthetix (SNX) Led Top Gainers for 48 Hours

Synthetix

Synthetix (SNX) led the gains among the top 100 coins on Monday, June 20 when the coin gained 40+% within 24 hours. Coin data shows an intra-day low of $1.9772 and a high of $3.182, a 38% gain in the past 24 hours. Earlier in the day, SNX recorded an increase of more than 58% when compared to its price 24 hours previously.

At the time of filing this report, Synthetix is still the leading gainer among the top 100, even at the price of $2.93. The other coins that have made gains of up to 10% are Aave, which gained 11.4% with a market value of $59.82. 1Inch Network, which gained 15% at the market price of $0.6675.

Synthetix is ranked number 89 according to its market capitalization of $337 million. It currently boasts a trading volume of $509 million. Its volume  in the past 24 hours has increased by a massive 513%, which explains the boost in the value of the cryptocurrency.

200 Million in Daily Volume

Synthetix has an active team that regularly connects with the community, while improving the quality of services on its platform. On June 19, Synthetix announced that its daily trading volume has reached 200 million.

The reason  for the success of the de-fi protocol is a spike in atomic swaps on 1Inch and Curve Finance. Another is the involvement of futures and options protocols such as Optimism, Kwenta, Lyra Finance and Polynomial.

Data from the Graph protocol shows that the Synthetix platform is among in-demand networks that users are willing to pay for. The platform generated $1.02 million in fees in the past 24 hours. These is made up of $959,000 in ETH fees, $61,000 from the Optimism Perpetual Futures and $910 on Optimism.

SNX Market Analysis

SNX price has dropped to $3.03, losing 5% of its price. The volume of the asset has also dropped to 16% in 24 hours, showing that the buying pressure has reduced. As seen from the chart, the 7-days, 14-days and 50-days moving averages show that SNX is in an uptrend.  Even though this is in contrast to the general market trend, it is worth keeping an eye on.

The Relative Strength Index of the cryptocurrency is 60. This means that it is not yet overbought, so we should expect higher values for the coin in the near-term. However, since there are no signs that there is enough sustainability of the price action, this is a temporary bounce.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

Leave a Reply