What is making Synthetix crypto (SNX) crypto rally?
The Synthetix Network (SNX) crypto seems to be maintaining its bullish momentum in the market following its rally of 100% on 20 June. The SNX crypto has been rallying over 5% with a volume gain of over 90% at 7:35 AM (GMT +1) on Tuesday, according to CoinMarketCap.
The Synthetix crypto (SNX) is a DeFi protocol that offers an array of options for investors to gain exposure in the crypto and non-crypto assets. This offers the users access to liquid synthetic assets known as synths. The synths can seamlessly track and offer impressive returns on the underlying asset without the need to hold the asset.
Related read: Experts predict Bitcoin’s healthy rally. What’s in store?
So why is SNX crypto rallying?
Built on top of the Ethereum blockchain protocol, the token has seen increased interest despite the bearish trends.
The SNX crypto is rallying on the back of the news of its collaboration with Curve Finance on 20 June to create Curve pools for Synthetic Ether (sETH)/Ether (ETH), Synthetic Bitcoin (sBTC)/Bitcoin (BTC), and other assets. This would give users a chance to diversify their assets.
Due to this, the Synthetix protocol hit US$200 million in daily volume on 20 June, with stakers receiving over US$300,000-US$500,000 a day as rewards.
Since the announcement, there seems to be a sudden uptick in the interest with market participants rushing to its platform. This is reflected in the charts as well as Synthetix crypto’s RSI indicating a huge spike from an oversold position of 28.15 on 18 June to 57.67 during the intraday trading on 21 June.
Image credit: Trading View
The MACD line too has reared its head above the signal line suggesting that the momentum is getting stronger. The 200-day EMAs indicate the price may rise to US$4.937, assuming the rally continues.
Related read: What is Storj crypto (STORJ) crypto and why is it rallying?
The uniqueness of the Synthetix token is that it allows the synths to be collateralized in contracts and ensure safety as well. Besides, it also allows the users to trade and exchange the synths besides offering staking facilities.
How is SNX crypto faring?
The SNX crypto on Tuesday was trading at US$3.04 with a 24-hour trading volume of US$53,06,78,889 at 7:35 AM (GMT+1), as per CoinMarketCap. The SNX token was rallying over 5.58% and was enjoying a live market cap of US$34,91,78,573 with 11,48,41,533 SNX coins in circulation
The SNX rally for the past couple of days has not seen a one-off rally. In fact, over the past week itself, it has witnessed a rally of over 60%, according to CoinGecko. While it’s very easy to get swayed by a bull run, it’s also important that in the crypto market, the prices of the cryptos can change at any given point in time.
Therefore, the market participants should do their market research before deciding to enter the market and start taking major investment decisions.
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