- SNX revenue and fees have increased in recent days, but the metrics were bearish.
- Market indicators showed signs of recovery and suggested an upward movement in prices.
Synthetix (SNX) continues to make headlines with its achievements, the latest being Perps V2. Synthetix revealed in a recent tweet that cumulative volume for Perps V2 reached nearly $2 billion, while its daily volume reached just over $115 million. This was a commendable achievement, as daily volume for Perp V2 had reached $100 million just a week earlier.
Synthetix Perps is close to $2 billion in cumulative volume and $115 million in daily volume! This is a huge milestone for Synthetix and DeFi as a whole.
Integrators have worked tirelessly to make this possible.
cheers to them @Kwenta_io, @PolynomialFi, @DecentrexHQ, @dHedgeOrg
❤️ ⚔️ pic.twitter.com/AQpfDRKjlT
— Synthetix ⚔️ (@synthetix_io) March 16, 2023
realistic or not, here it is SNX Market Cap in BTCterms of
Due to the massive increase in volumes, Synthetix’s fees and revenue have also increased in recent days. According to Token Terminal, Synthetix fees and revenue increased from March 7 and then increased significantly on March 12.
While these achievements suggest growth for the network, the same may not be the case for its native token, SNX.
here is the catch
SNX Network Growth Looks Impressive, but Coin’s Status May Be Questionable Thanks to Recent Whale Discharge snx.
According to LookOnchain, one address transferred 2.66 million SNX to Binance, worth $7.5 million. The same account previously spent 15 million USDC to purchase 5,436,960 SNX from Synthetix Treasuries between March 14-16.
The organization spent 15M $usdc 5,436,960 to buy $snx Of #synthetics Treasury between March 14 and 16, the average purchase price is $2.76.
then moved 2.66M $snx from (7.5m) #binance 5 hours ago.
maybe it’s already sold $snx But #binance. pic.twitter.com/WUEZSQDPeh
– lookonchain (@lookonchain) March 17, 2023
This looked bearish and could increase selling pressure, which in turn could push the price of SNX lower.
Speaking of the price, SNX has already recorded a drop of more than 5% on a daily basis. at the time of publication, it was Business at $2.80 with a market capitalization of more than $710 million.
SNX in trouble?
A look at SNX’s on-chain metrics gave more cause for concern, as it suggested a further drop in price in the coming days.
consider it– snxBinance’s funding rate has dropped significantly, indicating low demand from the derivatives market. Currency flows have also increased recently, which is usually a bearish sign.
Also, development activity on SNX slowed down last week, suggesting less effort from developers to improve the network.
Source: Feeling
Reading Synthetix (SNX) Price Prediction 2023-24
here’s the good news
While the metrics favor bears, snxThe daily chart showed hope for a trend change. The Money Flow Index (MFI) bounced off the neutral mark and moved north, looking upbeat.
Chaikin Money Flow (CMF) also followed the same trend and went up. However, the MACD showed bearish gains in the market, which could spell trouble for SNX.
Source: TradingView
