Synthetix Price Prediction 2023-2031
Cryptocurrency adoption is on exponential growth, especially altcoins and, more so, those associated with decentralized finance (DeFi). One of the altcoins whose popularity has risen is the SNX coin and with this Synthetix price prediction, we can gauge the coin’s potential.
Synthetix Network Token (SNX) is an Ethereum token that powers Synthetix, a decentralized synthetic asset issuance protocol. Synthetic assets are minted when token holders stake their SNX as collateral using Mintr, a decentralized application for interacting with the Synthetix contracts.
For 2023, more users pushes SNX to higher heights in the crypto market:
The innovation coming from the @synthetix_io ecosystem is wild. Communities are looking to make a quick dollar, and then there are communities like Synthetix that want to build something that improves DeFi. The big difference but the big question would be: Is SNX staking risk-free?
How much is SNX worth?
Today’s Synthetix price today is $2.40 with a 24-hour trading volume of $58,658,449. Synthetix is up 12.07% in the last 24 hours. The current CoinMarketCap ranking is #66, with a live market cap of $598,801,946. It has a circulating supply of 249,969,309 SNX coins and a max. supply of 308,069,419 SNX coins.
Let’s take a look at the historical background of the network to understand what to expect with the Synthetix price action in the future.
What is SNX?
SNX is the native cryptocurrency of the Synthetix network. The SNX token is an ERC20 token, and therefore it is compatible with ETH wallets. Besides facilitating activities (specifically to offer collateral) within the Synthetix network, SNX holders can become SNX stakers by staking their SNX coins to earn staking rewards.
Who is the Synthetix founder?
Synthetix network was launched in September 2017 under Havven (HAV). Its founder is Kain Warwick. Havven (HAV) rebranded to the current Synthetix name a year later, a name it has maintained to date. Warwick is also the founder of Pouncer, a live auction Australian site, and a non-executive director at Blueshyft retail network.
What is the Synthetix network?
Synthetix Network is a decentralized finance (DeFi) protocol that allows users to trade synthetic assets (synths). The protocol is built on the Ethereum blockchain, and it provides liquidity for synth tokens so that traders can seamlessly trade them. Currently, the Synthetix network is the 40th largest cryptocurrency trading exchange worldwide.
The platform enables users to issue and trade synthetic assets — digital assets that represent other real assets like stocks, fiat currencies, commodities, or cryptocurrencies. It also has a staking mechanism that incentivizes users to provide liquidity and maintain the platform.
The Synthetix Protocol was originally conceived as Havven back in 2017 by Kain Warwick. Warwick is currently also a Non-Executive Director of blueshyft- a network of over 1200 retail locations around Australia.
SNX is a derivative product
In a nutshell, synthetic assets are derivative products issued and traded on DeFi protocols. They are similar to traditional derivative products that derive their value from underlying assets like cryptocurrencies, fiat currency, commodities, precious metals, bonds, and stocks.
The underlying assets are cataloged onto a DeFi protocol like the Synthetix network through tokenization by using smart contracts. Then the tokens, which represent a certificate of ownership of the real-world assets, are issued to investors and traders who can then go ahead and trade the derived assets without holding the real-world assets.
Synthetix unique features
Synthetix network was among the first blockchain protocols to introduce synthetic crypto assets.
The synthetic cryptocurrency assets minted via the Synthetix protocol are synths and have an ‘s’ at the beginning of their names. If the underlying asset is the USD, for example, the synthetic help on Synthetix would appear as sUSD, BTC would appear as sBTC, ETH would appear as sETH, and so on.
The community voted the synths for them to exist on the Synthetix protocol.
The prices of the underlying assets of the synths are tracked using smart contract price delivery protocols known as oracles. This system ensures no slippage or liquidity issues when trading the synths.
To mint a synth on the Synthetix network, a user will have to lock up some SNX tokens in a smart contract.
How to Stake SNX
If you truly want to make money staking SNX, there are a few easy steps involved.
- First, you need to buy Synthetix in any exchange and connect to a web3 wallet.
- Visit Mintr, the best portal interface for minting and managing Synths.
- Connect your web3 wallet to Mintr.
- Click ‘Mint’ and choose what type of Synth you want to mint.
- Remember the collateralization ratio of 750%
- Input the number of Synths you want to mint.
- Click ‘Mint Now’.
- Confirm the transaction in your web3 wallet.
Afterward, your SNX token will automatically be staked. You will now be able to enjoy rewards generated from trading fees. Furthermore, you are also subject to inflation rewards.
SNX Price History
The Synthetix token was first listed on a crypto exchange for trading in March 2018. Until June 2020, the SNX was trading below $1.5, as seen in the chart below.
However, in July 2020, the Synthetix coin unleashed a monster bullish rally that continued until February 2021. And during the bullish momentum, the SNX hit an all-time high of $28.77.
After hitting an all-time high, the SNX price took a downward turn to around $6 in June 2021. The cryptocurrency continued in a bullish trend since the end of June. Within the last month, the price of SNX is up by 40.61%, and in the past week, the token has gained 18.65%.
Synthetix Technical Analysis
The Synthetix price analysis is bearish given that the price has increased to $2.09 today. The bears successfully created a thin downward trend line for the price function over the past 24 hours; the trend is still present as of this writing. The price hit a high of $2.30 earlier today due to the strong downtrend line, but the bulls were able to push it back up rapidly, and it is currently trading at $2.04.
The price of Synthetix will undoubtedly fluctuate between two extremes because the market’s volatility is currently declining. The biggest barrier preventing the cost of Synthetix is the Bollinger Band upper limit of $2.278. Bollinger’s band’s lower bound, representing the most substantial support for SNX, is $1.268.
According to the price analysis, Synthetix’s Relative Strength Index (RSI) is 66.76, demonstrating that the cryptocurrency is reliable. SNX has changed to the RSI path’s downward tendency.
Synthetix Price Predictions by Cryptopolitan
Synthetix offers a revolutionary product in the market by offering synthetic assets (currency) pegged to the value of real assets. This will see the Synthetix website provide value for years to investors who directly hold SNX. Let’s take a look at how the price climbs through the years.
Synthetix Price Prediction 2023
Our Synthetix price prediction for 2023 expects the token to reach a maximum price of $3.69. Soon, prices may reverse course and average $3.15, with a minimum fee of $3.06 also conceivable.
Synthetix Price Prediction 2024
Our Synthetix price prediction for 2024 shows that Synthetix could have a bull run, and the price could rise and attain a maximum price of $5.27. Although the price is seen to rise from the previous year, the coin will have to experience a minimum price of $4.31 and an average trading price of $4.44.
Synthetix Price Prediction 2025
Our Synthetix price prediction for 2025 shows that SNX will attain a maximum price of $7.34, a minimum price of $6.17, and an average trading price of $6.39.
Synthetix Price Prediction 2026
Our Synthetix price forecast expects the cryptocurrency to thrive as more crypto enthusiasts are interested in the token. Our Synthetix price prediction for 2026 is a maximum value of $10.71. The Synthetix price should be around an average of $8.93 and a minimum value of $8.67 for the same year.
Synthetix Price Prediction 2027
Our Synthetix price prediction for 2027 is a maximum price of $15.48; the coin is expected to hit its lowest price at $12.74. The average trading price of the currency is expected to be $13.1. The year 2027 could bring a considerable general price hike in the crypto market’s value.
Synthetix Price Prediction 2028
Our Synthetix price prediction for 2028 expects SNX to reach a minimum price of $18.56, an average of $19.22, and it is expected by the end of the year to have reached a maximum price of $21.71.
Synthetix Price Prediction 2029
Our Synthetix price prediction for 2029 suggests a minimum value of $26.88. SNX could reach a maximum value of $31.66, with an average trading price of $27.65 throughout 2029.
Synthetix Price Prediction 2030
Our Synthetix price prediction for 2030 demonstrates that a maximum price of $45.52 is anticipated for the token. According to our forecasts, the price of SNX will trade between a minimum of $38.03 and an average of $39.41 per unit.
Synthetix Price Prediction 2031
Our Synthetix price prediction for 2031 suggests a minimum value of $54.74. The price of the asset could reach a maximum value of $66.23, with an average trading price of $80.82 throughout 2031.
Synthetix Price Prediction 2032
Our Synthetix Price prediction for 2032 shows that SNX will reach a minimum price of $78.55, an average price of $80.82, and a maximum price of $93.37.
Synthetix Price Prediction by Coincodex
Coincodex Synthetix price forecast estimate indicates that by February 17, 2023, the cost of Synthetix will have increased by 39.07% over the previous month and will be $ 2.91.
The Synthetix price has a positive correlation coefficient of 0.881 with the top 10 cryptocurrencies by market capitalization, excluding Tether (USDT), and a positive correlation coefficient of 0.832 with the top 100 coins by market capitalization, excluding all stablecoins.
The movement of one currency has a statistically substantial weight to influence the activity of Synthetix, as seen by their positive correlation. A move in one direction for Synthetix would translate into an action in the opposite direction for the currency that is negatively connected with Synthetix.
Synthetix Price Prediction by PricePrediction.Net
The potential for Synthetix’s price to soar to new heights is exceptional. According to predictions, the value of SNX will rise. By 2030, Synthetix’s price may reach a peak of $93.37, according to certain experts and industry analysts.
With a minimum price of $15.48 and a maximum price of $12.74 per SNX in five years, Synthetix will be affordable to all. The value of Synthetix fluctuates wildly since it is traded according to supply and demand. Given that shortages frequently lead to price increases, Synthetix’s value is anticipated to climb further.
Synthex Price Predictions by Wallet Investor
Wallet Investor has given a bearish SNX price forecast, predicting that the token will decrease gradually, and by the end of 2024, it will be trading at $0.296. The website terms SNX as a bad long-term investment.
Synthetix Price Predictions by Industry Influencers
Synthetix will reach the $5.11 level by the end of 2024, according to the most recent data obtained by a well-known cryptocurrency YouTube influencer, Crypto Vault. He believes that the coin will increase in value and reach a high of $12.77 by the end of the year 2029.
Synthetix SNX recently defied the bear crypto market and surged by 100%. Fees generated for the day amounted to $1M following a partnership with Curve protocol. Synthetix has been resilient through the year and has the potential to surge higher in the coming months.
Synthetix offers a revolutionary product in the market by offering synthetic assets (currency) pegged to the value of real assets. This will see the Synthetix website provide value for years to investors who directly hold SNX.
The future price prediction of SNX is uncertain, as it will depend on the adoption and success of the Synthetix platform in the DeFi market. However, with its strong potential for disruption and positive long-term outlook from market experts, SNX might potentially see steady growth in the coming years. It is important to conduct your own research and analysis before investing in SNX or any digital asset.
Over the last 30 days, Synthetix had 19/30 (63%) green days. According to our historical data, it is currently profitable to invest in Synthetix. The price of Synthetix decreased by -55.43% in the last 1 year, while the coin’s 3-year performance is 116.46%.
According to our Synthetix forecast for 2032, the digital asset might reach a maximum price of $93.37. The continued growth does not reflect the future of Synthetix. If a Synth loses its peg to assets, the entire platform will come down. The SNX forecasted price averages at $80.82 and the minimum value is $78.55 towards the end of 2032. This is not investment advice and is meant only to be a resource as you DYOR.
Be sure to read more of our Investing Guides and Price Predictions before making an investment decision.