Synthetix Network (SNX) Price Prediction 2022 — Will SNX Hit $20 Soon?

Synthetix Network (SNX) Price Prediction 2022 — Will SNX Hit $20 Soon?
  • Bullish SNX price prediction is $3.431 to $11.450.
  • Synthetix Network (SNX) price might also reach $20 soon.
  • SNX bearish market price prediction for 2022 is $1.471.

In Synthetix Network (SNX) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about SNX to analyze the future movement of the cryptocurrency. 

Synthetix Network (SNX) Current Market Status

According to CoinGecko, the price of Synthetix Network (SNX) is $3.00 with a 24-hour trading volume of $399,623,748 at the time of writing. However, SNX has decreased by nearly 9.3% in the last 24 hours.

Moreover, Synthetix Network (SNX) has a circulating supply of 222,147,807 SNX. Currently, Synthetix Network (SNX) trades in cryptocurrency exchanges such as Binance, WhiteBIT, OKX, KuCoin, Gate.io, MEXC, and Crypto.com.

What is Synthetix Network (SNX)?

Synthetix Network (SNX) is an ERC-20 token native to the Synthetix network. Synthetix is a DeFi protocol for the creation and trading of synthetic assets, synths. The protocol was launched amid the 2018 bear markets. Synthetix operates on a proof-of-stake (PoS) consensus model that supports the operations of crypto-backed synthetic assets. 

Synths mirror the price movements of the real crypto assets and serve as their derivatives. For instance, synthetic Bitcoin (sBTC) and synthetic Ethereum (sETH) serve as the derivatives of the real Bitcoin and Ethereum. Investors can use these synths as bets on the price of the respective cryptos without actually holding the actual assets.

Synths also represent and mimic real-world assets such as fiat currencies, stocks, bonds, and commodities. Synthetic USD (sUSD) can be deployed to track the prices of US dollar (USD). Synthetic also hosts a peer-to-peer decentralized exchange (DEX) specially devoted to the trading of synthetic assets.

Users will have to stake Synthetic Network (SNX) tokens to use the services provided by this protocol. SNX tokens can also be locked in and used as collaterals to create synths. SNX tokens also facilitate the exchange or swapping of various synthetic assets.

Synthetix Network (SNX) Price Prediction 2022

Synthetix Network (SNX) holds the 69th position on CoinGecko right now. SNX price prediction 2022 is explained below with a daily time frame.

SNX/USDT Descending Channel Pattern (Source: Tradingview)

The above chart of Synthetix Network (SNX) laid out the descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.

Currently, Synthetix Network (SNX) is in the range of $3.05. If the pattern continues, the price of SNX  might reach the resistance levels of $3.456, $6.377, and $8.560. If the trend reverses, then the price of SNX may fall to $2.176 & $1.473.

Synthetix Network (SNX) Support and Resistance Levels

The chart below shows the support and resistance levels of Synthetix Network (SNX).

SNX/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Synthetix Network (SNX).

Resistance Level 1$3.431
Resistance Level 2$4.862
Resistance Level 3$7.226
Resistance Level 4$11.450
Support Level 1$2.207
Support Level 2$1.471
SNX Support & Resistance Level

The charts show that Synthetix Network (SNX)  has performed a bullish trend over the past month. If this trend continues, SNX might run along with the bulls overtaking its resistance level at $11.450.

Accordingly, if the investors turn against the crypto, the price of Synthetix Network (SNX)  might plummet to almost $1.471, a bearish signal.

Synthetix Network (SNX) Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of Synthetix Network (SNX) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. RVOL of SNX was above the cut-off line in the first week of June. But currently, the RVOL of SNX lies below the cutoff line, indicating weak participants in the current trend.

SNX/USDT RVOL, MA, RSI (Source: TradingView)

Also, the Moving Average (MA) of Synthetix Network (SNX) is shown in the chart above. Notably,  Synthetix Network (SNX) price lies above 50 MA (short-term), so it is completely in an uptrend. Currently, SNX has entered a bullish state. Therefore, there is a possibility of a reversal trend of SNX at any time.

Meanwhile, the relative strength index (RSI) of the SNX is 57.64. This means that Synthetix Network (SNX) is in an oversold state. However, this means a major price reversal of SNX may occur in the upcoming days. So, traders need to trade carefully. 

Synthetix Network (SNX) Price Prediction 2022 — ADX, RVI

Let us now look at the Average Directional Index (ADX) of Synthetix Network (SNX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

SNX/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Synthetix Network (SNX). Currently, the ADX of SNX lies in the range of 25.743 and thus, it indicates a strong trend. 

The above chart also represents the Relative Volatility Index (RVI) of Synthetix Network (SNX). RVI measures the constant deviation of price changes over a period of time. The RVI of SNX lies below 50, indicating low volatility. In fact, the RSI of Synthetix Network (SNX) is at 57.64, thus confirming a potential buy signal.

Comparison of SNX with BTC, ETH

The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and  Synthetix Network (SNX).

BTC Vs ETH Vs SNX Price Comparison (Source: TradingView)

From the above chart, we can interpret the price changes of BTC, ETH, and SNX  are moving in a similar trend. This indicates that when the price of BTC increases or decreases, the price of ETH and SNX would increase or decrease respectively.

Synthetix Network (SNX) Price Prediction 2023

If the declining price action completely slows down in momentum and the trend reverses,  Synthetix Network (SNX) might probably attain $24 by 2023.

Synthetix Network (SNX) Price Prediction 2024

With several upgrades in the network, Synthetix Network (SNX) might enter a bullish trajectory. If the coin grabs the attention of major investors, SNX might rally to hit $36 by 2024. 

Synthetix Network (SNX) Price Prediction 2025

If Synthetix Network (SNX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 3 years, SNX would rally to hit $44.  

Synthetix Network (SNX) Price Prediction 2026

If Synthetix Network (SNX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, SNX would rally to hit $50. 

Synthetix Network (SNX) Price Prediction 2027

If Synthetix Network (SNX) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, SNX would rally to hit $56. 

Synthetix Network (SNX) Price Prediction 2028

If Synthetix Network (SNX) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, SNX would hit $64 in 2028.

Synthetix Network (SNX) Price Prediction 2029

If investors flock in and continue to place their bets on Synthetix Network (SNX), it would witness major spikes. SNX might hit $70 by 2029.

Synthetix Network (SNX) Price Prediction 2030

With greater advancements in the Synthetix Network ecosystem, the crypto community might continue to invest in SNX for the next 8 years and drive significant price rallies for the token. Hence, Synthetix Network (SNX) might hit $75 by 2030.

Conclusion

With continuous improvements in the Synthetix Network  network, we can say that 2022 is a good year for SNX. For this reason, the bullish price prediction of Synthetix Network (SNX) in 2022 is $11.450. On the other hand,  the bearish price prediction of Synthetix Network (SNX) price prediction for 2022 is $1.471.

Furthermore, with the advancements and upgrades to the Synthetix Network  ecosystem, the performance of SNX would help to reach above its current all-time high (ATH) of $28.53 very soon. But, it might also reach $20 if the investors believe that SNX is a good investment in 2022.

FAQ

1. What is Synthetix Network (SNX)?

Synthetix Network (SNX) is an ERC-20 token native to the Synthetix network. Synthetix is a DeFi protocol for the creation and trading of synthetic assets, synths.

2. Where can you purchase Synthetix Network (SNX)?

Synthetix Network (SNX) has been listed on many crypto exchanges which include Binance, WhiteBIT, OKX, KuCoin, Gate.io, MEXC, and Crypto.com.

3. Will Synthetix Network (SNX) reach a new ATH soon?

With the ongoing developments and upgrades within the Synthetix Network platform, SNX  has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Synthetix Network Token?

On February 14, 2021, SNX reached its new all-time high (ATH) of  $28.53.

5. Is Synthetix Network (SNX) a good investment in 2022?

Synthetix Network (SNX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Synthetix Network  in the past few months, SNX  is considered a good investment in 2022.

6. Can Synthetix Network (SNX) reach $20?

Synthetix Network (SNX) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Synthetix Network (SNX) will hit $20 soon.

7. What will be Synthetix Network (SNX) price by 2023?

Synthetix Network Token (SNX) price is expected to reach $24 by 2023.

8. What will be Synthetix Network (SNX) price by 2024?

Synthetix Network Token (SNX) price is expected to reach $36 by 2024.

9. What will be Synthetix Network (SNX) price by 2025?

Synthetix Network Token (SNX) price is expected to reach $44 by 2025.

10. What will be Synthetix Network (SNX) price by 2026?

Synthetix Network Token (SNX) price is expected to reach $50 by 2026.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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