Synthetix (SNX) Price Prediction-Will SNX Price Hit $20 in 2022?

This Synthetix (SNX) price prediction 2022 article is based on technical analysis. Below, you will see the key confluences why we arrived at our Synthetix (SNX) price analysis and prediction.

The cryptocurrency market is growing steadily and gaining momentum with the total market capitalization of all cryptocurrencies tending towards $0.897 trillion according to CoinMarketCap. The price of Synthetix (SNX) has increased by 43.8% in the past 30 days.

In this Synthetix (SNX) price analysis and price prediction, we take a look at the performance of SNX and if it will reach $20 by the end of 2022. But before that, let us look at what is Synthetix (SNX)?

What is Synthetix (SNX)?

Synthetix is a decentralized finance protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol is based on the Ethereum (ETH) blockchain and offers users access to highly liquid synthetic assets (synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset.

Synthetix is a new financial primitive enabling the creation of synthetic assets, offering unique derivatives and exposure to real-world assets on the blockchain. The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.

Current Market Status for Synthetix (SNX)

At the time of writing, the price of Synthetix (SNX) is $2.68 with a 24-hour trading volume of $102,584,609 and an increase in price by 13.52% in the past 24 hours.

The present circulating supply of Synthetix (SNX) is 114,841,533.01 SNX. Some of the major crypto exchanges for trading SNX are Binance, Kucoin, Gate.io, Coinbase, FTX, Huobi, and others.

Now that we have seen the present status of Synthetix (SNX) in the market, let’s look at the price analysis of SNX.

Synthetix (SNX) Price Analysis 2022

Synthetix (SNX) is in the 95th position in the market capitalization of cryptocurrencies according to CoinMarketCap. It has increased by 2.5% in the past 7 days.

But will the recent changes and development in the blockchain help the digital currency price to reach higher? Let’s proceed to the charts in this Synthetix (SNX) price prediction article.

Keltner channel is a technical analysis indicator that is used to determine trend directions by measuring the volatility above or below the candlesticks. From the Keltner Channel signals for SNX/USDT, we can deduce that the price of Synthetix might get bullish in some days since the price is almost breaking out at the middle of the channel from the top. However, in the long-term, the price might get bullish since top cryptocurrencies like Bitcoin and Ethereum are already getting bearish from the recent bullish run.

The Relative Strength Index (RSI) measures the relative momentum in the magnitude of recent price changes so as to deduce oversold or overbought assets. The RSI value of the 1Day chart is 54.05.  This shows that SNX is showing a strong trend since its RSI lies between 50 and 70. This value can trigger a bullish or bearish run if investors reposition themselves either towards the buyers or sellers.

From the chart above, the 200-MA is above the 100-MA which means that long-term investors would gain. However, since the gap between the two moving averages is wide and both moving averages are above the recently formed candlestick, the price of the coin might increase soon.

Synthetix (SNX) Price Prediction 2022

The chart below shows that Synthetix (SNX) has performed great over the past few days. If this trend continues, SNX might run along with the bulls, overtaking its $3.466 resistance1 level and climb higher to $8.104 at the resistance6 level, the bullish signal for 2022.

Conversely, if the investors turn against the crypto, the bears might take over and dethrone Synthetix (SNX) from its uptrend position. In simpler terms, the price of Synthetix (SNX) might dip to $1.485, a bearish signal.

Meanwhile, our long-term Synthetix (SNX) price prediction 2022 is bullish. It has a low possibility of surpassing its current all-time-high (ATH) at about $28.77 according to CoinMarketCap this year. However, that will only happen if it breaks many previous psychological resistances.

If this bullish trend continues, Synthetix (SNX) will reach $8.104 by the end of 2022. Moreover, in July 2022, SNX is going to show fast growth, up to $3.466. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $20 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Synthetix (SNX) Price Prediction 2023

The price of Synthetix (SNX) can move even great heights, however reaching $50 Moreover, this is possible only if the market maintains its bullish trend. In addition, only if the cryptocurrency Synthetix breaks past the psychological resistance level.

Synthetix (SNX) Price Prediction 2024

As per the latest upgrades, developments, Synthetix (SNX) price prediction, and new project forecasts of the platform, Synthetix investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of Synthetix (SNX) in the crypto market, and it will be the best investment as the price can spike and reach around $150.

Synthetix (SNX) Price Prediction 2025

In the next four years, Synthetix (SNX) prices could race up to $300. However, reaching this level could not be so difficult for Synthetix as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that Synthetix (SNX) has a high possibility of reaching a new ATH soon in the next four years as per the prediction.

Synthetix (SNX) Price Prediction 2026

As per the latest upgrades, developments, Synthetix (SNX) price prediction, and new project forecasts of the platform. Moreover, this might boost the price of Synthetix (SNX) in the crypto market, and it will be the best investment as the price can spike and reach around $500.

Synthetix (SNX) Price Prediction 2027

In the next five years, Synthetix (SNX) prices could race up to $800. However, reaching this level could not be so difficult for Synthetix as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that Synthetix (SNX) has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Synthetix (SNX) Price Prediction 2028

As per the latest upgrades, developments, Synthetix (SNX) price prediction, and new project forecasts of the platform, Synthetix investors could expect many partnerships and integrations around 2028. Moreover, this might boost the price of Synthetix (SNX) in the crypto market, and it will be the best investment as the price can spike and reach around $1000.

Synthetix (SNX) Price Prediction 2029

In the next seven years, Synthetix (SNX) prices could race up to $1500. However, reaching this level could not be so difficult for Synthetix as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that Synthetix (SNX) has a high possibility of reaching a new ATH soon in the next seven years as per the prediction.

Synthetix (SNX) Price Prediction 2030

As per the latest upgrades, developments, Synthetix (SNX) price prediction, and new project forecasts of the platform, Synthetix investors could expect many partnerships and integrations around 2030. Moreover, this might boost the price of Synthetix (SNX) in the crypto market, and it will be the best investment as the price can spike and reach around $2000.

Conclusion

Synthetix (SNX) has a bright future ahead of it from 2022 to 2030. With ongoing developments happening within the Synthetix platform, as well as in the overall crypto market, we may see SNX reach it soon.

Meanwhile, our long-term Synthetix (SNX) price prediction 2022 is bullish. In addition, it has a high possibility of surpassing over $8.104 and may reach above $20 this year. However, that will only happen if it breaks past many psychological resistances.

As said above, Synthetix (SNX) may even reach $20 if investors have decided that SNX is a good investment in 2022, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.