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Synthetix

SNX Clawing backThis is a one-hour chart. As you can see, Synthetix was taking a beating along with much of the altcoin market only to fall off a cliff a day ago. I'd refer to this as a black Friday sale on SNX! If you missed out at that price, you likely missed out forever. Now, Synthetix Network Tokens begin their long climb out of this hole on the heels of a multitude of SIPs (Phase One V2x updates delivered since August!!!): Mirfak; SIP-174 - Deprecated Synth Redemption, SIP-142 - Deprecating EtherCollateral loans, SIP-170 - Inflation Diversion for L2 Incentives Wezen; SIP-169 - Deprecate low volume synths, SIP-158 - Deprecate iSynths Sargas; SIP-135 - L2 Shorting Kaus; SIP-187 - Fix Partial Synth Updates In Debt Cache Avior; SIP-182 - Wrappr Factory Alkaid; SIP-120 - TWAP Exchange Function, SIP-189 - Add LUSD/sUSD Wrappr on L2 Governance Changes; SIP-155 - Deprecating the synthetixDAO, SIP-157 - ambassadorDAO Mandate, SIP-159 - Formalize Thales Governance, SIP-160 - Updated SIP Workflow, SIP-167 - L2 Bridged Governance, SIP-168 - Governance Participation Program, SIP-177 - Formalize Kwenta TreasuryDAO, SIP-178 - Formalize Kwenta Interim Council, SIP-179 - Kwenta Independence Here are a few quotes from Kain Warwick (Synthetix founder) taken directly from the Synthetix blog dated 25 November 2021, titled "Debt Pool Synthesis." -"...additional engineers that have joined the CC's have enabled us to maintain a delivery cadence that has been consistently high for over six months now." -"Chainlink is developing two novel oracles for the Debt Synthesis, the first oracle will read the size of the debt pool on each network and then combine these values so that both networks are in sync with respect to the combined debt pool size.|The second oracle will read the total supply of the debt shares contract described above and push the combined total supply of debt shares on both networks onto each chain." -" Though the CC's are working as hard as possible to close out each SIP and get them audited before we wind up 2021. With liquidations being enabled on L2 this week there is likely to be a push to migrate more inflation and lower the c-ratio on L2 to get some additional Synth liquidity onto the Optimism network." -"Given that the V3GM is also scheduled to be deployed for V2x governance early next year there are still a lot of changes slated for the current network. However, the V3 squad is making amazing progress on the architecture and has started development on the V3GM already so as always there are multiple simultaneous threads in play for the CC's. The last five weeks of the year are going to be incredibly busy." There was a lot to digest in his latest blog update, so it is well worth the read if you believe in the incredible potential of this platform and token, as I do. So, look at the 1-hour chart attached and mark my words here as preparation for what may come. I believe there is only upside from where we were yesterday. No, I don't predict. But I am prepared to HODL. All you can do is prepare. I bought in at $9.88 per token, but I also know if I don't sell now, I haven't locked in my losses. Good things are coming. Again, note yesterday's bottoming. Mark it on your calendar. If you bought in then or soon after, I believe you will feel like a hero by early next year. I think I will continue to add to my position (see my other posts). Good luck!
COINBASE:SNXUSDLong
by tg-l
SNX Synthetix 1D - Big Move Up ComingHello friends, today I am completing a technical analysis on the 1D linear scale chart for Synthetix (SNXUSD), a cryptocurrency altcoin. In the chart I noted: 1) Synthetix price has respected the bottom trendline since October 2020 and most recently touched the trendline and bounced off of it. It is still hovering around this area. 2) Around the end of November 2020, the price began it's parabolic move of about 600%. That move ultimately brought the price back to the bottom trendline after 234 days. Assuming from that day to 234 days into the future (Feb 2022), we could see the price once again touch the top trendline which it has not touched recently as the price has been consolidating since May 2021. 3) Assuming we begin the move upwards, that would be a 130-135% gain in Synthetix price. This wouldn't be an immediate move up as we have Support and Resistance areas to overcome. 4) Also the RSI (relative strength index) is about to potentially form a double bottom, which could drive the prices higher as shown historically. 5) If the price touches the top of the trendline and has a breakout of the long term triangle pattern, we could see a significant price upside. 6) The Volume over the past few weeks has been less, which is usually not the case. This may be a signal that a move is coming. 7) If the price breaks below the bottom trendline and stays below it for more than a few days, this idea may be invalidated. What are your opinions on this? If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
KRAKEN:SNXUSDLong
by MillionaireEconomics
3
Synthetix Exchange is now KwentaIt occurs to me as I was fielding questions from friends who follow my picks, that any outside observer who clicks on the old dot "io" domain of Synthetix may believe Synthetix as a derivatives exchange has died and withered on the vine. Nothing could be further from the truth. If you don't follow their blog, you may have missed the transitioning that is occurring and the growth of the Kwenta platform. If you type in the old Synthetix "dot" Exchange, your browser will likely take you straight to the Kwenta landing page, powered by Synthetix. It does for me, but not all browsers perform the same. That "Powered by Synthetix" phrase under Kwenta's headline, "Derivatives Trading With Zero Slippage" is your big hint. So, Synthetix is still there, still transitioning, still moving forward. And it is still an awesome project/product and looking at this chart, the time it remains on sale at bargain basement pricing may be coming to a close soon. Get you some, while you can still afford it.
COINBASE:SNXUSDLong
by tg-l
Rise of DeFi is near Let me be clear on one thing, we are in the Bull market and Altseason is happening. It is only a matter of time which one pops first. As you can see some of the big names in DeFi are consolidating for a long time. I believe all these four will need to complete another fill Fib Retracement as It has the potential, Volume, and Liquidity. If we look at their rise on summer DeFI we can guess it might happen just before BTC reach its all-time high. Guessing the ATH of BTC is another subject but I see a huge opportunity in Giant projects in DeFi that have been quite for some time.
BINANCE:BANDUSDLong
by MehranVa1992
Synthetix can still Show Growth in the Third WaveGreetings to you! On July 6, I predicted the beginning of the third wave, the idea of which is still relevant to this day. The expected superfast growth did not occur and even dragged on, which may indicate the incompleteness of wave (2). However, I stick to counting waves, where wave (3) forms itself in pieces. Wave 1 of (3) is the leading diagonal, and wave 2 of (3) is either already completed or on the verge of completion. The price crossing the key level will confirm the presence of a bull market.
Long
by Dzinsai
1
#SNX Synthetix 1D - Move comingSynthetix SNX is in a large triangle pattern but let's look at the small descending channel for now. It seems that there may be a potential breakout coming up. If SNX breaks the resistance around $13, it may get a chance to move higher. What are your thoughts? Comment below, hit the like and follow me. Thank you! Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
COINBASE:SNXUSDLong
by MillionaireEconomics
2
SNX/DEFI : Banana of BloomWhat is this chart? Essentially, it shows the performance of SNX vs an index of 25 Defi coins, such as LINK, SOL, CRV, etc. We're looking at a few things: First off, it's clear that SNX has massively underperformed the DEFIPERP index as a whole. With some rare, short-lived exceptions, it's been in a downtrend since Jan 2021. Second, notice the rounded bottom. This, alone, is an indication of a potential reversal. Yellow channel (🍌) points to increasing volatility, which would make sense given SNX' history and the extended accumulation spanning over half a year. Keep in mind this doesn't chart the price per se, but more of a strength/weakness compared to other Defi coins. What does this mean in practice? Should Defi coins go up, SNX should see more gains compared to others. Should Defi coins go down, SNX should see smaller losses. That is all, no buy or sell signals. Don't ape in. Simply a bullish bias over the upcoming months. PS: This is not financial advice.
FTX:SNXPERPLong
by SenhorCoconut
SNX/DEFI: Slumber's EndSNX is stuck in a massive 6-month long falling wedge against the DEFIPERP index and it looks like it's gearing for a breakout. I marked some areas of interest where I will be looking to rotate out of SNX in between cycles. It's hard to estimate when such targets could be reached however. Certain catalysts, like the futures launch, could send it flying in a short burst. I actually expect that SNX will continue with this pattern of spike and slow bleed over extended periods of time. It's soul-crushing, a MM recipe's for making millions repeatedly. PS: This is not financial advice.
FTX:SNXPERPLong
by SenhorCoconut
#5 | Synthetix Network Token vs Tether (SNXUSDT)I had multiple options for the last pair to share with you today, I found many mentioned in the comments section that looked good. These were CAKEUSDT and BZRXUSDT, I went for Synthetix Network Token (SNXUSDT) since we already have a trade active for this one. To spot these bullish charts, the Fibs can be very useful/important. Notice here how bullish action takes place above the 0.382 Fib. extension level, this is marked light blue. Each Fib. level here below the current price can be considered strong support. Above the current price, I call these resistance levels or targets. Since we have kind of a curve coming up from the candles, yes, I look at that... This can signal that things are about to move up. We have this curve pattern showing up, with increasing volume, bullish indicators, and prices breaking above EMA50... The rest is on the chart. Namaste.
Long
by MasterAnanda
2
Synthetix #SNX 1D - Move is comingSNXUSD 1D Chart. Possible run up to the top of the trend line? RSI and Stoch RSI seem to be ready for the move. I also presented the resistance and support area circled. Keep an eye on this. What are your thoughts? Comment below and hit the like please. Thank you! Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
COINBASE:SNXUSDLong
by MillionaireEconomics
SNX: Another week, another upgrade!Synthetix Network and Kwenta are still blasting away at upgrades, or as they call them, "SIP's" which is an acronym for Synthetix Improvement Proposal. They also give weird "star" names to their SIP releases (in order of visual magnitude) which is all good, I suppose. What matters is they are in storm mode when it comes to improving and implementing. I love it. Where this may cause some occasional turmoil in usage and possibly hinder immediate price action, I see it as further reason to hold for the long term as I continue to grow my SNX coin/token count weekly at 13.99% APY by simply holding SNX in a Celsius Network account (If you decide to join me in earning high interest there, you can earn $50 in BTC by using my referral code 189218504d). Of course, we will reap the rewards in price action eventually, but on our own timeline. I am conservatively predicting a 300 percent gain over the next 6 to 9 months. And my 13.99% yield will compound in a doubling fashion every 5 years even without any price action increases. Yes, I did the math! Patience pays well! Anyway, later today the Avior (the "star" name for SIP-182) release will implement a new upgrade on L2 only. During this release there will be no downtime on L1, but up to 3 hours of downtime L2. Here's what’s included in this release: SIP-182- Wrappr factory: This SIP creates a new WrapperFactory contract that can deploy new Wrapper contracts to support any ERC20 token. The new Wrapper contract behaves like its predecessor (the ETH Wrappr from SIP-112) and will initially include a WETH wrapper, though more Wrapprs will likely be added in the future. In layman's term, creating "wrapprs" has to do with creating synths or derivatives...potentially on anything tradable in the entire world, like Cryptos, FOREX, Stocks, Commodities, etc. Well, you get the idea; everything. This is the strength and foundational idea of the Synthetix Network (and Kwenta). If you want more info on what I am doing to generate that 13.99% in additional SNX tokens, feel free to ask in a comment.
BINANCE:SNXUSDLong
by tg-l
SNX Looking READY for Liftoff #SynthetixOn the daily charts I noticed that it appears that SNX could be forming one of the largest bull flags I've ever seen. This is not trading advice, but I'm personally long on SNX since it has yet to mark up and return to it's ATH this cycle leaving plenty of potential for gains. It's very possible that it could consolidate to gain momentum for a little longer, but eventually, SNX is going to melt faces. Additionally, Sythentix Network is an awesome project with plenty of support on the fundamental level. Best of luck on your trades and please don't risk anything you can't afford to lose (especially your sanity).
Long
by iHeartData
2
Kwenta Futures Trading Competition via Synthetix/$50,000+ prizesI posted about this back on the 19th, with little fanfare. So, in an attempt to give it the attention it deserves, here are direct quotes from their blog: "This competition will act as a demonstration of how perpetual futures trading on Kwenta will feel as we continue to refine the experience and prepare for the main net launch." "Futures ...are unique in that they are built entirely using decentralized technology with the Synthetix protocol. Traders will benefit from the deepest liquidity...zero downtime during points of volatility...permissionless product...and, eventually, futures for a wide variety of assets outside of the cryptocurrency ecosystem." "Be eligible to win part of a 50,000 sUSD prize pool and rare NFTs in prizes." "Prizes: 1st place: 15,000 sUSD + Rare NFT 2nd place: 7,000 sUSD + Rare NFT 3rd place: 3500 sUSD + Rare NFT 4th-20th place: 500 sUSD 21st-100th place: 200 sUSD NFT winners will be able to use their NFT to gain access to private groups and hidden features. All competition participants will also be able to acquire a POAP. The prizes listed above are guaranteed; however, there may be additional prizes…" "The competition will run for 1 week." "To trade synthetic assets and soon futures, visit Kwenta." Anyway, there is more info on their blog including how to get started. I hope you have fun and I wish you luck!--Garry
COINBASE:SNXUSDLong
by tg-l