$SYN is now priced at 0.6554, up 90% in two days. Is it going to turn around?
It recently launched a new protocol TLX that supports leveraged trading, and TLX was announced only two days ago, and the value of leveraged tokens traded exceeded $400 million. I heard that Synthetix is still developing new perps integrators. It seems that the demand for SNX in the Synthetix ecosystem may increase.
But looking at the performance of SNX in the past five months, it has been falling. The current price is $0.65, which is 68% lower than the high of $1.98 in March.
Has the current price bottomed out? The data on the chain is quite interesting. Now, 98% of the addresses holding SNX are losing money, and only 0.76% are making money. This shows that at this price or lower, no one is willing to buy. Moreover, in the past eight months, the number of people holding SNX for a long time has decreased by 37.83 million. However, retail investors have bought 490,000 SNX.
Does the fact that retail investors have started to buy mean that market sentiment is changing? Not necessarily. Unless big players and investors also start buying, SNX may still be difficult to turn around.
The crypto market experienced a sharp drop on August 5, and the altcoins generally fell back by 40%. Many fans' assets were halved. The detectives were also deeply saddened and regretful. Next, I will prepare some coins suitable for bargain hunting and put them in my "Return Plan". If you get lost, come and find the way → "Click to receive the return plan"
