Market Insights: SNX
Synthetix (SNX) has recently broken through a three-year descending wedge pattern, surpassing the upward trend line at $2.09, pushing the price up to $3.33. The current price is around $3.2, testing a key resistance area.
If SNX successfully breaks through the resistance level at $3.46, it may initiate a new bullish cycle. Analysis indicates that this breakout could push the SNX price to two key resistance levels at $5.13 and $8.17, suggesting a potential appreciation of up to 150% from the current price.
In the long term, if the upward momentum is maintained, SNX could further challenge $15.94, completing a strong reversal from the lows.
