$SNX Synthetix Network Token (SNX) Crash Alert! This bear market shows no signs of ending!

Brothers, take a look at this dreadful K-line chart! SNX has plummeted more than 95% from its glorious peak in 2021! Once a star project in DeFi, it has now fallen into obscurity. Grayscale has been reducing its holdings of SNX while increasing its holdings in other cryptocurrencies.

Technical Analysis:

Death Spiral: In the long term, SNX is in a clear downward channel, with every rebound unable to break past previous highs, instead continuously setting new lows.

Shrinking Volume: During the decline, trading volume has consistently shrunk, indicating heavy selling pressure and a lack of market interest.

Support Level Breakdown: The former support level of 1.954 has been breached, and there is no obvious support below, indicating significant downward potential.

Fundamental Analysis:

DeFi Boom Cooling: As the DeFi market cools down, SNX, as one of the leaders in DeFi, is also unable to escape its fate.

Increased Competition: New DeFi projects are emerging one after another, gradually weakening SNX's competitive edge.

Lack of Innovation: The SNX project is progressing slowly, lacking new application scenarios and technological breakthroughs, making it difficult to attract new investors.

Summary:

SNX is currently in an extremely weak position, with no favorable factors evident in either technical or fundamental analyses. It is advised that investors hold cautiously or even cut losses in a timely manner; do not fantasize about bottom fishing! This bear market may last longer than you think!