Market Depth Observation: SNX

Synthetix (SNX) has recently achieved a significant breakthrough, successfully breaking out of a descending wedge pattern that lasted for three years.

The token broke through the uptrend line at $2.09, with the price climbing all the way up to $3.33, and currently hovering around $3.20 while testing a key resistance area.

If SNX can successfully break through the $3.46 price level, it is very likely to enter a new bullish phase. Analysis indicates that such a breakout might guide SNX towards subsequent resistance levels, such as $5.13 and $8.17.

If this is the case, the potential gains compared to the current price could be close to 150%, which is undoubtedly a very considerable increase.

From a longer-term perspective, if this upward momentum can be maintained, SNX is expected to target the price level of $15.94, completing a comprehensive bullish reversal from previous price lows and demonstrating a strong upward trend.

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