Synthetix is a decentralised liquidity protocol on Ethereum and Optimistic Ethereum. Synthetic assets are collateralised by staking SNX, enabling direct synth conversions and solving DEX liquidity issues.
With the current market movement, Smart Traders on DEX are currently seeking opportunities on this token by exploiting it's staking functions. An example could be staking $SNX to buy sBTC, sETH and other assets.
Let's us look at the bullish sentiments of these traders to see their activities among the vast market movements.
In the past 7 days, a total of 290,935.16 SNX tokens have been bought and about 28,556.24 tokens have been sold. Thus, bringing the remaining balance in holdings of Smart DEX Traders to 262,378.92 tokens, making it the second most accumulated token in the list:
$OLM
SNX
$AAVE
$MAVIA
$OMNI
Further investigation shows the strategies of the Smart DEX Traders in the last 2 months.
In March 2024, correlating with the push of $BTC , SNX has hit it's peak price of $5.00, and the SDT has taken profits multiple times around the price ~$4.75
In April 2024, currently when SNX has reached ~$2.75, the Smart DEX Traders are starting to accumulate this token again which huge number of DCA signals.
Considering the trading volume respecting the taking profits and DCA signals above.
It can be seen that the Smart DEX Traders have taken $1,080,900.86 in profits by selling 213,201.6 tokens on March 13th subsequent to the peak value of SNX.
In the last few days, the SDTs have bought 193,346.96 SNX ($631,585.87) in the price range of ~$2.75. Thus, showing strong bullish sentiment with great trading strategy.
Overall, Smart DEX Traders are showing strong bullish sentiment on SNX, expecting the price to surge, possibilities lie in the future prediction of staking volume to buy more BTC and $ETH .
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