Synthetix Rises: What’s Driving the SNX Bullish Run?

• Synthetix secures the top gainer spot on CoinMarketCap, drawing investor attention.
• Synthetix’s recent updates, including the Andromeda release, strengthen its DeFi protocol.

Synthetix (SNX) has recently received a lot of attention from investors, taking the top rank among notable cryptocurrency gainers on CoinMarketCap. At the time of writing, the token has risen more than 13% to $1.93, extending its bullish trend with a 24.40% increase in the previous seven days.

This outstanding performance is related to the protocol’s capacity to create synthetic assets on the Ethereum blockchain, demonstrating its better performance across many major exchanges. With Bitcoin’s recovery over its significant resistance level of $60,000, the overall cryptocurrency market is also improving.

Analyst Predicts Major Bullish Surge for Synthetix After Breaking Downtrend Line

Highlighting this amazing jump, prominent analyst World of Charts tweeted that the SNX’s price movement corresponds to his projections.

$Snx

Moving As Expected & Running In Almost 10% Profit Expecting Descending Channel Breakout Too#Crypto #Snx #Synthetix https://t.co/MAbMuOFszA pic.twitter.com/Nl8xBeQAJn

— World Of Charts (@WorldOfCharts1) July 15, 2024

According to the chart he shared, the SNX has crossed its downtrend line and is predicted to reach the top boundary of a Descending Channel pattern on the 12-hour chart. If this bullish narrative plays out as expected, the analyst anticipates a big bullish surge that might take the SNX price beyond $5.5.

Previously, CNF reported that Arthur Cheong, CEO of DeFiance Capital, is still bullish about three altcoins: Synthetix (SNX), Aave, and Axie Infinity.

Cheong believes DeFi can provide novel techniques that outperform standard fintech solutions. He emphasizes that DeFi protocols, such as Synthetix, allow users to generate and exchange synthetic assets directly on the blockchain, removing intermediaries and improving efficiency.

Furthermore, by the end of 2023, Synthetix had made great progress by releasing Andromeda, Core V3, and Perps V3 concurrently. These changes attempt to strengthen the protocol and solidify its place in the DeFi arena.

As Synthetix gathers traction and performs well, it remains a focus for investors and analysts alike, with further advancements and possible gains expected in the near future.