Ever thought of buying real-world assets — like stocks and commodities — on the blockchain? The Synthetix network is a decentralized protocol that helps prepare synthetic assets or synths — blockchain versions of real-world assets. SNX, its native token, is currently trading at a 94.4% discount to its all-time high. But is SNX a good investment option? This SNX price prediction considers just that.
For the unversed, Synthetix was initially built on/as Havven — a stablecoin protocol — before moving to Ethereum. It now operates on Optimism mainnet in order to offer faster throughput and lower gas fees. Synthetix also supports smart contracts, eliminating middlemen in the process. Once a participant mints synthetic assets (synths) using the Synthetix network, they get SNX tokens in the process. And every time the synths get issued, the smart contracts lock up SNX as collateral.
- Synthetix (SNX) price prediction using fundamental analysis
- SNX price prediction using tokenomics
- SNX price prediction using on-chain metrics
- SNX price prediction using technical analysis
- Synthetix (SNX) price prediction 2023
- Synthetix (SNX) price prediction 2025
- Synthetix (SNX) price prediction 2030
- Synthetix (SNX’s) long-term price prediction (up to 2035)
- How accurate is the SNX price prediction?
- Frequently asked questions
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Synthetix (SNX) price prediction using fundamental analysis
Before we delve into the on-chain metrics and technical analysis of the Synthetix network, here are the fundamentals:
- It is a proof-of-stake network and, therefore, a desirable choice for enterprises that might want to move real-world funds to the blockchain.
- SNX, the native token, is ERC-20 compatible. It can therefore work with multiple crypto wallets.
- Three Arrows Capital was an institutional investor in Synthetix.
- It helps with asset creation and asset exchange using smart contracts.
- Kain Warwick is the brain behind the Synthetix Network, who started the vigil as Havven.
- Apart from Kain Warwick, the project comprises Peter McKean as the CEO and Jordan Momtazi as the COO.
Also, Synthetix has a pretty solid DeFi presence. The network currently ranks 2 in terms of TVL on the Optimism network. However, its month-on-month DeFi performance hasn’t been the best, as the TVL dipped 10.25% in the interim.
The Synthetix network looks fundamentally strong. This could have a positive impact on its overall market cap and price action in the long term.
SNX price prediction using tokenomics
SNX follows an inflationary schedule. However, the issuance curve is disinflationary. Currently, the supply is capped at 3.08 billion, of which 81% makes the overall circulating supply.
The initial issuance was in March 2018, when 1 billion SNX tokens came into existence — with 60% moving to the investors.
Also, in December 2019, Synthetix governance lowered the inflation percentage and added the same to perpetuity.
Here is what the supply of active SNX rewards to SNX stakers looks like currently:
The token economics look good, as a high percentage belongs to investors. Also, staking rewards comprise a major chunk of the token supply. Hence, if the circulating supply and market cap keep growing, so will the Synthetix ecosystem.
SNX price prediction using on-chain metrics
The Binance SNX-USDT market is popular and active. However, the funding rate associated with it has been in the negative territory for quite some time. This likely isn’t a positive sign for the short-term price of SNX.
Also, the SNX supply managed by top addresses has increased steadily, hinting at whale accumulation.
And finally, active addresses holding SNX tokens are currently higher than the July levels. This might soon start a rally at SNX’s counter, provided the market conditions support it.
SNX price prediction using technical analysis
The fundamental and on-chain insights relevant to SNX suggest long-term optimism may not be misplaced. Now, let’s consider the price charts and technical analysis. Here is a weekly chat for reference:
As the SNX token has been around since 2020, even the weekly chart gives us multiple points to plot future prices.
So let us plot the points and locate the pattern:
Finding the pattern
Notice the price of SNX is following a downward trend. However, it clearly shows that a “three drives” weekly pattern is in play. Therefore, there might be a trend reversal down the corner.
Now let us mark the high and low of the drives with alphabets.
The next high and low
Here is the marked chart pattern. With this, we can locate a pattern between the highs and the lows to project the next high.
Here is the data with the important level identifications:
A to B = -81.12% and 133 days; B to C = 193.08% and 84 days; C to D = -78.21% and126 days; D to E = 123.88% and 70 days; E to F = -83.14% and 77 days
The data (data set 1) shows that the lows and highs are rather symmetrical. They follow similar percentage drops and similar percentage hikes, respectively. Now, let us take the average value of B to C and D to E to locate the next high.
Percentage increase: 158.48 or 159%
Days from low to high: 77 days
Now, if we plot the path, we see that it was a success, as the price of SNX touched $3.554 on Aug. 29, 2022. This indicates our analysis is heading in the right direction.
We can even use the average of A to B, C to D, and E to F to find the next low, which might be in 2023.
Percentage drop: 81%
Days from high to low: 112 days
The high for the previous iteration is at $4.418 on Aug. 1, 2022. So the next low could be at $0.847, but the price of SNX respected the immediate support to flatline at $1.57. This means SNX supports key support and resistance lines.
So the next high followed the “three drive” pattern and was still a lower high. With the growth at SNX’s counter, we can expect the next set of motions to be different. Here’s how.
If you see the two encircled zones, you will notice that the one on the left is similar to the one on the right. Also, the left one started the new swing high pattern (lower highs). If we plot the resistance line, we see the highs associated with both these zones are nearly at the same level.
We can now plot the distance and price from the first high to the peak. Mark them from Z to A.
The distance is 161 days
The growth percentage is 266.15%
The pattern doesn’t make another peak but forms a bottom instead. Now, we can plot the distance and growth between the low of the first zone and the first peak.
Distance: 210 days
Peak growth: 1111.63%
From the projected low of $0.847, the 210 days and a 1111.63% growth sits at $10.255. That works in a standard crypto market.
In a bear market expected to hold through 2023, we can expect SNX to find resistance at $3.59.
Here are the two projected levels (optimistic and practical):
Synthetix (SNX) price prediction 2023
Outlook: Moderately bullish
The projected high in 2023, as per the resistance line, can surface at $3.59. However, it will still mean that SNX is in a downtrend. So, we can look for the next low using the first table.
The average value is 112 days and a drop of 81%. Let us plot the same using the high of $3.59. The low comes at $0.655. However, that would be too low. Assuming that the smart contract-driven Synthetix network keeps growing, SNX in 2023 might find support at $2.440. This coincides with the support level seen when SNX started trading.
Also, hitting that support means that the lower-low pattern gets finally defeated, setting SNX on an up-trending path. Here is the grouping that we are talking about.
Projected ROI from the current level: 125.78%
Let’s pull out SNX’s daily chart to see if the trend is really a friend and can push SNX prices higher. Well, for now, SNX is trading in a descending triangle pattern. A breakout south of the lower trendline can trigger a short-term dip.
But then, the RSI hints at a small rally courtesy of a bullish divergence. The momentum indicator suggests a higher low, whereas the price suggests a lower low. SNX might do well if it has a bullish broader market.
Synthetix (SNX) price prediction 2025
Percentage increase: 158.48 or 159%
Days from low to high: 77 days (days can increase depending on the market conditions).
We can expect SNX to move as high as $6.37 as per the SNX price prediction 2024 model.
The low can hit the immediate support level of $4.418, which was the peak of the late 2022 pattern.
That would be the low of 2024. The next high in 2025 can then be at 159% in 77 days. (the time can change depending on the crypto market conditions) The high surfaces at $11.46, but as per the resistance line of $8.76, the price of SNX might flatline there. The low can then close in on the support line of $6.781.
Here is the path to trace:
Projected ROI from the current level: 451%
Synthetix (SNX) price prediction 2030
If we use the Fib indicator using the 2024 lows and the 2025 highs, we can find the next resistance levels for the Synthetix network or the SNX tokens.
If the same growth pattern for SNX continues and users keep relying on Synthetic assets, we can expect the next price level to show at $13.729. This is the SNX price prediction for 2026. The low can retrace and go as low as the 61.8% Fib level to surface at $10.062.
By now, we can expect SNX to gain some bullish strength. Therefore, it might have the legs to go as high as 159% from the previous lows to make a 2027 high of $23.088. Do note that SNX could go as high as $27.5, keeping the 159% growth in mind (from data set 1). However, the strong resistance at $23 means that $23.088 happens to be the 2027 peak. The low could be at $19.065 — at 78.60% Fib level.
Now, we can plot Fib levels using the low of 2026 and the high of 2027.
The same growth curve places SNX at $42.14 by the end of 2028 or early 2029.
Here is the path till 2028-2029:
Now, taking the 2027 low and the 2029 high into account, the next set of Fib levels place the 2030 level at $59.26.
Here is the projected path:
Projected ROI from the current level: 3627%
Synthetix (SNX’s) long-term price prediction (up to 2035)
You can easily convert your SNX to USD
If you want to see the price of SNX beyond 2030, here is a table that traces the path till 2035:
|Year |||Maximum price of SNX |||Minimum price of SNX|
Yearly price predictions might vary depending on the bear and bull cycles. As such, it is always better to consider the SNX tokens’ average price.
How accurate is the SNX price prediction?
The SNX price prediction model takes fundamentals, tokenomics, on-chain metrics, and technical analysis into consideration. And that makes the model highly practical and in line with the market sentiments. Still, for SNX price predictions to hold, it is necessary that the ecosystem keeps growing with more synthetic assets coming into the scheme of things. SNX will need the support of the broader market to validate its stance as a good investment option.
Frequently asked questions
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