Synthetix Is Seen Further Up
Synthetix (SNX) has surged by 15.0% to $1.720 this week, significantly outperforming the broader market. In comparison, Bitcoin (BTC) has risen by 2.6% to $64,320.
SNX broke through the resistance of a falling wedge pattern at the end of August, signalling a potential reversal. A double-bottom pattern has also formed since April 3, with prices retesting the downtrend resistance in early August. From a technical perspective, this setup presents several strong bullish signals for further upside.
Fundamentally, Synthetix has also made significant strides with the recent launch of its TLX protocol in August, which enables leverage trading, and the introduction of SNAXchain, an application that facilitates cross-chain liquidity. These developments bolster the project's long-term potential, with SNX prices eyeing $2.000 as the first target, and potentially reaching $3.000.
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