Synthetix May Dive towards $1.00
Synthetix (SNX) is experiencing a volatile period, dropping by 1.1% to $1.700. This decline comes after the token had surged by 6.0% to $1.837 on July 29. The upward momentum was halted by concerns over a potential $2.0 billion Bitcoin sell-off by the U.S. government. This anxiety was fueled by Arkham Intelligence's report that a wallet, identified as belonging to the U.S. government, transferred $2 billion worth of Bitcoin to an unidentified wallet on Monday.
Bitcoin (BTC) reacted sharply to the news, losing 2.5% to $65,900, which in turn affected the altcoin market, including SNX. The altcoin had recently broken through the resistance of a downtrend and was gearing up to surpass the $2.00 resistance level. However, this progress was interrupted, leaving SNX's future direction uncertain.
Currently, the chances for both a downside and an upside move are equal. If the broader crypto market continues its downward trajectory, SNX could potentially drop to the $1.00 support level.
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