Veteran Crypto Investor Predicts Big Move for Ethereum-Based Altcoin
Arthur Cheong, a crypto investor, and the founder of DeFiance Capital, is predicting a massive upward move for one altcoin project that operates on the Ethereum (ETH) network. Synthetix (SNX), a decentralized finance (DeFi) protocol, is the project in question. Cheong, who has 153,300 followers on the social media platform X, expects SNX to surge by more than 75% from its current value. Holding a bullish sentiment, he anticipates SNX prices to reach to $6, mentioning that it has no major resistance in getting to $4. Cheong notes that the smaller number of circulating coins means that even a few big buys could trigger a substantial rally for SNX, which also enjoys over 70% of its total supply staked. SNX is currently trading at $3.42, recording a 0.8% drop in the last 24 hours.
“We are most bullish on decentralized derivatives. When you look at all the numbers, it points at the derivatives trading sector as the biggest market in crypto. I think the annual revenue generated by derivatives trading in the space is probably $10 to $15 billion in current market conditions.”
Hot Take
Cheong’s prediction of a 75% surge for SNX on the Ethereum network underscores the potential for profitability in altcoin trading and the decentralized derivatives trading sector. Whether SNX will indeed reach $6 remains to be seen, but Cheong’s forecast is backed by a strong analysis of the project’s tokenomics and market dynamics. As always, it’s crucial for you to conduct your research and exercise caution when trading altcoins.
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