SNX Reaches 15-Month-High Amidst Divergence
If you have been keeping an eye on Synthetix, you might want to take note that the cryptocurrency has reached its highest point in 15 months, a level last seen in August 2022. Even with this notable achievement, there is a divergence between price and daily active addresses (DAA) that may indicate a sell signal following the announcement of “Perps V3.”
In the last 24 hours, Synthetix has surged by 20%, and over the past month, there has been an 80% increase. It is currently trading at $3.58 with a market cap of $1.03 billion, making it the 53rd-largest cryptocurrency in the market.
During this increase, the 24-hour trading volume of SNX has surged by 138%, reaching $168 million.
Price-DAA Divergence and Whales Activity
The DAA divergence of Synthetix has dropped to negative 24%, indicating potential manipulation by large whales and ultimately showing a sell signal. Additionally, the announcement of the “Perps V3” launch might have contributed to the upward momentum, introducing new features like multi-collateral and other liquidation upgrades.
Exciting news! Perps V3 is on the horizon, set to build upon the remarkable success of V2. Get ready for its upcoming launch on @BuildOnBase via the Andromeda Release.
V2 brought a paradigm shift to onchain perps, focusing on risk management and introducing now-standard features… pic.twitter.com/z2a7U9N4nv
— Synthetix ⚔️ (@synthetix_io) November 19, 2023
According to Santiment, whale activity has significantly increased, with at least $100,000 worth of SNX transactions rising from three to ten trades in the last 24 hours. This surge is also reflected in the asset’s total open interest, which has gone up by 58% from $28 million to around $44.3 million.
Short-Position Dominance and Binance Funding Rate
The Binance funding rate for SNX currently stands at 0.01%, indicating the prevalence of short-position holders for now. It remains to be seen how this will affect future price movements, as the exact amounts of short and long positions are not yet clear from the total open interest.
Hot Take: What Lies Ahead for SNX?
Synthetix’s recent surge and its “Perps V3” announcement have set the stage for an intriguing period ahead. With the potential for significant impacts from whale activity and price movements, it’s essential to stay updated on upcoming developments and their potential implications for SNX’s performance in the crypto market. Keep an eye on market intelligence data, particularly regarding DAA divergence and open interest to gain insights into the market sentiment surrounding SNX.
By
By
By
By
By