SNX Reaches 15-Month-High Amidst Divergence
If you have been keeping an eye on Synthetix, you might want to take note that the digital currency 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 notice of “Perps V3.”
In the previous day, Synthetix has surged by 20%, and in the previous 30 days, there has been an 80% increase. It is as of now currently worth $3.58 with a market cap of $1.03 billion, making it the 53rd- largest digital currency in the market.
During this increase, the 24-hour volume of trading of SNX has surged by 138%, reaching $168 million.
Price-DAA Divergence and Whales Activity
The DAA divergence of Synthetix has decreased to negative 24%, indicating probable manipulation by large whales and in the end showing a sell signal. In addition, the notice of the “Perps V3” launch might have contributed to the upward momentum, introducing new features like multi-collateral and other liquidation upgrades.
According to Santiment, whale activity has significantly increased, with at least $100,000 worth of SNX transactions growing from 3 to 10 trades in the previous day. This surge is likewise 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 as of now 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” notice have set the stage for an intriguing period ahead. With the capacity for whole lot of impacts from whale activity and price movements, it’s essential to stay updated on upcoming developments and their probable implications for SNX’s performance in the cryptocurrency market. Keep an eye on market intelligence data, particularly regarding DAA divergence and open interest to win insights into the market sentiment surrounding SNX.
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