The Synthentix Network price has been on a steady increase recently. The SNX price has jumped from below $2.4 in November last year to the current $21.32. It rose by more than 20% in the past 24 hours, bringing its total market cap to more than $2.49 billion, making it the 20th biggest crypto project in the world.
The background: Synthetix is one of the biggest DeFi projects in the world. It has more than $2.18 billion of total value locked (TVL), making it the 7th-biggest project and the biggest player in derivatives.
Synthetic describes itself as a “synthetic asset issuance protocol built on Ethereum. These assets are collateralized by the Synthentix Network Toke (SNX). When locked in a contract, the token enables the issuance of synthetic assets known as Synths.”
In the past few months, inflows into the network has been on a steady increase as shown by the trend of the TVL. If the trend goes on, there is a possibility that they will pass their all-time-high of $2.48 billion.
Synthentix TVL
So, is the SNX a buy?
Synthentix Network price technical outlook
On the daily chart below, we see that the SNX price has been on a steady increase lately. And yesterday, it rose to an all-time high of $22.58. This trend was in part due to the overall strong performance of other DeFi projects. For example, the price of Aave, Maker, Compound, and Sushiswap has all risen in the past 24 hours.
The SNX price is still above the 25-day and 15-day exponential moving averages while the Relative Strength Index (RSI) is showing signs of a bearish divergence. Therefore, while the price may continue rising, we cannot rule-out another healthy correction in the near term.
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SNX price chart
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