The Synthetix price rose to the highest level since May 22nd as the Decentralized Finance (DEFI) industry made a comeback. The SNX coin is trading at $15.51, which is about 185% above the lowest level in June.
Synthetix is a fast-growing blockchain platform that is best known for its synthetic derivatives that are used in the DeFi industry. Its platform helps developers build synthetic assets based on existing assets like currencies, stocks, and ETFs, and other cryptocurrencies.
The Synthetix price is in a bullish trend as investors react to the ongoing platform upgrades. Earlier this week, the developers released the Mirfak update that introduced several features like depreciating EtherCollateral loans and Debt cache event consistency.
Now, another upgrade, known as The Wezen Release will be unveiled. The new release will have several features like depreciating inverse synths, depreciate low volume LI synths, and removing some synths like sCEX and iCEX. In most cases, the prices of cryptocurrencies tend to rise ahead of a major upgrade.
The SNX price is also rising as the total value locked in the platform jumped. According to Defi Llama, the TVL rose to more than $1.9 billion, which is remarkable since it was below $1 billion a few months ago.
Synthetix price forecast
The daily chart shows that the SNX price has risen in the past six consecutive days as demand for the coin has risen. Notably, it rose above the important resistance level at $14.6947, which was the highest level on August 21st. It also moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, the path of the least resistance for the SNX price is to the upside. The next key level to watch will be $20, which is about 30% above the current level. This view will be invalidated if the price moves below the key support at $13.