Synthetix Network (SNX) Price Prediction for 2024-2025

Cryptocurrencies have occupied the minds of most investors and financial analysts. The phenomenon of digital assets is now on every step; only a lazy and completely financially illiterate person does not talk and think about cryptocurrency. The number of fans of cryptocurrencies is increasing day by day. 

When people hear about cryptocurrencies, they immediately imagine Bitcoin or Ethereum, but the concept of cryptocurrencies is much broader and new varieties and subspecies of digital assets appear daily. For example, such as tokens.

A token is a means of accounting for the owner’s digital assets, or in other words, an analog of securities. There are now many different types of tokens that are worth and valuable on the market. There is also such type of tokens as synthetic assets, which is Synthetix.

What is Synthetix Network (SNX)?

Synthetix cryptocurrency is software that allows users to create new crypto assets that mimic tangible assets (such as the U.S. dollar) and crypto assets (such as Bitcoins). 

Synthetix, one of a number of emerging decentralized financial (DeFi) cryptocurrencies, provides this service through a code only, without needing a financial intermediary. Instead, Synthetix is simply a set of smart contracts running on the Ethereum blockchain. This means that Synthetix users do not need to trust a particular institution or person to manage the crypto assets they create. They just need to trust that their code will work as written. Synthetix cryptocurrency can generate these new assets through a process called collateral. To secure an investment in Synthetix, users must purchase their cryptocurrency SNX, which, after entering into a special contract, can be used to create these new assets (called synthesizers). 

For instance, a synthesizer designed to mimic the value of the U.S. dollar is called sUSD. Another synthesizer to mimic the Bitcoin Price is called sBTC. However, synthesizers can be created for any asset, whether it is a commodity such as gold or silver, or money such as the euro or the Korean won. Synthesizers can then track the value of other assets using special data feeds called oracles, which allow users to profit or lose in those markets.

Synthetix Network (SNX) Technical Price Analysis

SNX/USD is currently showing a strong bullish trend. The first bullish target was located at 2.72 USD. The bullish momentum was boosted by a breakout of this resistance to the current February 4, 2023 -$2.83 USD. Buyers would then use the next resistance, located at 2.87 USD, as a target. Overcoming it would allow buyers to target the $3.48 USD level. Be careful, given the powerful bullish rally, excessive efforts could lead to a possible correction in the short term.

SNX Tokenomics

SNX has a total supply of 308 million coins, 81% of which are in circulation (approximately 249.9 million SNX). The utmost SNX value of $28.77 was recorded on February 14, 2021.

Synthetix’s native stablecoin is sUSD, and its value is directly related to the U.S. dollar, which the token is backed by. It is used to trade synths, although it is a synthetic asset. The biggest supply is limited to 142.4 million coins, but there are currently 56 million sUSD circulating in the network.

Synthetix Network (SNX) Overview

Synthetix Network Token is an Australian company founded in 2016. It is a stablecoin development project. Synthetix Network Token is a protocol for issuing synthetic assets and runs on the Ethereum blockchain. The project developed the idea of stablecoins by adding the ability to create a digital copy of any asset – both fiat currency and, for example, precious metals. In this case, the value of the synthetic asset is linked to the price of the real asset. Synthetix launched its own trading platform. 

The main idea of the project is to popularize cryptocurrencies and simplify the process of investing in physical assets. Thus, by buying a token, the trader receives profit from real assets (e.g., precious metals or fiat currencies). 

This project has released two digital assets:  

1. Synths, a digital asset tied to real money and precious metals.
2. Synthetix Network Token – a digital asset with the task of providing liquidity in the system.

Synthetix.Exchange and how does it work

Synthetic assets on the Synthetix platform are a kind of projection of the value of other digital currencies and objects, which can be possessed without owning the underlying assets. Synths are backed by the Synthetix token (SNX), which is in a locked state with a pledge ratio of 750%.

Synthetix trading has several positive aspects compared to conventional decentralized or centralized crypto exchanges:

• Reduced transaction costs.
• Countering censorship.
• Increased ability to access certain assets.
• Transactions are made with a smart contract (with no order creation option). This type of trading is called peer-to-contract (P2C). The result is unlimited liquidity throughout the pool.

Currently supported synths are as follows:

• Cryptocurrencies. Tokenized projections of various digital currencies: sBTC, sETH, sBNB, etc.
• Inverted cryptocurrencies. For instance, iBTC. The essence of them is that they display inverse rates of cryptocurrencies. If the value of Bitcoin goes down, iBTC goes up and vice versa.
• Precious metals. Tokenized silver and gold (takes the value of 1 ounce).
• Fiat currencies. sEUR, sUSD.

The architecture of the network is based on the issue of synths. A specialized mechanism has been developed for this purpose. Synthetic assets are available for issuance by the owner of SNX tokens, using them as collateral at a minimum of 750%. The issuance is done through a smart contract. At this point, the user’s debt (the price of the generated synths) is placed in a dedicated registry. Synthetix uses a currency basket to ensure the stability of the value of the debt; connected decentralized oracles help find out the prices.

Once an SNX holder is assigned debt, the smart contract must issue a marked volume of synths and transfer them to the participant’s balance sheet. Thereafter, if the value of the SNX increases, the tokens are automatically unlocked in the amount required to match the increase in price. The released tokens can be pledged again, if desired, to release additional synths.

The purpose of an SNX token

So-called synthetic assets are formed when users place their own SNX tokens in a dApp called Mintr, against collateral. Right now, synths are 750% secured by SNX tokens, but this is not the final value; it may change up or down in the future. In order to release their tokens from the collateral, a user must repay the debt by burning the synths.

SNX token holders are rewarded for their support of the system in two ways:

• Commissions from exchange transactions on the exchange. A 0.3% commission is deducted from every transaction, which goes to the commission pool. Members of the network receive weekly remuneration, which is proportional to their share of participation.
• Inflationary monetary policy. There is a planned annual reduction in issuance from 03.2019 to 03.2024.

All participants of the system represent a single counterparty for all trading operations using synthetic assets and transfer all risks of the total debt of the system on their shoulders and are therefore entitled to commissions.

Synthetix Network (SNX) price prediction

SNX Price Prediction for 2023

Based on historical Synthetix Network price data, CoinarbitrgeBot foresees that the Synthetix Network Rate could be $6.54299 at the end of 2023. As per PricePrediction`s technical analysis, the Synthetix rate could peak at $4.37 in 2023 with an average trading value of $3.73. Coin Price Forecast`s SNX coin price prediction for the end of 2023 is $3.40.

SNX Price Prediction for 2024

CoinarbitrgeBot`s SNX crypto price prediction for 2024 is approaching $13.0415. PricePrediction`s Synthetix network token price prediction for 2024 is estimating the highest possible level of $6.31 with an average projected rate of $5.42. Coin Price Forecast believes that In the first half of 2024, Synthetix finish the year at the rate of $4.32.

SNX Price Prediction for 2025

Price Prediction admits in its 2025 forecast a maximal Synthetix rate of $7.76. at a midpoint trading rate of $8.03. DigitalCoinPrice SNX price prediction 2025 is expected to overwhelm the mark of $8.82 and is capable of getting a maximum level of $9.74. Coin Price Forecast`s Synthetix network token price prediction 2025 equals $5.00.

SNX Price Prediction for 2026

Technewsleader`s SNX token price prediction for 2026 ranges between $11.86 and $13.43. 

Price Prediction gives a similar forecast for the next 3-4 years in the range of $11.37-$13.47.

Digital Coin Price’s forecast shows an SNX maximum level of $11.81 for this year.

FAQs

Is SNX a Good Investment?

Yes, it is, DeFi has a future. Decentralized finance (DeFi) projects have been gaining momentum in recent years as a growing number of people are learning about the potential of using blockchain technology to create an open financial system. With the advent of cryptocurrencies, investors are increasingly interested in DeFi projects and looking for ways to capitalize on this trend.

The DeFi space is still in its early stages, with new projects popping up every day, making it difficult to determine which ones will be successful in the long run. Nevertheless, there are some top 10 DeFi projects that have a high potential for success in 2023. These include MakerDAO, Aave, Synthetix, Compound, Curve Finance, Kyber Network, Uniswap, 0x Protocol, Balancer, and Chainlink.

Synthetix Network Token or SNX is indeed a very interesting and unique cryptocurrency, especially when it comes to decentralized finance projects (DéFi). At the end of 2022 it occupied the third place among the biggest ones.

In the opinion of many crypto specialists, with the Synthetix price forecasts for 2025 and 2030, investing in the latter is a good idea.

Indeed, if we look at the cryptocurrency’s price growth margin, traders and investors can see that the value of their investment will double by the end of the year.

How High Can SNX Coin Go?

Due to the analysts, the price of SNX crypto Synthetix can move to a higher level as an asset in 5-7 years. The bullish outlook for the Synthetix price by 2025 amounts to $9.01 and SNX price prediction 2030 ranges between $11.58 and $31.7. Technewsleader believes that SNX will be worth $79.05 in 10 years. However, from the bearish perspective market price forecast for Synthetix in 2023 is $2.06.

Should I Invest in SNX?

Some experts believe that the Synthetix platform is as close as possible to the vision of cryptocurrency offered by Satoshi Nakamoto. The project’s token provides a fairly wide range of opportunities within the ecosystem and is considered a promising asset. In this year’s bearish market, the token has fallen 91.7% from its all-time high. And such a figure was one of its weakest in recent times, but it is too early to lose confidence in this token. Synthetix is a decentralized trading ecosystem that was created on the Ethereum network. There is every reason to believe that the token will return to an active growth phase very soon. However, it is important to note that the cryptocurrency market is very unstable, and any investment should be carefully considered before making it.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.