{"id":291163,"date":"2021-07-05T15:47:22","date_gmt":"2021-07-05T12:47:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion\/"},"modified":"2021-07-05T15:47:22","modified_gmt":"2021-07-05T12:47:22","slug":"snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion\/","title":{"rendered":"# SNX hits multi-week highs as total value locked on Synthetix approaches $1 billion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348c2ec237e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348c2ec237e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion\/#VORTECS%E2%84%A2_data_turned_bullish_prior_to_new_SNX_price_highs\" >VORTECS\u2122 data turned bullish prior to new SNX price highs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion\/#Synthetix_TVL_approaches_1_billion\" >Synthetix TVL approaches $1 billion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion\/#SNX_technical_outlook\" >SNX technical outlook<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># SNX hits multi-week highs as total value locked on Synthetix <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaches $1 billion  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>SNX spiked to its three-week high on Monday in reaction to a market-wide upside correction led by Bitcoin (BTC) and other top-cap digital assets.<\/p>\n<p>The Synthetix project&#8217;s native token reached $9.59 after rising four days in a row by up to 50%. That included a sharp 18.29% upswing in the previous daily session, sparked by Bitcoin&#8217;s climb above its key resistance level of $35,000. Altcoins tend to tail the flagship digital asset&#8217;s price trends.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/3f021d25-c44b-4cf2-ba39-52f80b02c44c.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Synthetix and Bitcoin price moves in the recent sessions. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>But more factors were in play during the SNX&#8217;s comparatively higher price boom. Its jump appeared as speculators returned to bet bullishly on the overall decentralized finance (DeFi) ecosystem. The seven-day adjusted timeframe saw almost every top DeFi coin posting double-digital gains, including Uniswap (~16%), Aave (~24%), Compound (39.37%), amongst many others.<\/p>\n<p>SNX\/USD surged about 31% in the previous seven days.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/6a76ccfa-0fe2-4a7e-ba27-a3034a72abf9.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Synthetix was among the only DeFi coins in profits based on a 24-hour adjusted timeframe. Source: Messari<\/em><\/figcaption><\/figure>\n<p>Ether (ETH), which hosts most DeFi projects atop its public blockchain, also saw its ETH token rising by more than 10% in the previous seven days.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"VORTECS%E2%84%A2_data_turned_bullish_prior_to_new_SNX_price_highs\"><\/span>VORTECS\u2122 data turned bullish prior to new SNX price highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, VORTECS\u2122 data from Cointelegraph Markets Pro\u00a0began to detect a bullish outlook for SNX in early July, prior to the recent price rise.<\/p>\n<p>The VORTECS\u2122 Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> activity.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/b6e4cceb-59e8-44b8-9971-abdad66d6385.png\"><figcaption style=\"text-align: center;\"><em>VORTECS\u2122 Score (green) vs. SNX price. Source: <\/em><em>Cointelegraph Markets Pro<\/em><\/figcaption><\/figure>\n<p>As seen in the chart above, the VORTECS\u2122 Score flashed green on July 4 with a score of 64 with the price continuing to climb higher above $9.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Synthetix_TVL_approaches_1_billion\"><\/span>Synthetix TVL approaches $1 billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 50% upside move in the SNX markets also pushed the total value locked inside Synthetix pools to $11 million shy of $1 billion. Nevertheless, as the TVL reserves rallied in terms of the U.S. dollar, they declined on the SNX token basis, dropping by almost 5 million units from the July 1 high of 116.25 million units.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/37609a69-aa0b-4777-bba3-e8f48cf2551d.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>SNX locked in Synthetix pools decline as price rallies. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/defipulse.com\/synthetix\">DeFi Pulse<\/a><\/em><\/figcaption><\/figure>\n<p>In detail, Synthetix is a decentralized synthetic asset platform that provides blockchain exposure to traditional assets, including currencies, commodities, stocks, and indices. The platform requires users to lock its native token SNX as collateral into its smart contracts to back its synthetic assets (Synths). These Synths track prices of various assets, which allow crypto users to trade peer-to-contract on Synthetix Exchange.<\/p>\n<p>Additionally, users have to burn the portion of their Synths as debt when they wish to unlock their SNX. At its all-time high, in December 2020, the Synthetix smart contract had 168.37mm SNX tokens. The holdings fell to as low as 96.54 SNX tokens in February 2021. Since then, the deposits have been rising, albeit not in a straight line.<\/p>\n<p>Part of the reason behind rising Synthetix TVL could be higher annualized percentage yields (APY). For example, the SNX staking returned users with 39.30% APY as of Monday, using Synthetix&#8217;s inflationary supply model. Thus, SNX yields come out to be much higher than a traditional yielding asset (the U.S. 10-year Treasury note returning only were limited to 0.502-1.778% in the previous 52 weeks.)<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/d577660e-6f0b-47e8-9b10-48dea2685e11.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>SNX staking APY (with sUSD and SNX as base unit) is at 48.64% per annum. Source: Synthetics Official Website<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"SNX_technical_outlook\"><\/span>SNX technical outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest SNX pump has pushed its prices above a classic technical range defined by $7 support and $8.5 resistance. Historically, SNX\/USD have twice tested the area as resistance but was managed to break only once in December 2020-January 2021.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/d50ce61d-2e9a-4081-a2ab-f8660ece49cb.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The Sythentix token eyes a breakout above $10.54. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>A breakout from the range puts SNX\/USD en route to the next level of resistance near $10.54, which coincides with the 23.6% Fib line of the Fibonacci retracement setup drawn from a $27.172-swing high to $5.40-swing low. The $10.54 is near the SNX&#8217;s 50-day simple moving average (50-day SMA; the blue wave), creating a strong resistance confluence to cap the pair&#8217;s potential upside attempts.<\/p>\n<p>Conversely, a breakdown below the $7-8.5 range risks crashing SNX back to its previous sessional low of $5.40.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/snx-hits-multi-week-highs-as-total-value-locked-on-synthetix-approaches-1-billion\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# SNX hits multi-week highs as total value locked on Synthetix approaches $1 billion &#8221; SNX spiked to its three-week high on Monday in reaction to a market-wide upside correction led by Bitcoin (BTC) and other top-cap digital assets. The Synthetix project&#8217;s native token reached $9.59 after rising four days in a row by up&#8230;<\/p>\n","protected":false},"author":1,"featured_media":291164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvMDlkMjI4MGQtMWUwNC00YTg1LWI4MDItNTQwZTZmNjJlN2RhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75302,74937,74982,81262,110221,74877,99002,74868,74939,75679,75150,73785],"class_list":["post-291163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-altcoins","tag-bitcoin-price","tag-btc-markets","tag-cryptomarket","tag-decentralize","tag-decentralized-exchange","tag-decentralized-marketplace","tag-defi","tag-market-analysis","tag-market-capitalization","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/291163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=291163"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/291163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/291164"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=291163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=291163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=291163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}