Ethereum

Andromeda

Core

Synthetix

The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to <a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow">Coingecko</a>, the broader crypto market is down nearly 3% as major cryptocurrencies like <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">Bitcoin</a>, <a href="https://www.coingecko.com/en/coins/ethereum" rel="nofollow">Ethereum</a>, and <a href="https://www.coingecko.com/en/coins/xrp" rel="nofollow">XRP</a> drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.&nbsp; 
Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data <a href="https://www.coingecko.com/en/coins/synthetix-network-token" rel="nofollow">shows</a> that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.&nbsp; 
<h2 id="b-big-things-coming-for-synthetix-b">Big Things Coming For Synthetix</h2> 
Although SNX isn’t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto. 
Last week, Synthetix <a href="https://x.com/synthetix_io/status/1735734268624609719?s=20" target="_blank" rel="noopener nofollow">announced</a> on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.&nbsp; 
Andromeda Release is the implementation of the Perps V3 which, according to their <a href="https://blog.synthetix.io/perps-v3-features-release-explainer/" rel="nofollow">recent</a> blog post, is focused on enhancing trading efficiency, usability, and resilience on the network. It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more.&nbsp; 
<blockquote class="twitter-tweet"> 
 Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like <a href="https://twitter.com/ethena_labs?ref_src=twsrc%5Etfw" rel="nofollow">@ethena_labs</a>! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/72QmySbAfb" rel="nofollow">https://t.co/72QmySbAfb</a> 
 Check out the TLDR and read the blog post to learn more. – Perps V3… <a href="https://t.co/YbsFjj0Hnt" rel="nofollow">pic.twitter.com/YbsFjj0Hnt</a> 
 — Synthetix <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2694.png" alt="⚔" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@synthetix_io) <a href="https://twitter.com/synthetix_io/status/1735734268624609719?ref_src=twsrc%5Etfw" rel="nofollow">December 15, 2023</a>
</blockquote> 
The biggest add-on from the update is the deployment of Core V3 and Perps V3 on the Ethereum mainnet.&nbsp; 
“The Core V3 + Perps V3 release on Ethereum Mainnet represents a significant evolution for Synthetix, targeting medium to large traders and protocols in need of perps on L1,” the Synthetix team said in their blog post.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/iXTLp5cW/" width="2475" height="1163"> 
<h2 id="b-more-pain-on-the-crypto-front-b">More Pain On The Crypto Front?</h2> 
Disregarding the positive internal news for SNX, the market has other plans for the token. As of writing, the bears are coming out strong, wrestling SNX bulls on the $3.59 price level. If the bears are successful in solidifying their gains, more pain could be in store for traders and investors.&nbsp; 
However, the upcoming implementation of Perps V3 might be able to offset this as it focuses on medium to large-scale whales to become active on the platform, thus driving more throughput to the network; but investors and traders shouldn’t disregard the broader market before making a decision.&nbsp; 
Right now, the market is entering its cool-down phase with cryptocurrencies reverting to more sustainable price levels. For SNX, that level is around the $3.287 price point. Once the bears hit this level, the bulls will be able to regain some ground, stabilizing the price on this level in preparation for a bigger breakout. 
Featured image from Shutterstock

Synthetix (SNX) Drops 18% As Crypto Market Cools Down – Details

Table of Contents

NewsBTC

Other articles published on Dec 18, 2023

The Evolution Begins: StrikeX Launches Ultimate Crypto-Crypto Swaps Experience with Swaps V2 Wall...

Tether Preparing To Give FBI Access to Firm’s Platform After Onboarding U.S. Secret Service: CEO ...

Injective Price Jumps Despite Bearish Sentiment! INJ Price To Record 10% Jump?

BONK Emerges as the Dark Horse of 2024: A New Meme Coin Rivaling Shiba Inu and Dogecoin

Bitcoin ETF On The Verge Of Approval? Bitwise’s Latest Ad Suggests Impending Deadline Success

Biggest Crypto Gainers Today on Uniswap – METIS, INJ, OX

Join our free newsletter for daily crypto updates!