Ethereum

Synthetix

Base

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/synthetix-snx-faces-significant-price-drop-amidst-crypto-market-pressures/" data-wpel-link="internal">Synthetix (SNX) Faces Significant Price Drop Amidst Crypto Market Pressures</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/current-market-overview-todays-featured-cryptocurrencies/" data-wpel-link="internal">Altcoin</a> Synthetix (SNX), as a prominent player in the decentralized <strong>crypto currency</strong> derivatives market, witnessed a significant price drop of over 20% on January 11, coinciding with the commencement of spot BTC ETFs. While grappling with pressures in the crypto asset market, the first perpetual protocol launch by Coinbase on the Ethereum Layer-2 (L2) Blockchain Base stands out as a significant development that could shape the future of Synthetix.</p> 
<h2 style="text-align: justify" id="synthetix-introduces-perpetuals-v3-on-base-blockchain">Synthetix Introduces Perpetuals V3 on Base Blockchain</h2> 
<p style="text-align: justify">By launching the first perpetual protocol on the Base Blockchain, an Ethereum Layer-2 solution affiliated with Coinbase, Synthetix has achieved a significant milestone for the decentralized crypto currency derivatives market. This step is part of a strategy to leverage Coinbase’s advantageous position to benefit from a broad user base. The integration of Perpetuals V3 into the Base Blockchain will allow for an increase in trading volume for Synthetix perpetuals across the wider Ethereum ecosystem.</p> 
<p style="text-align: justify">Notably, V3, the successor to Perpetuals V2, was launched in January 2023 and has since attracted tens of thousands of new investors by generating over $43 billion in trading volume. Synthetix is preparing to expand its offerings on Base with the upcoming launch of a new perpetual futures exchange called <strong>Infinex</strong>. This strategic move is in line with the vision of altcoin Synthetix Founder Kain Warwick to enhance competitive advantage in decentralized crypto trading.</p> 
<h2 style="text-align: justify" id="potential-turning-point-for-altcoin-synthetix-price">Potential Turning Point for Altcoin Synthetix Price</h2> 
<p style="text-align: justify">The price of Synthetix may be at a turning point after a significant drop of 35% from its December 12 peak of $4.95. Positive developments related to Perpetuals V3 have initiated a positive momentum, as indicated by the RSI, potentially triggering a bullish movement. If the bulls maintain buying pressure, the Altcoin <strong>Synthetix</strong> price could show an upward push and potentially overcome resistance around $3.00.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-307200 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/snx-cointurk.png" alt="" width="1576" height="675"></p> 
<p style="text-align: justify">Successfully surpassing this resistance could lead to a test of the 100-day Simple Moving Average (SMA) at the $3.28 level. Other targets include $3.76, which involves the 50-day SMA. Overcoming these levels could signal a change in the technical formation’s downtrend. In a positive scenario, the altcoin <strong>SNX</strong> price could enter the supply zone ranging from $3.87 to $4.53.</p> 
<p style="text-align: justify">Conversely, ongoing downward pressure could lead to a deeper decline, and the Synthetix price could fall below the 200-day SMA to $2.77, potentially breaking the channel’s lower boundary. In a more pessimistic scenario, the altcoin SNX could retreat to support at $2.31 or, in a severe downturn, reach the support base at $1.90, indicating a 40% drop from current levels.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/synthetix-snx-faces-significant-price-drop-amidst-crypto-market-pressures/" data-wpel-link="internal">Synthetix (SNX) Faces Significant Price Drop Amidst Crypto Market Pressures</a></h5>

Synthetix (SNX) Faces Significant Price Drop Amidst Crypto Market Pressures

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