Synthetix ($SNX) Crypto Forecast: Up 5.2% Today

What is Synthetix?

SNX is a cryptocurrency token associated with the Synthetix protocol, known for its synthetic asset issuance platform. Overall, the cryptocurrency market has been volatile with various tokens experiencing significant price movements.

Why is Synthetix going up?

SNX crypto is up 5.2% on May 1, 2025 16:17

• Despite the depegging of sUSD, the stablecoin of the Synthetix protocol, SNX displayed a strong bullish movement.
• The bullish movement of SNX could be attributed to positive developments within the Synthetix ecosystem or increased demand for synthetic assets.
• Investors may have viewed the depegging of sUSD as an isolated event that did not directly impact the overall value proposition of SNX.
• This divergence in price movements highlights the resilience and independent valuation of different assets within the cryptocurrency market.

SNX Price Chart

SNX Technical Analysis

SNX News

Cointelegraph Bitcoin & Ethereum Blockchain News

sUSD depeg, explained: Why Synthetix's stablecoin fell below $0.70 In a significant and concerning event in the cryptocurrency space, sUSD, the native stablecoin of the Synthetix protocol, saw its value plummet to $0.68 on April 18, 2025. This drop represents a dramatic 31% deviation from its ...

https://cointelegraph.com/explained/what-happened-to-susd-how-a-crypto-collateralized-stablecoin-depegged

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Synthetix Price History

24.03.2025 - SNX Crypto was up 5.2%

• Two major South Korean exchanges suspended Synthetix deposits due to concerns over the volatility of sUSD, a synthetic asset pegged to the US dollar.
• The Digital Asset Exchange Alliance (DAXA) flagged SNX for potential risks, leading to the suspension of deposits on the exchanges.
• The proposal of staking incentives by Synthetix to address the sUSD depegging issue shows proactive measures by the project to stabilize the synthetic asset.
• The founder issuing a warning amidst these developments indicates a commitment to addressing challenges and maintaining the stability of the Synthetix ecosystem, potentially contributing to the bullish market movement of SNX.

24.03.2025 - SNX Crypto was down 5.6%

• Suspension of SNX deposits amid volatility and investment warning may have caused uncertainty among investors, leading to a sell-off of SNX tokens.
• DAXA flagging Synthetix's SNX after sUSD depegging issue could have added to the negative sentiment surrounding the token, prompting further selling pressure.
• Synthetix's proposal of staking incentives to address the sUSD depegging problem and the founder's warning to stakers could have initially boosted SNX price by 7%, but the overall market sentiment remained bearish, overshadowing the positive news.
• The founder's tough stance on fixing the sUSD depeg issue by threatening stakers with "the stick" may have created mixed reactions among investors, contributing to the downward pressure on SNX price amidst the broader market downturn.

24.03.2025 - SNX Crypto was down 5.0%

• The bearish movement of SNX today could be attributed to concerns raised by Korea's DAXA regarding the depegging of sUSD, Synthetix's stablecoin, leading to increased uncertainty among investors.
• Synthetix's proposal of staking incentives to address the sUSD depeg issue may have initially sparked some optimism, as evidenced by the 7% price increase earlier. However, the founder's warning and use of strong language like "the stick" might have caused unease among stakers, contributing to the bearish trend.
• The continuous fall of Synthetix's sUSD stablecoin, tapping new lows, indicates ongoing challenges in maintaining its peg to the US dollar. This persistent depegging issue could be eroding confidence in the project and its associated tokens, including SNX, leading to the bearish market movement observed today.

01.04.2025 - SNX Crypto was up 5.2%

• Despite the depegging of sUSD, the stablecoin of the Synthetix protocol, SNX displayed a strong bullish movement.
• The bullish movement of SNX could be attributed to positive developments within the Synthetix ecosystem or increased demand for synthetic assets.
• Investors may have viewed the depegging of sUSD as an isolated event that did not directly impact the overall value proposition of SNX.
• This divergence in price movements highlights the resilience and independent valuation of different assets within the cryptocurrency market.

21.03.2025 - SNX Crypto was up 6.4%

• SNX experienced a bullish movement as Synthetix proposed staking incentives to address the depegging issue of its stablecoin sUSD.
• The threat issued by Synthetix founder Kain Warwick to SNX stakers to adopt the new staking mechanism could have created a sense of urgency and positive sentiment around SNX.
• The continuous fall of sUSD and tapping below $0.70 might have prompted investors to seek alternative opportunities within the Synthetix ecosystem, leading to increased demand for SNX.
• The market's positive response to the proposed solution for the depegging issue indicates confidence in Synthetix's ability to address challenges effectively, driving the bullish movement of SNX.

22.03.2025 - SNX Crypto was up 6.4%

• SNX experienced a significant 7% price increase today, following a proposal by Synthetix's founder, Kain Warwick, to introduce staking incentives aimed at resolving the depegging concern associated with the sUSD stablecoin.
• Warwick's firm approach in addressing the depegging of sUSD, which includes the introduction of a staking mechanism, appears to have boosted investor confidence in SNX, leading to the uptick in price.
• The declining value of the sUSD stablecoin, dropping below $0.70, has posed challenges for the Synthetix protocol. Nonetheless, the proactive steps taken by the team are viewed favorably as they work towards stabilizing the peg.
• Investors' positive response to the proposed solutions by Synthetix suggests optimism regarding the protocol's ability to effectively tackle the depegging issue, thereby fueling the bullish momentum of SNX.

21.03.2025 - SNX Crypto was up 5.4%

• SNX experienced a strong bullish movement likely due to the implementation of a new staking mechanism by Synthetix founder Kain Warwick to address the ongoing depegging issue of the protocol's stablecoin, SUSD.
• The threat of using "the stick" on SNX stakers who do not participate in the new staking mechanism may have created a sense of urgency and incentivized more engagement in the platform.
• The continued fall of SUSD and its struggle to maintain its peg to the US dollar could have highlighted the importance of the new staking mechanism, leading to increased confidence and investment in SNX.
• Overall, the proactive measures taken by Synthetix to address the stability of its native stablecoin may have positively influenced market sentiment towards SNX, resulting in the bullish movement observed today.

07.03.2025 - SNX Crypto was down 11.9%

• Today's bearish movement in SNX might be due to investors taking profits following significant gains.
• Comments made by the Synthetix founder on Ethereum sales decisions could have led to uncertainty among investors, resulting in a sell-off of SNX tokens.
• Market sentiment towards cryptocurrencies, coupled with external factors, likely influenced the downward trend of SNX.

06.02.2025 - SNX Crypto was down 5.6%

• SNX experienced a bearish movement today, possibly due to profit-taking after a recent price surge.
• The overall cryptocurrency market may have seen some profit redistribution, leading to SNX being one of the top losers.
• The lack of specific news about SNX suggests that its price movement could be more influenced by broader market trends rather than token-specific factors.

28.02.2025 - SNX Crypto was down 5.2%

• SNX experienced a strong bearish movement likely due to the overall market volatility and profit-taking by traders.
• The news of TD Synnex falling short of expectations in Q1 FY’25 may have negatively impacted investor sentiment, leading to a sell-off in SNX.
• The expert warning about expected volatility in US stocks could have spooked investors, causing them to move away from riskier assets like cryptocurrencies, including SNX.
• The combination of negative news in traditional markets and profit concerns in the crypto space likely contributed to SNX's bearish movement today.

20.03.2025 - SNX Crypto was up 5.1%

• SNX witnessed a positive movement possibly influenced by favorable market sentiment towards decentralized finance projects.
• The decrease in value of Synthetix's stablecoin, sUSD, might have raised concerns among investors, but the overall upward trajectory of SNX implies that the market is looking more at the platform's potential rather than short-term fluctuations in stablecoin value.
• Investors seem confident in Synthetix's risk management strategies and the durability of the platform despite challenges with its stablecoin.
• The rise in SNX value could also be linked to general market trends in the cryptocurrency space, particularly the growing attention and investment in decentralized finance projects.

29.03.2025 - SNX Crypto was up 5.4%

• SNX showed a strong bullish movement despite the stablecoin sUSD depegging and losing value.
• The suspension of Synthetix deposits by South Korean exchanges due to sUSD volatility concerns caused market worries.
• Regulatory issues and risks mentioned by the Digital Asset Exchange Alliance did not hinder SNX from rallying and displaying resilience.
• Recent events might be perceived as temporary setbacks by investors, leading to increased buying pressure and fueling the bullish movement in SNX.