Synthetic analysis (SNX); Where is the next price target after 130% growth?
The increase in demand coincides with the start of a new trading competition on the Syhetics platform, which has a $1 million prize for the top 100 traders. Also, the Total Locked Value (TVL) of the network has increased by about $20 million and reached $194 million, which indicates that investors have more confidence in the long-term stability of the protocol.
On the other hand, data shows that about $8.5 million worth of SNX has been sold in the spot market over the past two days. However, the liquidation of short positions over the past day and night shows that buyers are in corol of the market for now. From a technical poi of view, the next resistance of SNX is at the level of $1.9.
