Synthetic analysis (SNX); Where is the next price target after 130% growth?

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The price of Synthetics (SNX) has grown by more than 130% over the past month and is currently in the range of $1.58. The data also shows that in the last 24 hours, about 57 million dollars of new capital entered the SNX market, which was a combination of increased liquidity in the spot and futures markets of this cryptocurrency. The volume of daily transactions has increased by 42% and has reached 335 million dollars.

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The increase in demand coincides with the start of a new trading competition on the Synthetics 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 control of the market for now. From a technical point of view, the next resistance of SNX is at the level of $1.9.