Synthetix Network Token embarks on an uptrend targeting $6 amid improving on-chain metrics


  • Synthetix Network Token rebounded from support at $3.3 to deal with an uphill battle at $5.
  • The bullish technical picture targets $6, while the strengthening on-chain metrics could support the breakout.

Synthetix Network Token (SNX) rallied 137% from the lows traded in November at $2.5 but hit a high at $6 last week. The market instability last week saw the token dive to $3.3 before the ongoing recovery came into the picture. A break past the resistance at $5 might elevate SNX beyond $6.

Synthetix Network Token bounces off critical support

At the time of writing, Synthetix is trading at $4.8 amid the growing bullish grip. The recovery has been validated following a spike above the 50 Simple Moving Average, 100 SMA and the 200 SMA.

If Synthetix closes the day above the confluence formed by the 100 SMA and the 200 SMA, the spike to $6 might begin to materialize. Another bullish indicator would be the golden cross pattern if the 100 SMA crosses above the 200 SMA in the same 12-hour timeframe. Similarly, the Relative Strength Index is moving towards the overbought region, emphasizing the bullish grip.

SNX/USD price chart

SNX/USD price chart

On-chain metrics validate the ongoing uptrend

Santiment’s holder distribution chart shows that whales have begun to buy more SNX in anticipation of near term price growth. For instance, addresses holding between 100,000 and 1 million SNX increased by two from 114 on November 27 to 116 on November 30.

On the other hand, addresses containing between 10,000 and 100,000 coins rose from 623 on November 27 to 660 on November 30, representing a 5.6% increase. In other words, the volume moved by the whales seems strong enough to keep Synthetix in the uptrend.

Holder distribution chart

Synthetix Network Token holder distribution chart

The active addresses metric, which measures network activity in 24-hour periods, is beginning to look positive. Usually, growth in this metric tends to lead the price upwards. Therefore, if the spike continues, there is a likelihood of Synthetix continuing with the anticipated uptrend.

SNX active addresses chart

Active addresses chart

On the downside, it is worth mentioning that the bullish outlook will be invalidated if the price corrects below the 100 SMA and the 200 SMA confluence support. Besides, closing the day under the immediate hurdle at 45 might encouraged more sellers to join the market in an attempt to pull SNX to lower levels targeting $3.3 (last week’s support).


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP