Market Stats and Forecasts
Synthetix Network Description
The SNX token is the backbone of Synthetix, which is a decentralized finance protocol built on the popular Ethereum blockchain. This network was launched in September 2017 by Kain Warwick. Synthetix permits users to trade and create synthetic assets that reflect the value of real-world assets like commodities, stocks, synths, and fiat currencies. Now, the question is how this network works. This network gives opportunities to buy and sell assets like traditional exchanges directly, but it utilizes a unique collateralized system powered by SNX. In this process, to create a synth one must lock up certain amount of SNX tokens in smart contracts.
That locked SNX serves as collateral and helps in the stability of the synth ecosystem. Now the question is, what’s the benefit of Synthetic assets? There are several benefits of these assets; with the help of synths, users gain exposure to different assets without holding them directly, which eliminates complexities like managing foreign exchange and physical assets. These assets also help to increase the liquidity of the SNX token which will make the trading process smoother. When it comes to the role of SNX tokens, you will get several use cases such as these tokens act as collateral for mining synths. The SNX holders can stake these tokens to earn rewards from the network fees and participate in the governance of the Synthetix protocol. Synthetix uses proof-of-stake (PoS) consensus mechanism where stakes play an important role in providing security to the network.
The growing demand for SNY tokens attracts users who want to purchase tokens. Most users are confused about choosing the best exchange where they trade SNY tokens safely. Binance is one of the most reliable exchanges for trading SNX tokens. If users are looking for alternatives, then they can trade on other exchanges like Uniswap, Coinbase Pro, and OKEx.
Forecast Based on AI Model
Drawing insights from our analysis that integrates historical price movements of Synthetix Network, Our analysis, guided by the machine learning experts, yields forecasts for Synthetix Network price trajectory up to 2024. With a comprehensive understanding of Synthetix Network historical price movements and utilizing advanced algorithms, our team has derived predictions with a mean absolute error (MAE) value of 3 and an error value of 0.76%.
For the year 2024, our analysis indicates a projected yearly low of $3.03, with the high anticipated to reach $4.42. These forecasts are the outcome of a comprehensive approach designed to provide investors with reliable insights for strategic decision-making.
Prediction Table based on AI Model
| Date | Low | Average | High | ROI |
| 2024-09-20 | 3.13 | 3.23 | 3.32 | 7.91 |
| 2024-09-21 | 3.17 | 3.24 | 3.33 | 10.28 |
| 2024-09-22 | 3.2 | 3.34 | 3.47 | 11.49 |
| 2024-09-23 | 3.3 | 3.37 | 3.44 | 13.95 |
| 2024-09-24 | 3.41 | 3.45 | 3.52 | 16.45 |
| 2024-09-25 | 3.41 | 3.48 | 3.56 | 17.73 |
| 2024-09-26 | 3.41 | 3.48 | 3.56 | 17.73 |
| 2024-09-27 | 3.34 | 3.48 | 3.62 | 16.44 |
| 2024-09-28 | 3.45 | 3.52 | 3.59 | 19.00 |
| 2024-09-29 | 3.45 | 3.52 | 3.59 | 17.69 |
| 2024-09-30 | 3.41 | 3.52 | 3.66 | 17.69 |
| 2024-10-01 | 3.45 | 3.52 | 3.59 | 17.69 |
| 2024-10-02 | 3.45 | 3.56 | 3.7 | 20.28 |
| 2024-10-03 | 3.53 | 3.6 | 3.67 | 21.60 |
| 2024-10-04 | 3.52 | 3.63 | 3.74 | 20.27 |
| 2024-10-05 | 3.53 | 3.6 | 3.67 | 21.59 |
| 2024-10-06 | 3.49 | 3.56 | 3.63 | 20.25 |
| 2024-10-07 | 3.6 | 3.68 | 3.75 | 22.90 |
| 2024-10-08 | 3.68 | 3.8 | 3.91 | 25.60 |
| 2024-10-09 | 3.72 | 3.8 | 3.87 | 26.98 |
| 2024-10-10 | 3.76 | 3.84 | 3.95 | 28.38 |
| 2024-10-11 | 3.76 | 3.8 | 3.88 | 28.38 |
| 2024-10-12 | 3.72 | 3.84 | 3.95 | 28.38 |
Synthetix Network Price Prediction 2025
According to our analysis conducted via our Machine Learning Model,Synthetix Network is forecasted to achieve its peak value in 2025 at approximately $6.84, while potentially dipping to a low of $3.43. The average trading value during this period is projected to hover around $6.13.Synthetix Network Price Prediction 2026
In 2026, Synthetix Network is anticipated to potentially reach its peak value of $10.02, with a possible lower value of $5.14. The average trading value for this period is estimated to be approximately $9.Synthetix Network Price Prediction 2027
As we look ahead to 2027, the trajectory of the Synthetix Network coin may offer investors unexpected turns. Projections suggest peaks hitting $14.79 and lows stabilizing around $8.31, with an average trading value resting near $13.05.Synthetix Network Price Prediction 2028
In the upcoming year of 2028, investors may witness noteworthy fluctuations in the value of the Synthetix Network coin. Projections point towards a maximum value of $21.41, a minimum of $11.8, and an average value of approximately $19.17.Synthetix Network Price Prediction 2029
Our market analysis indicates optimistic prospects for the Synthetix Network crypto in 2029, with projected peaks at $33.61 and floors at $17.95. Moreover, the average trading value of this coin is anticipated to hover around $30.47.Synthetix Network Price Prediction 2030
In 2030, our crypto analyst team and Machine Learning experts envision a varied outlook for the Synthetix Network token. Projections indicate highs near $49.39, potential lows around $24.78, with an average value of about $43.9.Following the presentation of our forecast table, we provide users with convenient procedure links, offering insight into the comprehensive steps taken to derive our predictions. These resources afford transparency into our analytical process, detailing methodologies, data sources, and algorithms used to formulate forecasts, empowering users to grasp the intricacies behind our predictions.
Forecast Based on Technical Analysis
Bitcoin's 50-Day, 200-Day Simple Moving Averages and 14-Day Relative Strength Index - RSI (14)
Both the 200-day and 50-day Simple Moving Averages (SMA) are forecasted to rise, with the former expected to reach $1.54 by the Sep 20, 2024. The Relative Strength Index (RSI) stands at 1.4812, indicating a Rise market stance. Overall, while the long-term forecast is Sell.
About snx
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Kshitez Pratap Singh
Kshitez Pratap Singh possesses deep expertise in data analytics and machine learning. He excels at deriving actionable insights from complex datasets. Kshitez combines his analytical skills and machine learning knowledge to develop models that support data-driven decision-making, helping businesses and investors navigate and thrive in the finance niche.
Mohit Kumar
Mohit Kumar is a computer science engineer with a specialization in Artificial Intelligence and Machine Learning (AIML). he has honed his expertise in developing sophisticated machine-learning models tailored for the financial sector, exploring various aspects of forecasting and statistical modeling to provide invaluable insights for informed investment decisions in the volatile world of cryptocurrencies.
Sentiment: Sell
The Synthetix Network is predicted to surge by 17.73% to $3.45 by Sep 24, 2024, though current indicators show a Bearish sentiment with 16 out of 30(53%) green days and a notable 2.12% price volatility over the past month.
