Synthetix (SNX) Drops 18% As Crypto Market Cools Down – Details
December 18 2023 - 3:16AM
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The market is currently experiencing an enormous pullback after
nearly a month of continuous gains. According to Coingecko, the
broader crypto market is down nearly 3% as major cryptocurrencies
like Bitcoin, Ethereum, and XRP drop from year-to-date highs. As
the sector cools down, altcoins are pulled downward.
Synthetix is one of the sufferers of the massive bearish pressure
engulfing the market. Coingecko data shows that the token is
bleeding, with the biggest drop occurring in the weekly timeframe
at over 16%. Related Reading: Internet Computer Loses Grip On
$10, But Still Inks 82% Rally – Details Big Things Coming For
Synthetix Although SNX isn’t faring well within the market
environment, the Synthetix dev team is hot on its tracks to remain
competitive within the world of crypto. Last week, Synthetix
announced on X that they are nearing the launch of the Andromeda
Release on their mainnet and the Ethereum Mainnet. Andromeda
Release is the implementation of the Perps V3 which, according to
their recent blog post, is focused on enhancing trading efficiency,
usability, and resilience on the network. It will also add new
features like Native Cross-Margining, Expanded Collateral Options,
MEV-Resistant Liquidation Process, and many more. Synthetix
Perps V3 is set to launch with the Andromeda Release on Base, soon
to be followed by an Ethereum Mainnet version for medium to whale
traders and protocols like @ethena_labs! 👇https://t.co/72QmySbAfb
Check out the TLDR and read the blog post to learn more. – Perps
V3… pic.twitter.com/YbsFjj0Hnt — Synthetix ⚔️ (@synthetix_io)
December 15, 2023 The biggest add-on from the update is the
deployment of Core V3 and Perps V3 on the Ethereum mainnet.
“The Core V3 + Perps V3 release on Ethereum Mainnet represents a
significant evolution for Synthetix, targeting medium to large
traders and protocols in need of perps on L1,” the Synthetix team
said in their blog post. SNX market cap currently at $1
billion. Chart: TradingView.com More Pain On The Crypto Front?
Disregarding the positive internal news for SNX, the market has
other plans for the token. As of writing, the bears are coming out
strong, wrestling SNX bulls on the $3.59 price level. If the bears
are successful in solidifying their gains, more pain could be in
store for traders and investors. Related Reading: Shiba Inu
Just Spiked 12% Overnight – What’s The Next Move? However, the
upcoming implementation of Perps V3 might be able to offset this as
it focuses on medium to large-scale whales to become active on the
platform, thus driving more throughput to the network; but
investors and traders shouldn’t disregard the broader market before
making a decision. Right now, the market is entering its
cool-down phase with cryptocurrencies reverting to more sustainable
price levels. For SNX, that level is around the $3.287 price point.
Once the bears hit this level, the bulls will be able to regain
some ground, stabilizing the price on this level in preparation for
a bigger breakout. Featured image from Shutterstock
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