Synthetix (SNX) Steals the Show with 22% Rise, This Full Review Is Why

Synthetix (SNX) Steals the Show with 22% Rise, This Full Review Is Why
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Synthetix is ​​on a major price streak as it stole the show from altcoins after rising as much as 22% to $3.56 at the time of writing. Synthetix’s rise has taken the token to its highest price level in 2023, erasing all past losses as year-to-date (YTD) gains have soared to 147%.

SNX 1A Chart. Source: CoinMarketCap

Projected Synthetix (SNX) Perp V3 Update

Synthetix bulls are in an uproar today after the protocol revealed plans for a new upgrade dubbed Perp V3. As highlighted in his advertisementPerp V3 will build on the success of V2 and the plan is to launch the new trading engine on the Base Layer-2 network.

The protocol walked back the success it saw with V2, noting that it achieved a $30 billion milestone thanks to advanced innovations like on-chain criminals, a focus on risk management, and the debut of “now-standard features like dynamic funding rates.” “. and the impact on prices.

With Synthetix now moving towards V3, the protocol said users can expect to enjoy collateralization of multiple assets, including sUSD, sETH, and sBTC, among others, to use as margin. While liquidity upgrades will also be at the forefront of Perp V3 innovation, Synthetix highlighted how it will introduce cross-margining and integrate account-based access.

In particular, the hype for V3 has been around for some time, but no release date was revealed. However, the excitement surrounding the upgrade has forced Synthetix traders to raise the price of SNX.

Possible price trend to take into account

Synthetix (SNX) is known for occasional bullish price action that typically deviates from the overall market. This ongoing rally is proof that the token remains a highly prized asset among altcoin traders.

If the current momentum continues, we may see SNX price shoot up to $4 in the near term as an attempt to retest its all-time high (ATH) of $28.77 remains the ultimate goal. long-term.

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