Veteran cryptocurrency investor Arthur Cheong says an altcoin project operating on the Ethereum (ETH) network is primed for big bullish moves.
Cheong, the founder of DeFiance Capital, tells his 153,300 followers on social media platform
“SNX $6 soon? High annual recovery.
Make Synthetix great again, [SNX founder Kain Warwick].”
The trader, whose company holdings include Synthetix, says SNX has no temporary high resistance until it hits $4.
“I like how this chart looks, there is no major resistance until $4 essentially.”
Source: Arthur Cheong/X
He adds that the relatively small number of SNX in circulation means that just a few large purchases could send SNX soaring.
“We believe SNX has the fewest coins in circulation on CEX (centralized exchanges) for a top 100 coin. More than 70% of the total supply is at stake.
We have more SNX than some of the CEXs here. It doesn’t take much for things to go well from here, as long as some big buyers come in.”
SNX is trading at $3.42 at the time of writing, down 0.8% in the last 24 hours.
The crypto investor recently said he was bullish on the decentralized derivatives trading sector, which includes the Synthetix network.
Cheong said,
“We are more optimistic about decentralized derivatives. When we look at all the numbers, we point out that the derivatives trading sector is the largest cryptocurrency market. I believe the annual revenue generated from derivatives trading in this space is probably $10-15 billion under current market conditions. If we go back to the bull market, I think we are looking at between $20 billion and $30 billion, just from derivatives trading.”
Image generated: Halfway through the trip
