Home / Analysis / Crypto / Price Predictions / Synthetix Price Prediction 2024: How is SNX Responding to Coinbase Perpetuals Launch?

Synthetix Price Prediction 2024: How is SNX Responding to Coinbase Perpetuals Launch?

Last Updated February 8, 2024 10:42 AM
Peter Henn
Last Updated February 8, 2024 10:42 AM

Key Takeaways

  • Synthetix has launched perpetuals on Coinbase. 
  • SNX supports the Synthetix platform, which makes tokenized derivative assets that people can trade.
  • Can SNX continue to flourish, or will it drop?
  • One price prediction says it may reach $12.77 next year.

Synthetix, derivatives protocols ecosystem, has unveiled  its Perpetuals Exchange on Base, an Ethereum (ETH) Layer 2 network developed by Coinbase.

Perps V3 introduces several enhancements compared to its predecessor. Traders now have the option to utilize USDC, the second-largest stablecoin in the crypto market with a market capitalization of $25.7 billion, as collateral. Previously, users were limited to using sUSD, Synthetix’s stablecoin.

According to a statement  from Synthetix’s pseudonymous contributor, Cavalier, “experimenting with popular assets like USDC significantly enhances Synthetix’s ability to attract new collateral and introduce new derivative markets.

Synthetix did not immediately respond to a request for comment

But what is Synthetix (SNX)? How does Synthetix work? Let’s see what we can find out, and also take a look at some of the Synthetix Price Predictions that were being made as of February 8, 2024.

Synthetix Price Prediction 

Let’s examine some of the Synthetix price predictions being made on February 8, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $7.33 $8.60 $24.89
Prediction #2 $5.41 $7.83 $47.00
Prediction #3 $9.41 $12.77 $29.58

First, CoinCodex  had a short-term Synthetix price prediction that said the token would drop to $3.26 by February 13 before climbing to $3.94 by March 7. The site’s technical analysis was neutral, with 20 indicators sending bullish signals and 10 making bearish ones. 

Synthetix Price Prediction for 2024

DigitalCoinPrice  was very optimistic, saying SNX could reach $7.33 in 2023. PricePrediction.net  argued that SNX could trade at $5.41. Meanwhile, Bitnation  argued that Synthetix could be worth $9.41 by the end of the year. 

Synthetix Price Prediction for 2025

PricePrediction.net said SNX would trade at $7.83 in 2025. Bitnation had it standing at $12.77. DigitalCoinPrice was somewhere between the two, saying Synthetix would be worth $8.60 in two years time. 

Synthetix Price Prediction for 2030

Looking forward to a more long-term Synthetix price prediction, PricePrediction.net was out in the lead, forecasting the token would hit $47.00 in 2030. Bitnation said it would get to $29.58. DigitalCoinPrice had an SNX price prediction that said the crypto would reach $24.89 at the start of the next decade.

Google BardAI Price Prediction for Synthetix (as of February 8)

Google’s BardAI platform gave the following price prediction for Synthetix on February 8. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve.

Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 Months):

  • Price range: $4 – $5
  • Reasons:
    • Overall market sentiment: The cryptocurrency market is currently experiencing a bearish trend, which could put downward pressure on the price of SNX.
    • Synthetix protocol adoption and usage: Increased use of the protocol for synthetic asset trading and staking could drive up demand for SNX.
    • Competition: Synthetix faces competition from other DeFi derivatives platforms, which could affect its market share and price.
    • Regulatory landscape: Potential regulations in the DeFi space could create uncertainty and impact the price of SNX.
    • Team and development: The team behind Synthetix and its development roadmap could influence investor sentiment and price.

Medium Term (Next 6 Months):

  • Price range: $2.70 – $8.25
  • Reasons:
    • Overall market sentiment: The broader cryptocurrency market sentiment will significantly impact SNX’s price. A bullish market generally favors price increases, while a bearish one leads to potential downtrends.
    • Synthetix Adoption and Development: Increased adoption of Synthetix as a platform for synthetic asset trading and positive developments on the protocol roadmap could boost its price.
    • Regulation and Competition: Regulatory landscapes and competition from other DeFi platforms can impact user confidence and adoption, potentially influencing SNX’s price.
    • Economic Conditions: Broader economic factors like inflation and interest rates can indirectly affect investor sentiment and risk appetite, impacting SNX’s price.

Long Term (Next 5 Years):

  • Price range: $3.624 – $3.806
  • Reasons:
    • Overall market sentiment: The cryptocurrency market is currently experiencing a bearish trend, which could put downward pressure on the price of SNX.
    • Adoption and utility: Wider adoption and use of Synthetix within DeFi (decentralized finance) could drive up its price.
    • Competition: Synthetix faces competition from other synthetic asset platforms and DeFi projects.
    • Developments and partnerships: New features, partnerships, and positive community engagement could boost investor confidence and price.

Recent Updates from Synthetix

In December 2023, the Synthetix community approved  governance proposal SIP-2043, signaling the end of SNX token inflation. This decision paves the way for new strategies such as token buybacks and burns, which will be incorporated into the upcoming Andromeda software release.

As a result, Synthetix stakers will no longer need to claim weekly inflationary token rewards

Advantages and Disadvantages of Synthetix 

Blockchain analytics company Messari recently released its quarterly report on Synthetix. It highlighted the success of Synthetix’s work with perpetual futures and outlined some key advantages and disadvantages of the platform.

It said that between April and June 2023, Synthetix had

  • Trading volume of $11.89 billion, up from $6.69 billion year-on-year and from $4.4 billion quarter-on-quarter.
  • 44,063 stakers, up from 26,832 year-on-year and 43,561 quarter-on-quarter.
  • $7.3 million worth of trading fees, down from $13.9 million year-on-year but up from $6.8 million quarter-on-quarter.

Advantages of Synthetix

Messari said Synthetix

  • Had worked well to encourage activity on the network.
  • Was seeing more and larger transactions taking place on the platform.
  • Saw success in its perpetual futures sector.

Disadvantages of Synthetix

Messari also said that Synthetix

  • Had not attracted that many more new users throughout the quarter.
  • Saw users earn less interest over the three months.
  • Would see incentives on the Optimism protocol stop in September.

SNX Price History

Let’s now take a look at some of the highlights and lowlights of the Synthetix price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a Synthetix price prediction. 

Synthetix first came onto the open market in March 2018. At that time, it was worth about $0.45. The market then went through a lengthy period of downturn and stagnation and SNX dropped to an all-time low of $0.03258 on January 5 2019.

By 2021, things were turning around. The crypto market went through a massive growth spurt and SNX reached an all-time high of $28.77 on February 14. Over the course of the rest of the year, though, it sank down and closed 2021 at $5.50.

2022 was a bad year for crypto, and SNX suffered along with much of the rest of the market. It dropped below $2 in June and, despite a recovery to above $4 in late July and early August, the collapse of the FTX exchange hit it hard and it closed the year at $1.44, an annual loss of nearly 75%.

Synthetix in 2023 and 2024

Synthetix price history
Synthetix price in 2023 and 2024 | Credit: CoinMarketCap

2023 was a better year for SNX and its holders. It reached a high of $3.25 on March 6. SNX then entered a decline, falling to $1.71 on June 10 in the wake of Crypto.com suspending its US institutional operations. There was a recovery after that, peaking at $3.18 on July 21. The next six weeks or so were less successful for Synthetix.

The crypto was shaken by the crash following August’s news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC). By September 1, it was worth $1.91. By September 4, though, it had made something of a recovery and was trading at around $2.20.

It ended 2023 at $3.8933, before moving up to $4.5318, the highest level in 2024 so far. As of February 8, 2024, SNX is worth 3.35.

At that time, there were 304.6 million SNX in circulation out of a total supply of 328.2 million. This gave the token a market cap of about $1.02 billion, making it the 61st largest crypto by that metric. 

Synthetix Price Analysis

Synthetix Price Analysis
SNX could trade at more than $10 in 2024

The price of SNX bottomed out in June 2022. After that, it moved sideways, with a support level of $1.50 and a resistance of $3.30. 

In October last year, it made a break out, reaching a high of a little under $5 in early December. 

This could have been the start of a bull phase. Although it has fallen since then, that could just be a correction and it appears that SNX could bounce back. 

It is possible that Synthetix could reach $8 soon and might even break past $10 later in the year.

Is Synthetix a Good Investment?

It is difficult to tell. There is no question that the platform is doing some positive work on developing itself and SNX has been performing well recently.

The fact that it has increased user activity could well stand it in good stead.

On the other hand, it has only recovered relatively recently from a losing streak, and there is no way of telling what it will do next. 

Although SNX does do something pretty different, its use of tokenization and derivatives puts it into a rather niche market. It will be interesting to see what the platform can do to attract new customers.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in SNX.

Will Synthetix go up or down?

No one can really tell right now. While the Synthetix crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Synthetix?

Before you decide whether or not to invest in Synthetix, you will have to do your own research, not only on SNX, but on other, similar, coins and tokens such as DYDX. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of Synthetix?

Kain Warwick is an Australian cryptocurrency entrepreneur most-known as the founder of Synthetix protocol.

Who Owns the Most Synthetix (SNX) Tokens?

On February 8, 2024, one wallet held 33.82% of SNX’ supply.

Richest SNX Wallet Addresses

As of February 8, 2024, the five wallets with the most Synthetix tokens were

  • 0x5fd79d46eba7f351fe49bff9e87cdea6c821ef9f. This wallet held 110,998,959 SNX, or 33.82% of the supply.
  • 0x99f4176ee457afedffcb1839c7ab7a030a5e4a92. This wallet held 36,594,569 SNX, or 11.15% of the supply.
  • 0x8ca24021e3ee3b5c241bbfcee0712554d7dc38a1. This wallet held 27,412,789 SNX, or 8.35% of the supply.
  • 0xac86855865cbf31c8f9fbb68c749ad5bd72802e3. This wallet held 23,210,139 SNX, or 7.07% of the supply.
  • 0x27cc4d6bc95b55a3a981bf1f1c7261cda7bb0931. This wallet held 12,392,082 SNX, or 3.78% of the supply.

Fact Box

Supply and distribution Figures
Total supply 328,193,104
Circulating supply (as of February 1, 2024) 304,566,584 (96% of maximum supply)
Holder distribution Top 10 holders owned 70% of supply, as of February 8, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Synthetix says that it helps people and exchanges create liquidity.

It says: “Synthetic assets, and associated products, are collateralized by stakers via Synthetix Network Token (SNX), which when locked in a staking contract enables the issuance of synthetic assets (synths).”

Synthetix (SNX) Explained

Synthetix  is a platform that operates in the world of decentralized finance (DeFi). It was founded by Australian crypto entrepreneur Kain Warwick in 2016 and is based on the Ethereum (ETH) blockchain.

It is designed to take assets, such as cryptos, fiat currencies, and commodities, and turns them into tokens, representing something but not being the thing itself or, to use the technical term, derivatives. 

People can then trade the tokens.

Synthetix is supported by its eponymous crypto token, known by the ticker handle SNX.

How Synthetix Works

SNX holders can use their tokens as collateral, depositing it into a smart contract, a computer program that automatically executes once certain conditions are met. 

The SNX can then be used to make a tokenized asset and trade it. 

SNX holders can also vote on changes to the network. People can buy, sell, and trade SNX on exchanges.

Because SNX is based on Ethereum, it is a token, rather than a coin. You might see references to such things as a Synthetix price prediction, but these are not accurate.

Synthetix Attention Tracker

Synthetix Google search volume
Synthetix Google search volume | Credit: Google

Here is a chart for Synthetix Google search volume for the past 90 days. This represents how many times the term “Synthetix SNX” has been Googled over the previous 90 days.


How many Synthetix are there?

As of February 8, 2024, there were 304.6 million SNX in circulation out of a total supply of 328.2 million.

Will Synthetix reach $10?

It might do but, if it does, it won’t do that for some time yet. PricePrediction thinks it can get there in 2027. DigitalCoinPrice thinks it should  reach double figures by 2028. Bitnation is more optimistic, thinking it will reach that level in 2025.

Keep in mind that, although SNX has traded above $10 before, it has not done so since November 2021.

What is Synthetix used for?

The SNX token is used to create tokenized derivatives on the Synthetix platform. It can also be bought, sold, and traded on exchanges. 


Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

Was this Article helpful? Yes No