Home Crypto Analysis Price Predictions Synthetix Price Prediction 2023: What is Synthetix (SNX)?

Synthetix Price Prediction 2023: What is Synthetix (SNX)?

Peter Henn
Last Updated September 8, 2023 8:59 AM
Giuseppe Ciccomascolo
Verified by Giuseppe Ciccomascolo

Key Takeaways

  • The SNX token has been performing well, with more active users helping boost the crypto’s price. 
  • SNX supports the Synthetix platform, which makes tokenized derivative assets that people can trade.
  • Can SNX continue to flourish, or will it drop?

The Synthetix crypto platform and its native SNX token have been performing well lately. Increased work on the system, getting ready for its latest upgrade , called V3, has seen the value of SNX rise. 

Not only that, but plans  for Synthetix to have its own decentralized exchange (DEX) has kept SNX in the headlines.

Synthetix has also seen higher transaction volumes than before, driven by more of the system’s users becoming active.

The system is designed to help people trade tokenized derivatives on the blockchain, with holders using SNX to create them.

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 September 4 2023.

Synthetix Price Prediction 

Let’s examine some of the Synthetix price predictions being made on August 31 2023. 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.

2023 2025 2030
Prediction #1 $4.56 $7.41 $22.88
Prediction #2 $2.94 $6.46 $41.81
Prediction #3 $3.32 $7.75 $18.81

First, CoinCodex  had a short-term Synthetix price prediction that said the token would drop to $2.20 by September 9 before climbing to $2.49 by October 3. The site’s technical analysis was neutral, with 17 indicators sending bullish signals and 15 making bearish ones. 

Synthetix Price Prediction for 2023

DigitalCoinPrice  was very optimistic, saying SNX could reach $4.56 in 2023. PricePrediction.net  argued that SNX could trade at $2.94. Meanwhile, Bitnation  argued that Synthetix could be worth $3.32 by the end of the year. 

Synthetix Price Prediction for 2025

PricePrediction.net said SNX would trade at $6.46 in 2025. Bitnation had it standing at $7.75. DigitalCoinPrice was somewhere between the two, saying Synthetix would be worth $7.41 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 $41.81 in 2030. Bitnation said it would get to $18.81. DigitalCoinPrice had an SNX price prediction that said the crypto would reach $22.88 at the start of the next decade.


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

SNX price history
Synthetix price in 2023 | Credit: CoinMarketCap

2023 has been a little bit better 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.

At that time, there were 269.5 million SNX in circulation out of a total supply of 322 million. This gave the token a market cap of about $598 million, making it the 56th-largest crypto by that metric. 

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 just started to recover 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.

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.


How many Synthetix are there?

On September 4 2023, there were 269.5 million SNX in circulation out of a total supply of 322 million.

Will Synthetix reach $10?

It might do but, if it does, it won’t do that for some time yet. PricePrediction and Bitnation think it can get there in 2027. DigitalCoinPrice thinks it should  reach double figures by 2028.

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. 

Further reading

SafePal Price Prediction 2023: What is SafePal (SFP)?

tomiNet Price Prediction 2023: What is tomiNet (TOMI)?

Astar Price Prediction 2023: What is Astar (ASTR)


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.