Synthetix (SNX) price prediction after the relentless sell-off

Synthetix SNX/USD remains under pressure; the price of this cryptocurrency fell from $8.19 to $1.42 since April 01, 2022, and the current price stands at $2.52.

Synthetix offers the best price execution for traders

Synthetix is a project that enables the creation of synthetic assets and offers unique derivatives and exposure to real-world assets on the blockchain. Synthetix offers the best price execution for traders, with little to no slippage and fills they can’t get elsewhere.

Traders can also capture the price movements of popular cryptocurrencies, fiat currencies, stocks, commodities, and more with zero slippage and get all the benefits of DeFi with a fully on-chain permissionless futures trading experience.

Simulated liquidity is the fundamental algorithm behind all synthetic assets available on Synthetix, and it is important to mention that Synthetix has eliminated the risk of cascading liquidations due to forced sell-offs.

The popularity of this project is growing, and many popular platforms already leverage the deep liquidity and composability of Synthetix to deliver better trades for their clients.

The Synthetix governance structure is composed of councils, core contributors, community members, and committees, while all governance components work together to ensure that the protocol is governed in a fair, transparent, and legitimate way in accordance with the direction provided by token holders.

SNX token is the utility token of the Synthetix protocol, which is used as the primary form of collateral backing the synthetic assets available in Synthetix. SNX remains under pressure, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Bears in control of SNX

June has been a negative month for the cryptocurrency market; cryptocurrencies have been suffering from heavy selling due to hawkish signals from central banks, and investors are worried that an aggressive monetary policy could tip the economy into recession.

Data source: tradingview.com

Synthetix (SNX) has weakened from its recent highs, and it may take a long time for prices to see any bigger recovery. The risk of further declines is still not over, the current support level stands at $2, and if the price breaks it, the next price target could be at $1.5.

On the other side, if the price jumps above the $4 resistance, we have an open way to $5.

Summary

Synthetix is a project that enables the creation of synthetic assets and offers unique derivatives and exposure to real-world assets on the blockchain. Technically looking, SNX remains under pressure, and the risk of further declines is still not over.

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