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Altcoin Synthetix (SNX), as a prominent player in the decentralized crypto currency derivatives market, witnessed a significant price drop of over 20% on January 11, coinciding with the commencement of spot BTC ETFs. While grappling with pressures in the crypto asset market, the first perpetual protocol launch by Coinbase on the Ethereum Layer-2 (L2) Blockchain Base stands out as a significant development that could shape the future of Synthetix.
Synthetix Introduces Perpetuals V3 on Base Blockchain
By launching the first perpetual protocol on the Base Blockchain, an Ethereum Layer-2 solution affiliated with Coinbase, Synthetix has achieved a significant milestone for the decentralized crypto currency derivatives market. This step is part of a strategy to leverage Coinbase’s advantageous position to benefit from a broad user base. The integration of Perpetuals V3 into the Base Blockchain will allow for an increase in trading volume for Synthetix perpetuals across the wider Ethereum ecosystem.
Notably, V3, the successor to Perpetuals V2, was launched in January 2023 and has since attracted tens of thousands of new investors by generating over $43 billion in trading volume. Synthetix is preparing to expand its offerings on Base with the upcoming launch of a new perpetual futures exchange called Infinex. This strategic move is in line with the vision of altcoin Synthetix Founder Kain Warwick to enhance competitive advantage in decentralized crypto trading.
Potential Turning Point for Altcoin Synthetix Price
The price of Synthetix may be at a turning point after a significant drop of 35% from its December 12 peak of $4.95. Positive developments related to Perpetuals V3 have initiated a positive momentum, as indicated by the RSI, potentially triggering a bullish movement. If the bulls maintain buying pressure, the Altcoin Synthetix price could show an upward push and potentially overcome resistance around $3.00.
Successfully surpassing this resistance could lead to a test of the 100-day Simple Moving Average (SMA) at the $3.28 level. Other targets include $3.76, which involves the 50-day SMA. Overcoming these levels could signal a change in the technical formation’s downtrend. In a positive scenario, the altcoin SNX price could enter the supply zone ranging from $3.87 to $4.53.
Conversely, ongoing downward pressure could lead to a deeper decline, and the Synthetix price could fall below the 200-day SMA to $2.77, potentially breaking the channel’s lower boundary. In a more pessimistic scenario, the altcoin SNX could retreat to support at $2.31 or, in a severe downturn, reach the support base at $1.90, indicating a 40% drop from current levels.
