Synthetix [SNX] secured the prime spot as the greatest gainer in the listing of prime 100 cryptocurrencies by market cap throughout the buying and selling session on 20 June. The token rallied by greater than 60% on the heels of sturdy volumes on the Synthetix platform.
Synthetix introduced that its each day volume crossed over 200 million resulting from a rise in atomic swaps on Curve Finance and 1inch. It additionally cited elevated volumes from choices platforms resembling Polynomial and Lyra Finance, in addition to Optimism futures progress. This elevated exercise and volumes resulted in larger demand for SNX, thus contributing to its sturdy uptrend.
SNX traded at $3.18 at press time after a 12.36% achieve in the final 24 hours. However, this was after a slight pullback from its 24-hour excessive of $3.39 which it achieved a couple of hours prior.
This means it had rallied by as a lot as 63% from the day’s low. SNX’s weekly uptick in the final two days elevated its weekly efficiency by 54.21% at press time.
SNX’s RSI briefly dipped into oversold territory on 18 June earlier than rapidly looking for the upside, and crossing above the 50% stage. The sturdy rally was backed by heavy accumulation which registered as a pointy uptick in the Money Flow Indicator (MFI).
An ideal convergence of things
SNX’s bullish efficiency on 19 June and 20 June was sturdy sufficient to set off a DMI inversion. The +DI crossed above the ADX and -DI, signifying that the bulls had been in management. This efficiency displays a big uptick in the provide held by prime addresses metric. The latter elevated considerably since mid-May, an indication that whales have been accumulating.
Synthetix’s energetic addresses metric highlights a robust improve in exercise on the platform. Active addresses grew from 327 on 17 June to 1074 by 20 June. This is the highest variety of energetic each day addresses that it recorded in the final 30 days. The community progress metric consequently recorded a rise from 60 to 133 throughout the three-day interval.
SNX’s bullish worth shock has been brewing for the final 4 weeks ever since the whales began accumulating. The newest improve in community exercise triggered natural demand that ultimately led to SNX’s newest uptick. It additionally got here at a time when the crypto market skilled some reduction from the bearish stress that prevailed since April.