- Synthetix developers unveiled Infinex, an upcoming perpetual futures exchange.
- The developers also extended their partnership with Lido Finance.
Synthetix price went vertical on Friday as cryptocurrencies remained in a cheerful mode following the SEC vs Ripple ruling in the United States. SNX, the platform’s token, surged to a high of $3.28, the highest level since March 14th. In all, the token has jumped by more than 90% from the lowest level this month.
Synthetix integrations
Synthetix is one of the biggest players in decentralized finance (DeFi). It is a network that makes it possible for anyone to create synthetic products across all asset classes like stocks, cryptocurrencies, and currencies.
It also provides liquidity for permissionless derivatives like perpertual futures, options, parimutuel markets, and other assets. According to its website, it has helped to faciltate transactions worth over $30 billion.
Synthetix price jumped sharply on Friday as investors cheered the SEC vs Ripple news that we covered here. In short, a judge in New York ruled that Ripple’s XRP was not a security, providing relief to many crypto investors and creators.
Read more: How to buy Synthetix.
Meanwhile, Synthetix announced that it was launching a product known as Infinex, a new decentralized perpetuals exchange. The goal is to have the product compete with other perpetual exchange platforms like dYdX and Binance.
Infinex is a relatively simple-to-use platform. Unlike most companies, people do not need to use a crypto transactions. Instead, the platform will use simple username and passwords that people are accustomed to.
Another important news is that the company and Lido Finance partnered to launch trading rewards program designed for Liquid Staked Ether (stETH). The program will allocate 1,500 OP per week to traders generating fees for the stETH perpetual market.
Synthetix price prediction
The daily chart shows that the SNX crypto price made a major bullish breakout after the news mentioned above. As it rose, the token jumped above the descending trendline shown in black. The token jumped above the 50-day moving average while the Negative Volume Index (NPV) has moved below the exponential moving average (EMA).
Therefore, I suspect that SNX price will pull back slightly as investors digest the new exchange news. If this happens, the next level to watch will be at $2.50. A move above the intraday high of $3.28 will signal that there are still more buyers left in the market.
