- Synthetix’s token has jumped in the past few weeks.
- The developers provided more information about the Q1 performance.
- They focused on Perp V2 and Synthetix V3.
Synthetix price has been in a strong bullish trend as investors reacted to the release of the blockchain’s V3 report. SNX, the native token of the ecosystem, has jumped to a high of $3, the highest point since March 20 of this year. It has risen by almost 50% from the lowest level in March.
Synthetic Q1 report and V3 updates
There are two main reasons why Synthetix price is rising even as other cryptocurrencies recoil. First, Synthetic released their first-quarter report in which they provided more information about the network.
The report focused on key parts of the ecosystem like Perps V2, which was launched in the fourth quarter of last year. In Q1, the developers made more upgrades to the platform and fixed some of the top bugs. They believe that these perpetual futures will play an important role in the financial industry.
Meanwhile, the developers provided an update of the recent soft rollout of Synthetix V3. V3 was an important upgrade because it changed the entire architecture of the network. For example, it introduced more on-chain financial services like liquidity-as-a-service. It focuses on the liquidity layer for DeFi derivatives, provides more power to stakers, and is believed to be the future of cross-chain.
Finally, the report focused on the Grant Council, which is tasked with providing resources to developers in the ecosystem.
Read more: How to buy Synthetix.
Second, SNX price has risen as the total value locked (TVL) and the number of stakers jumped. Data in this website shows that the number of Synthetix stakers has jumped to 34,960, which is higher than those who started the year. These people have staked 224 million SNX tokens valued at over $373 million. Further, the total value locked (TVL) in Synthetix has jumped to over $138 million. As shown below, the network activity was robust in Q1.
Synthetix price prediction
SNX price has made a strong comeback in the past few days. It has jumped from last month’s low of $2 to a high of $3.08. The token has jumped above the important resistance point at $2.87, the highest level on April 5. This price was the upper side of the cup and handle pattern.
Synthetix has risen above the 25-day and 50-day moving averages. Therefore, there is a likelihood that the token will continue rising in the coming days as buyers target the resistance point at $3.39, the highest point in March.
