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The Synthetix price has surged as total value locked (TVL) in the platform rises to almost $1 billion. The SNX price rose to $11.88, which is about 115% above the lowest level in June. That brought its total market capitalization to more than $1.22 billion, making it the 65th biggest cryptocurrency in the world.
The background. Synthetix is a leading blockchain project that helps in the Decentralized Finance (DeFi). The platform helps with synthetic asset issuances on Ethereum’s blockchain. These assets are then collateralized by the Synthentix Network Token (SNX).
When it is locked in the network, it enables the issuance of synthetic assets known as Synths. The SNX price is rising as the total value locked inside the network rose to more than $1.22 billion.
Synthetix price is also rising as investors react to the overall performance of Bitcoin and Ethereum. The two biggest cryptocurrencies in the world have bounced by more than 3% today. Meanwhile, the coin is rising after the platform’s founder bought a $12.5 million house for his parents. This is a sign that he believes in the platform.
The four-hour chart shows that the SNX price has been in a strong upward trend in the past few days. The coin has managed to move above the 23.6% Fibonacci retracement level. It has also risen above the 25-day and 50-day exponential moving averages (EMA) while the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, the pair will likely keep rising as bulls target the next key resistance level at $15.71, which is along the 50% retracement level. This prediction will be invalidated if the price moves below the 23.6% retracement at $10.
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