Synthetix (SNX) is the native token of the Synthetix DeFi protocol on Ethereum, enabling on‑chain synthetic assets and derivatives.
The price recently trades around ~$0.41 USD, down on weak market sentiment and underperforming broader crypto, with bearish momentum below key averages.
A struggling Infinex ICO and fear‑driven market sentiment have weighed on SNX demand, adding pressure on short‑term price action.
Technical indicators show oversold conditions that could support minor bounces, but the dominant trend remains downward until key resistance is reclaimed.
Long‑term outlook hinges on successful product rollouts like the perpetual DEX on Ethereum mainnet and renewed liquidity growth.
Traders are watching support near recent lows (~$0.38) and whether sentiment shifts to neutral or bullish in coming sessions.
@Synthetix $SNX #Synthetix #snx