{"id":297999,"date":"2023-03-18T00:00:12","date_gmt":"2023-03-17T18:30:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=297999"},"modified":"2023-03-17T16:25:12","modified_gmt":"2023-03-17T10:55:12","slug":"can-synthetix-perps-v2-achievement-save-snx-from-the-bears","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\/","title":{"rendered":"Can Synthetix Perps v2 achievement save SNX from the bears"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">SNX\u2019s revenue and fees spiked in recent days, but metrics were bearish.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators showed signs of recovery and suggested a price uptick.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Synthetix [SNX]<\/span><span style=\"font-weight: 400;\"> continues to make news with its achievements, the latest being Perps V2. Synthetix revealed in a recent tweet that Perps V2\u2019s cumulative volume reached nearly $2 billion, while its daily volume somewhat touched $115 million. This was a commendable achievement, as only a week ago, Perp V2\u2019s daily volume touched $100 million.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Synthetix Perps nears $2B in cumulative volume and $115M in daily volume! This is a massive milestone for Synthetix and DeFi as a whole<\/p>\n<p>Integrators have worked tirelessly to make this possible.<\/p>\n<p>Cheers to them <a href=\"https:\/\/twitter.com\/kwenta_io?ref_src=twsrc%5Etfw\">@Kwenta_io<\/a>, <a href=\"https:\/\/twitter.com\/PolynomialFi?ref_src=twsrc%5Etfw\">@PolynomialFi<\/a>, <a href=\"https:\/\/twitter.com\/DecentrexHQ?ref_src=twsrc%5Etfw\">@DecentrexHQ<\/a>, <a href=\"https:\/\/twitter.com\/dHedgeOrg?ref_src=twsrc%5Etfw\">@dHedgeOrg<\/a><\/p>\n<p>\u2764\ufe0f \u2694\ufe0f <a href=\"https:\/\/t.co\/AQpfDRKjlT\">pic.twitter.com\/AQpfDRKjlT<\/a><\/p>\n<p>&mdash; Synthetix \u2694\ufe0f (@synthetix) <a href=\"https:\/\/twitter.com\/synthetix\/status\/1636447410636619776?ref_src=twsrc%5Etfw\">March 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here&#8217;s<\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">SNX market cap in BTC<\/span><\/a><span style=\"font-weight: 400;\">&#8216;s terms<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Thanks to the massive increase in volume, Synthetix\u2019s fees and revenue also spiked over the last few days. As per Token Terminal, Synthetix\u2019s fees and revenue gained upward momentum since 7 March and later spiked substantially on 12 March.<\/span><\/p>\n<figure id=\"attachment_298000\" aria-describedby=\"caption-attachment-298000\" style=\"width: 1597px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4.jpg\"><img decoding=\"async\" class=\"size-full wp-image-298000\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4.jpg\" alt=\"\" width=\"1597\" height=\"580\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4.jpg 1597w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4-300x109.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4-1024x372.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4-768x279.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Token-Terminal-4-1536x558.jpg 1536w\" sizes=\"(max-width: 1597px) 100vw, 1597px\" \/><\/a><figcaption id=\"caption-attachment-298000\" class=\"wp-caption-text\">Source: Token Terminal<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While these achievements suggested growth for the network, the same might not be true for its native token, SNX.\u00a0<\/span><\/p>\n<h3>Here is the catch<\/h3>\n<p><span style=\"font-weight: 400;\">SNX network\u2019s growth seemed impressive, but the token\u2019s state might be questionable, thanks to the whale which recently dumped<\/span><a href=\"http:\/\/ambcrypto.com\/synthetix-perps-v2-reaches-a-new-milestone-but-heres-the-caveat\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">SNX<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per Lookonchain, an address transferred 2.66 million SNX to Binance, which was worth $7.5 million. The same account had earlier spent 15 million USDC to buy 5,436,960 SNX from Synthetix Treasury between 14 and 16 March.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The institution spent 15M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> to buy 5,436,960 <a href=\"https:\/\/twitter.com\/search?q=%24SNX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SNX<\/a> from <a href=\"https:\/\/twitter.com\/hashtag\/Synthetix?src=hash&amp;ref_src=twsrc%5Etfw\">#Synthetix<\/a> Treasury between Mar 14 and Mar 16, the average buying price is $2.76.<\/p>\n<p>Then transferred 2.66M <a href=\"https:\/\/twitter.com\/search?q=%24SNX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SNX<\/a> (7.5M) to <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> 5 hrs ago.<\/p>\n<p>Maybe he\/she already sold <a href=\"https:\/\/twitter.com\/search?q=%24SNX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SNX<\/a> on <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a>.<a href=\"https:\/\/t.co\/rHJJjwwRdw\">https:\/\/t.co\/rHJJjwwRdw<\/a> <a href=\"https:\/\/t.co\/WUEZSQDPeh\">pic.twitter.com\/WUEZSQDPeh<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1636557612132212736?ref_src=twsrc%5Etfw\">March 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">This looked bearish and can increase selling pressure, which can, in turn, push SNX\u2019s price down. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Talking about price, SNX had already registered a daily decline of over 5%. At press time, it was<\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/synthetix\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">trading<\/span><\/a><span style=\"font-weight: 400;\"> at $2.80 with a market capitalization of more than $710 million.\u00a0<\/span><\/p>\n<h3>SNX in trouble?<\/h3>\n<p><span style=\"font-weight: 400;\">A look at SNX\u2019s on-chain metrics gave more reasons to worry, as it suggested a further price drop in the following days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consider this<\/span><a href=\"http:\/\/ambcrypto.com\/snx-fails-to-push-past-3-wall-despite-synthetix-v3-mainnet-milestone\/\" target=\"_blank\" rel=\"noopener\">&#8211; <span style=\"font-weight: 400;\">SNX<\/span><\/a><span style=\"font-weight: 400;\">\u2019s Binance funding rate declined considerably, indicating less demand from the derivatives market. Exchange inflows have also spiked lately, which is typically a bearish signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to that, SNX\u2019s development activity declined over the last week, suggesting fewer efforts from the developers in improving the network.\u00a0<\/span><\/p>\n<figure id=\"attachment_298001\" aria-describedby=\"caption-attachment-298001\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-298001\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Synthetix-on-Ethereum-SNX-15.20.49-17-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-298001\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/havven-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Synthetix\u2019s [SNX] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h3>Here is the good news<\/h3>\n<p><span style=\"font-weight: 400;\">While the metrics supported the bears,<\/span><a href=\"http:\/\/ambcrypto.com\/synthetix-massive-growth-noted-in-these-areas-but-defi-performance-stagnant\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">SNX<\/span><\/a><span style=\"font-weight: 400;\">\u2019s daily chart gave hope for a trend reversal. The Money Flow Index (MFI) bounced from the neutral mark and was headed northward, which looked optimistic. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Chaikin Money Flow (CMF) also followed the same trend and moved upward. However, the MACD displayed a bearish advantage in the market, which can be troublesome for SNX.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<figure id=\"attachment_298002\" aria-describedby=\"caption-attachment-298002\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48.png\"><img decoding=\"async\" class=\"size-full wp-image-298002\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48.png\" alt=\"\" width=\"1814\" height=\"778\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48-1024x439.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48-768x329.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNXUSDT_2023-03-17_15-26-48-1536x659.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-298002\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>SNX\u2019s revenue and fees spiked in recent days, but metrics were bearish. Market indicators showed signs of recovery and suggested a price uptick.\u00a0 Synthetix [SNX] continues to make news with its achievements, the latest being Perps V2. Synthetix revealed in a recent tweet that Perps V2\u2019s cumulative volume reached nearly $2 billion, while its daily<a href=\"https:\/\/ambcrypto.com\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\/\">Continue reading <span class=\"sr-only\">&#8220;Can Synthetix Perps v2 achievement save SNX from the bears&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":298003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-297999","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Synthetix Perps v2 achievement save SNX from the bears - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Synthetix [SNX] continues to make news with its achievements, the latest being Perps V2 as its volume reached nearly $2 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can Synthetix Perps v2 achievement save SNX from the bears - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"SNX\u2019s revenue and fees spiked in recent days, but metrics were bearish. Market indicators showed signs of recovery and suggested a price uptick.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-17T18:30:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/SNX.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Saman Waris\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SamanWaris11\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saman Waris\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/\"},\"author\":{\"name\":\"Saman Waris\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/ad73a5a061fcfc27548aa27112d8b9d8\"},\"headline\":\"Can Synthetix Perps v2 achievement save SNX from the bears\",\"datePublished\":\"2023-03-17T18:30:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/\"},\"wordCount\":451,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/SNX.png\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/can-synthetix-perps-v2-achievement-save-snx-from-the-bears\\\/\",\"name\":\"Can Synthetix Perps v2 achievement save SNX from the bears - 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