Synthetix Network, unlike other platforms, refrained from tracking broad market sentiments. The project formed its path. However, that didn’t imply gains, as it finally witnessed losses totaling $132 million.
Synthetix Encounters Some Real Challenges
The crypto market fears eventually reached SNX. Meanwhile, the alternative token gained 109% within 24 hours on June 20, presenting a lucrative opportunity for investors to escape crippling losses. Moreover, the upsurge inspired day traders interested in shorting SNX.
On-chain data shows Synthetix recorded short liquidations totaling around $4 million on June 20, plus log liquidations worth $1.42 million. The trend extended for the following two days with lesser volumes at $1.5 million.
Furthermore, investors that held SNX for some time capitalized on the opportunity to evade bears. That had them selling SNX worth approximately $8 million on that day. The narrative persisted in the following few days, and investors sent 7.8M SNX coins worth $18 million by this publication.
Meanwhile, tokens sold beside the first selling witnessed bearishness as the alternative coin dumped 31.75% in the following ten days.
While publishing this blog, SNX changed hands at $2.34, surging 5.3% within the past day. Nevertheless, the decentralized finance coin stared at potential price plummets as its indicators retained downside biases.
The white dot by Parabolic SAR beyond the candles plus the bearish cross on the Moving Average Convergence Divergence confirmed the same. Nevertheless, SNX boasted one benefit over other alts at this publication, which could protect it from crashing.
The token’s correlation with BTC hovered at the 0.23 low. The low correlation might be lucrative to Synthetix if the overall market resorts to the downside. Therefore, SNX can secure a chance to recover its latest losses unless intensified crashes within the market.
Meanwhile, bears confirm their regime in the cryptocurrency market, with the cumulative value of all digital tokens staying far from the $1 trillion level.
While publishing this news, the overall cryptocurrency market capitalization hovered with a 0.04% 24hr slide at $865.29 billion. Moreover, BTC lost 0.97% within the past day to $19,050.
Stay around for the upcoming market developments.
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