Synthetix (SNX), which lit the fuse as Bitcoin (BTC) jumped above $ 37,000, increased by more than 20 percent in a short time.
DeFi, the legendary trend of a period, came to mind again with the recent rise of SNX. SNX, one of the freshest projects of the DeFi field, has gained momentum with BTC targeting $ 37,000. The popular coin, which increased by 20.27 percent in just 24 hours, topped the “Top Rising” list.
Could a new DeFi craze start with SNX completely overtaking other altcoins?
A move towards five dollars could spark DeFis!
SNX, which has been continuing its upward movement for six weeks, has become one of the most prominent names in DeFi projects. SNX, which is a newer name compared to other projects, is traded at $ 3,564 as of the writing of the news. The increased interest in DeFis and the positive course of BTC will strengthen the hands of buyers.
In such a scenario, the levels of $ 3,943 – 4,417 – 4,769 – 5,194 and $ 5,522 can be targeted, respectively. As it approaches five dollars, it is highly likely that other DeFi projects will take action and perform well.
Situations such as BTC falling to $ 35,000 or SNX staying below $ 3,515 in the weekly time frame will disrupt the momentum of the pair. In such a case, the levels where a withdrawal can be expected will be 2,971 – 2,614 – 2.20 and 1,447 dollars, respectively.
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