The price of SNX has gone up by 20% in the past 24 hours as the project’s $1 million trading competition kicked off today. Alongside the upcoming launch of its perpetual futures trading platform, the start of this event favors a bullish Synthetix price prediction.
In late September, Synthetix launched this marketing effort to attract users to its decentralized perps trading venue.
A total of 100 traders will compete for the glory and a grand prize of $1 million. Synthetix will announce the winner in November.
The SNX token has been performing positively ahead of the launch of this competition. In the past 30 days alone, the token has jumped by 143% as the community is excited by the launch of Synthetix’s DEX.
Meanwhile, in the past 24 hours alone, trading volumes have exploded by 269% to $398 million. This figure accounts for 70% of the token’s circulating market cap.
The daily chart shows that SNX encountered selling pressure recently as it hit $2.4. However, a strong demand zone oppped up at $1.3, as this price area acted as a cushion during the latest pullback.
Now, a move to $2 seems inevitable, and today’s strong volumes confirm a bounce off this area. This could set in motion a move to much higher ground over the coming weeks.
If this DEX satisfies traders’ expectations, the platform could compete with long-standing players in the market like Hyperliquid and the recently launched Aster.
This favors a bullish outlook that could end up pushing SNX above the $3 barrier. The token could even reach $6 if bullish momentum keeps accelerating.
Alongside Synthetix, a new crypto futures trading platform called Coin Futures is making it easier for newcomers to bet on where the price of their favorite cryptocurrencies will go in the future.
CoinFutures makes things simple by launching a user-friendly futures trading platform that lets you open long and short positions on your favorite tokens with just a few clicks.
Simply register with an email and username to start. Upon making your first deposit, you can start placing trades on top tokens like Bitcoin (BTC) and Ethereum (ETH).
Simply click on “Up” and “Down” depending on which direction you think the price is going. Then choose the amount you want to trade, and select how much leverage you want to use. With just $10, CoinFutures lets you boost your position to up to $10,000.
You can use the platform’s auto-trading tools to set your ideal entry and exit prices for each trade and cash out automatically if you hit those thresholds.
To register on CoinFutures, simply head to the official CoinFutures website and hit the “Register” button.
You can make your first deposit with cryptos like USDT or ETH, or use a bank card instead to fund your account.
