Synthetix Network (SNX) is very much on a roll at the end of 2023, rising over 76% in this month. Can SNX continue this trend in 2024? In this blog, we discuss the Synthetix Network price prediction 2024 - 2032.
- Influence of Market Developments: Synthetix Network's current growth is driven by positive market sentiment, with the recent rise of more than 76% fueled by Bitcoin and Ethereum ETF news and the approaching Bitcoin halving.
- Dynamics of Decentralized Governance System: Despite the lack of a detailed roadmap, Synthetix Network's decentralized governance system and active discussions, such as the "Turn Off the Money Printer" proposal, show a commitment by users to shaping the future of the network.
- Potential of Deflationary Proposal: The proposal to make SNX deflationary, although not yet finally assessed, suggests that there are considerations to grow SNX's value organically, which could have a potential positive impact on share price performance.
- Experts' Predictions: Leading experts, such as DigitalCoinPrice, predict a positive price trend for SNX in 2024, with an expected minimum value of €6,64 and a possible peak level of €7,91 .
- Long-Term Forecasts: In the long term, DigitalCoinPrice's analyses offer an optimistic outlook through 2032, expecting SNX to continue to rise in the coming years, with a prediction that by 2030 the price will surpass €30 .
Table of Content
- SNX price prediction 2024
- Synthetix (SNX) long-term price prediction
- Current price of Synthetix (SNX)
- What is Synthetix network?
SNX price prediction 2024
The question of whether Synthetix network is going to rise in 2024 depends on several factors, including market sentiment. Currently, market sentiment is very positive, especially regarding news about Bitcoin and Ethereum ETFs and the upcoming Bitcoin halving in 2024. The SNX price has benefited significantly from this news, growing more than 76% in just one month. Besides market sentiment, a project's roadmap is a crucial factor in determining whether a coin will rise. Looking at the future of Synthetix Network, there is currently no clear and comprehensive roadmap available. Nevertheless, Synthetix Network operates with a decentralized governance system, allowing users of the network to vote on future plans (proposals) through a voting system. Monitoring Synthetix Network proposals can provide insight into the evolution of the network or whether it remains stagnant.
Right now, there is one important proposal that could have a significant impact in the future if implemented, which is " Turn Off the Money Printer .'' Discussions on this proposal have been ongoing since August 2022, and at this time voting is not yet possible. SNX currently operates under an inflationary system, with the number of coins gradually increasing to stimulate activity on the network. With the maximum number of 300 million SNX coins reached, consideration is being given to what to do in the future to allow the value of the SNX coin to grow organically. The proposal suggests making SNX deflationary, meaning coins are gradually removed from circulation to reduce the total number of coins, which will allow SNX to grow organically in value. However, no final verdict has been reached on this proposal yet, making it uncertain whether it will eventually be adopted.
Doing advance forecasting in this context is challenging. Nevertheless, some crypto experts are using technical analysis and algorithms to predict Synthetix's future price, such as DigitalCoinPrice. They expect Synthetix's price in 2024 to be at least €6,64 will reach. In a more optimistic scenario, they believe SNX could rise to €7,73 , with a maximum price of €7,91 .
Synthetix (SNX) long-term price prediction
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Current price of Synthetix (SNX)
The current SNX price is €3,09 . Do you want more information about the price history? Then visit our Synthetix Network price page .
What is Synthetix network?
Synthetix Network is a DeFi platform built on the Ethereum blockchain. Synthetix provides liquidity for derivatives, including options and perpetual futures, using Ethereum's Virtual Machine (EVM). The network features composable smart contracts, and users can deploy SNX as collateral via strike to provide liquidity to the ecosystem. In return, they earn SNX, both in the form of weekly inflation incentives and a share of trading costs on the network. Stakers also get voting rights on future decisions.
Synthetix Network's current growth is influenced by the current positive market sentiment, driven by Bitcoin and Ethereum ETF news and the upcoming Bitcoin halving. Despite the lack of a detailed roadmap, the decentralized governance system and ongoing discussions, such as the "Turn Off the Money Printer" proposal, show user engagement.
The proposal to make SNX deflationary, although not yet finally assessed, suggests considerations to grow SNX's value organically. According to experts, including DigitalCoinPrice, a price of at least €6.64 is expected by 2024, with a possible peak of €7.91.
In the long term, DigitalCoinPrice offers analyses through 2032, providing a broader view. They expect SNX to continue rising over the next few years and think the price can reach €30 in 2030 . In short, Synthetix Network, built on Ethereum, provides liquidity for derivatives through decentralized smart contracts, where stakers influence decision-making and receive rewards in the form of inflation incentives and trading fees.
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