SNX pumps on Optimism news: what does the data say?

Profile picture
Ibis
Jul 13, 2021

While the top caps have been too busy trading sideways, Synthetix’s native token (SNX) has surged by +87.4% in the last 10 days of price action:

SNX, price, last 30 days (Source: Sanbase)

In case you missed it, the SNX rally has likely been prompted by the upcoming launch of a layer 2 exchange powered by Optimistic Ethereum. In a recent announcement, Kain Warwick (the founder of Synthetix), posited that:


“Transitioning Synthetix to OΞ is, without doubt, one of the most important milestones in the history of the project”


So with the price of SNX already hovering at a 4-week high, let’s take a look at their latest on-chain data, and possible signs for where we could be headed next.


While still ways away from its start-of-year levels, the amount of addresses interacting with (i.e. sending or receiving) SNX

There’s more of this Insight

Choose your subscription plan

Sanbase PRO

Unlock all PRO insights
$51/mo

Years of market experience, compressed in each report

Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.

Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.

Our previous TOP calls:
WAVES crowd sentiment patternMATIC charts a new ATH: is the top in?ICX insanity. How far could it go?
insight card
signal form

What you get with Sanbase Pro:

  • Members-only daily market insights and analysis
  • 30+ on-chain, social & project indicators for 900 cryptocurrencies
  • Custom alerts for the coins' price, on-chain & social trends
  • Santiment Spreadsheet plugin with 10+ pre-made market templates
  • Personalized asset watchlists and weekly performance reports

Gain unfair advantage with Sanbase Pro

Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!

Assets from this insight

Synthetix Network Token logo

Synthetix Network TokenSNX

$ 9.70

4.37%in last 7d
1