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

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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

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Assets from this insight

Synthetix Network Token logo

Synthetix Network TokenSNX

$ 9.74

3.70%in last 7d