Synthetix long term overview

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Garry Kabankin
Jan 21, 2020

Synthetix cought my attention today for a few reasons:

  1. 1. It's #5 in top social gainers:

2. It's #6 in top price gainers within Top 50 ERC-20:

3. It's #8 in top DAA within the same list:

Can SNX be a good buy here?

First let's have a deeper look at DAA.
Sandata users are able to see the following picture:

DAA was at one year high recently (January 15th).

DAA spikes tend to precede price action for SNX as it's seen on this chart in past.

The Network Growth does not support this DAA spike on the other hand:

Next - HODL waves:

It appears that the number of unique tokens being used during each day is growing significantly and steady since New Year. This kind of pattern haven't been observed on SNX before.

Percent of coins active last year:

This metric looks like confirming the long term price trend.

Stack realized cap (1d and 7d):

It's also on the run since January.

Share of Daily Active Withdrawals from exchanges spiked recently, just a couple of days after DAA spike itself:

Now moving on to Top Holders Dashboard:

Latest big changes in token holders happened on January 14th, when two whales added a ton of SNX to their bags.

The Historical balance tool helps to have an overview what is the first whale doing:

He has been confidently accumulating SNX since May! He didn't sell a single token during last top. Bought even more on January 14th.

Worth tracking this guy's movements? This alert can be copied and used by registered users.

Now switching to social.

SNX mentions around the cryptoverse:

Trend is decreasing. Crowd is not around SNX.

Recent talks are quite calm, not that much emotional.

Considering all above, with a bit more trust towards DAA and top holders behaviour, Synthetix is probably looking like an interesting addition to long term portfolio.

Possible exit when whales start to dump or when SNX ends up in Santiment Emerging Trends list (not a financial advice!)

Using Santiment's Sonar alerts are a great way to be notified of when social spikes are occuring, and Pro subscribers have access to unlimited amounts of alerts they are able to create. Give Santiment a look and make an account?

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Garry Kabankin
Jan 21, 2020

Thanks for reading!

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Assets from this insight

Synthetix Network Token logo

Synthetix Network TokenSNX

$ 14.99

1.43%in last 7d