Synthetix (SNX) Price Rises by 155%: Whales Are Moving

Synthetix (SNX) gained 155% in value within just two days at the beginning of the week, successfully drawing investors' attention once again. This strong volatility observed recently in the cryptocurrency market has led to an increased focus on Synthetix.

The on-chain analysis platform Santiment reported a significant increase in activity on the Synthetix network in the last 48 hours. According to the data, 2,725 active wallets conducted transactions within just one day, 975 new wallets were created, and 229 whale transactions took place. This extraordinary activity coincided with the rapid rise in Synthetix prices during the same period.

According to Santiment's analyses, a significant shift in investor behavior on the network has been observed. It is reported that SNX tokens that had been dormant for a long time have been moved, and the average holding period on the network has decreased by 24 days. This situation is increasing both new investor interest and prompting existing investors to update their positions.

This sudden rise in Synthetix prices has led to the emergence of FOMO (fear of missing out) in the markets. On-chain data has sparked discussions regarding the sustainability of the price increase, especially with whales becoming active in high-volume transfers. Analysts express that the network's growth and the increase in the number of new wallets support Synthetix's short-term price movements; however, they emphasize that the trading volume in the coming days will be critical for the continuity of these levels.

In the short term, there are critical points to watch for Synthetix (SNX). Investors tracking whale movements and the number of new wallets may gain important insights regarding the direction of the price. Considering this rapid activity in SNX, investors can reassess their strategies.