This article analyzes the latest Synthetix price movements and trading indicators to identify opportunities for crypto traders.

With the markets poised for a bull run, now is the perfect time to sign up for Binance and capitalize on the impending volatility.

Over the past 24 hours, the price of Synthetix (SNX) has dropped 6.26% to $2.86. SNX currently has a market capitalization of $766.56 million and saw $74.91 million in trading volume over the last day.

Zooming out, SNX has gained 3.56% over the past week. The monthly timeframe is flat at +0.87%, while the 6-month view is bullish, with SNX up 22.55% over that period.

Technical Analysis Suggests Buying Opportunity

Based on the technical indicators, this latest SNX selloff appears to be a healthy correction within an ongoing uptrend. The 50-day moving average remains well above the 200-day MA, underscoring the bullish momentum.

SNX looks poised to retest support around $2.50. A bounce here could spark a rally back to overhead resistance around $3.25. SNX's strong 22.55% 6-month gain highlights the potential upside.

What's in Store for SNX for the Remainder of 2023?

Given SNX's technical strength, a surge to $4.00 or potentially a retest of all-time highs near $30 seems achievable this year if the bullish momentum accelerates. However, SNX will need to overcome resistance at $3.50 and $5.00 along the way.

In an extremely bullish scenario, SNX could even exceed $30 if the crypto market enters full-blown euphoria. However, an extended consolidation above $5.00 may be required first before attempting such new highs.

Should You Buy Synthetix Today?

For long-term investors, accumulating SNX during corrections like this seems prudent. Dollar cost averaging can help manage risks. SNX appears undervalued relative to the heights of the 2021 bull cycle.

For traders, SNX offers lucrative short-term trading opportunities during periods of high volatility. Buying dips near support and selling into strength near resistance can produce excellent returns if timed properly.

As a top 100 crypto asset, SNX provides exposure to a promising DeFi protocol with exceptional growth prospects. While risks exist, SNX remains an enticing portfolio addition given its upside potential.