Synthetix just reached its 15-month-high, last seen in August 2022. However, the price-daily active addresses (DAA) divergence shows a sell signal despite the “Perps V3” announcement.
Synthetix (SNX) is up by 20% in the past 24 hours and has registered an 80% rise over the past month. The asset is trading at $3.58 with a market cap of $1.03 billion at the time of writing, making it the 53rd-largest cryptocurrency.
SNX’s 24-hour trading volume recorded a 138% surge, reaching $168 million.
The rise comes while Synthetix’s price DAA divergence dived to negative 24%, according to data provided by the market intelligence platform Santiment. When the DAA divergence falls below zero, it usually suggests that the asset might be manipulated by big whales, which consequently shows a sell signal.
Another key price driver could be the announcement of Synthetix Network’s “Perps V3” launch. The platform posted on X (formerly Twitter) that the upgrade would bring new features such as multi-collateral, cross-margin, account-based access, and other liquidation upgrades.
Moreover, Santiment data shows a notable rise in the Synthetix whale activity. Per the market intelligence platform, whale transactions of at least $100,000 worth of SNX soared from three to 10 trades in the past 24 hours.
According to Santiment, the asset’s total open interest (OI) registered a 58% surge over the past day — rising from $28 million to around $44.3 million.
Per the market intelligence platform, SNX’s Binance funding rate currently stands at 0.01%, suggesting the dominance of short-position holders until further price movements. However, the exact amounts of short and long positions are still unclear from the total OI.
Read the full article here
