Veteran crypto investor Arthur Cheong says an altcoin project running on the Ethereum (ETH) network will make big moves upward.
Cheong, the founder of DeFiance Capital, tells According to its 153,300 followers on social media platform
“SNX soon $6? High annual recovery.
Make Synthetix Great Again, [SNX founder Kain Warwick].”
The trader, whose firm owns Synthetix, among other things, say that SNX does not have high timeframe resistance until it reaches $4.
“I like how this chart looks, basically no major resistance until $4.”
He adds that the relatively small amount of SNX in circulation means that just a few large purchases can send SNX soaring.
“Believe SNX has the fewest number of coins in circulation on CEXs (centralized exchanges) for a top 100 coin. More than 70% of the total supply has been deployed.
We have more SNX than some CEXs here. It wouldn’t take much for things to get tough from here as long as a few big buyers come in.”
SNX is trading at $3.42 at the time of writing, down 0.8% in the last 24 hours.
The crypto investor recently said he was optimistic about the decentralized derivatives trading sector, which also includes the Synthetix Network.
said Cheong,
“We are most optimistic about decentralized derivatives. If you look at all the numbers, it indicates that the derivatives trading sector is the largest crypto market. I think the annual revenue generated by derivatives trading in this space is probably $10 to $15 billion under current market conditions. If we go back to the bull market, I think we’re looking at $20 to $30 billion just from derivatives trading.”
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Generated image: Midjourney