- Synthetix will soon release their own V3 feature.
- SNX ran into a wall of resistance as the bears tried to attack.
The crypto market has shown a decent recovery since January 2023, and as a result, there has been increased activity in the DeFi world. Synthetix is among the companies benefiting from this recovery. The latest weekly update may provide some insight into what users can expect this month.
According to the update, Synthetix is about to roll out its V3 feature. It will lead to some big changes to the debt pool, which will support unique items. The offering will include a gathering that will host a vintage market, including all offerings already available on V2X.
Weekly summary here!
⚔ Spartan Council & CC updates
⚔ Updates from the Grants Board and Ambassadors
SIP Offer SummaryPodcast on YOUTUBE🚀: https://t.co/FX20IsOAfd
Anchor Podcast: https://t.co/ByZZOuut9k
Blog: https://t.co/5L2WrPsJrK
– SNXweave (snx_weave) February 2, 2023
Synthetix revealed that while initial plans only included one set in V3, that may change in the future. Once it becomes a reality, it will allow players to access different combos.
Of course, there was more to the weekly update. For example, posting debt will start after SIP-255. The latter is in the final review phase and, once implemented, would allow fee burning rather than distribution.
Synthetix has had strong development activity in recent weeks. This is in line with the previously mentioned development. However, this does not mean stable network growth.
Source: feeling
Network growth has shown strength over the past four weeks. But it was also very volatile, due to periods of low network activity or low volatility. The network’s growth gauge is down to a four-month low at press time.
However, there has been a sharp increase in daily active addresses in the last 24 hours prior to press time.
Source: feeling
Despite this increase in daily active addresses, the 30-day MVRV has decreased over the past 24 hours. This indicates that the selling pressure was more dominant than the bullish demand. This reflects the bearish performance of SNX on February 3 after the previous rally that attempted to surpass the previous Janaury 2023 high.
What is the value of 1,10,100 SNX today?
SNX was trading at $2.55 at press time after breaking out of its weekly high of $2.75. This reflected an increase in selling pressure, which was also consistent with a decrease in relative strength.
Source: TradingView
It was not clear if the developments at press time would support increased demand for SNX. However, the current market conditions indicate that there is no strong upward pressure to overcome the current resistance.