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SNX's upside is in part supported by the latest update from the team in relation to the planned collaboration with Optimism," one analyst said.
While bitcoin, the crypto market leader, remains in a deep slumber, some coins continue to see news-driven price moves. One such coin is SNX, the native token of the decentralized finance (DeFi) protocol Synthetix, which allows market participants to trade Ethereum-based synthetic contracts linked to traditional financial assets, including crude oil as well as stocks like Apple, Tesla, Facebook, Google, and Coinbase.
Per Messari data, SNX reached one-month highs above $13 early today and was last seen changing hands near $12.90, up 17% on a 24-hour basis. The DeFi token has gained 75% this month, while bitcoin is down 2%.
SNX’s move to four-week highs comes as the protocol readies to launch its long-awaited exchange powered by Optimistic Ethereum, an Ethereum layer 2 scaling solution aimed at boosting transaction throughput and bringing down fees.
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