Bulls have been gaining more strength since the beginning of 2023, and the break of Synthetix (SNX) price action outside the supply zone is imminent. Synthetix (SNX), a derivative liquidity protocol, has attracted investors with its gains while crisis rocks a GMX whale after hackers stole $3.5 million.
Despite the upheaval, Snowfall Protocol (SNW) is seeing substantial support due to its disruptive features for blockchain interoperability. It also has a DeFi protocol where anyone earns passive income from staking and farming. Due to its important real-world applications, Snowfall Protocol (SNW) is gaining huge traction, and experts say it has limitless long-term potential. Read on to learn more about the notable events in the crypto space and why Snowfall Protocol (SNW) is getting more popular.
Snowfall Protocol Gain Huge Support in Presale, Rises By 3400%
As blockchain technology advances, the need for more innovative projects to improve user experience grows. For years, the interoperability issue has resulted in difficulty in moving assets between chains or even interacting with different chains concurrently. This has significantly halted the development of many ingenious ideas that need a cross-chain bridging solution – and this is where Snowfall Protocol (SNW) comes in.
Snowfall Protocol (SNW) is the first and most efficient multi-chain bridging protocol for cryptocurrencies and NFTs. To make things clearer, Snowfall Protocol (SNW) enables anyone to securely move or swap their asset between different blockchain networks via its dApp.
It is easy to see whySnowfall Protocol (SNW)is gaining a lot of traction. It opens the door for developers to build new apps that can work for many chains. The protocol also features several first-of-its-kind systems and models for businesses, individuals, and developers to unlock the gate to a new world of interoperability and cross-chain communication.
The Snowfall Protocol (SNW) token is currently in presale, and experts think its use cases can push its price by 1000x. The price of the token is $0.191 – still underpriced with monstrous demand, and therefore, may sell out quicker than expected. So far, $SNW has grown by more than 800% in the last few weeks, and there are more gains in the coming weeks, so now is the best time to sign up for the resale.
Synthetix (SNX) Recover After Bouncing off A Demand Zone
Synthetix (SNX) is an Ethereum-based derivative liquidity protocol that facilitates the issuance of synthetic assets like gold, synthetic currencies, silver, etc. Its native token recently showed bullish action after testing a 30-month demand zone last week. Synthetix (SNX) has broken out of its descending triangle chart pattern on the daily chart, signaling its first bullish sentiment in the last two years.
Synthetix (SNX) token is trading at $2.27 and has gained 8% over the past 24 hours. So far this year, the token has risen by 57%. While analysts have identified an obvious upward breakout, the Synthetix (SNX) token is still consolidating, a sign of accumulation before upthrust. However, if the token fails to distribute its accumulations upward, it might break down and lose its gains again.
GMX Whale Losses $3.5 Million to Hackers
In other news, a GMX whale reportedly lost his portfolio to the tune of $3.5 million to an unprecedented wallet hack. Community members of GMX noticed the unfortunate event, and security firms CertiK and PeckShield were quick to react by flagging all chains of transactions involving the stolen GMX tokens.
However, things seem to be getting pretty bad after the hacker swapped the token for 2,627 ETH via Hop and Across Protocols. Following the event, GMX’s token price sank by 10.5%. Currently, the GMX token has considerably recovered and is trading at $45.9, about 20% down from the all-time high price of $59. GMX token has shown great resilience while maintaining its value in the face of the whole drama. Analysts speculate that its price may reach $110 by 2025.
For more information on Snowfall Protocol, visit:
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
