Synthetix SNX Soars as Perpetual Futures Volume Spikes

• Synthetix’s SNX token price has surged in the past few days as investors cheer the upgrade to its V3 platform.
• The daily volume of perpetual futures in the network has increased significantly, with daily fees reaching over $67k in the last seven days.
• The surge is partially due to the news that Silicon Valley Bank and Signature Bank have closed, allowing Circle’s funds to be released.

Synthetix’s SNX Price Soars

Synthetix (SNX/USD) price has seen a strong comeback in the past few days as investors cheer the upgrade to V3. It rose to a high of $3, which is much higher than the lowest level during the weekend at $2. Like other coins, SNX has soared by over 100% from its lowest point this year.

Perpetual Futures Volume Increases

The on-chain volume shows that perpetual futures in the Synthetix ecosystem is doing well. Its daily volume surged to more than $100 million and daily fees have jumped to over $67k in the past seven days. Additionally, cumulative perps volumes have been trending upwards indicating an overall positive sentiment towards Synthetix’s platform upgrades.

Synthetix V3 Upgrade Details

Synthetex is upgrading its network to Synthetix V3 which will provide a permissionless derivatives liquidity platform for powering on-chain financial products. It aims to transform it into a layer of liquidity that all derivatives can be built upon with features like atomic orders, asynchronous orders and wrapping order types available when it launches fully later this year.

Silicon Valley Banks Closing Affecting SNX Price

The surge in SNX price can also be attributed partially due to recent news surrounding Silicon Valley Bank and Signature Bank closing, allowing Circle’s funds at these banks to be released resulting into a renewed interest among investors for cryptocurrency assets like SNX tokens.

SNX Price Prediction

Looking at its chart, Synthetix’s price has made a strong return since dropping earlier this week and looks poised for further appreciation if bullish momentum continues going forward based on continued good performance of its ecosystem as well as further news regarding traditional banking industry affecting demand for digital assets like SNX tokens.

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