SNX Investors Start Accumulating The Coin Despite The Crash

SNX investors start accumulating the coin despite the recent price crash when the coin got down by 5% over the past day and 20% below the local highs so let’s read more in our cryptonews today.

The token dropped quite hard but the investors remain bullish and started accumulating the coin despite the price crash. According to Matt Casto, the crypto-asset analyst working for CMT digital there are some signs that the token is being accumulated massively:

 “September had the two largest daily quantites of SNX bought on DEXs (9/5 and 9/6) so far this year and was the month with the most SNX acquired. Large holders have been accumulating since July, and large buys posted last month with lower trader counts. Disclosure: I am long SNX.”

September had the two largest daily quantites of SNX bought on DEXs (9/5 and 9/6) so far this year and was the month with the most SNX acquired. Large holders have been accumulating since July, and large buys posted last month with lower trader counts.

Disclosure: I am long SNX pic.twitter.com/9H1QVBS2DN

— Matt Casto (@mcasto_) October 1, 2020

The SNX investors have reasons to be excited as Synthetix started rolling out a test layer two-scaling solution for collaborating with Optimism. Optimism is an ETH-focused developer group that is mainly working on a network called Optimistic Ethereum. The network is a second-layer solution that uses a technology called Optimistic Rollups to lower down the costs of the transactions while also boost the throughput. The solution rolled out now is only a beta testing phase for retail users that hold one to 2500 SNX tokens but Synthetix commented on Optimistic Ethereum’s prospects:

 “Optimistic Ethereum will be the DeFi chain over the next 12-24 months. Nothing is even close. Mainnet is coming and it’s going to melt your fucking faces. @clembalestrat should have a sneak peak for you all very soon…”

Optimistic Ethereum will be the DeFi chain over the next 12-24 months. Nothing is even close. Mainnet is coming and it’s going to melt your fucking faces. @clembalestrat should have a sneak peak for you all very soon…

— kain.eth (@kaiynne) October 1, 2020

According to the bulls trend, there is an uptick in the active addresses number according to Santiment:

 “SNX has rebounded nicely over the past week (+19.4%). Network activity, such as on-chain circulation and active addresses, indicated a bullish divergence when it dropped to $3.55. Both metrics sustained high levels to allow price to jump back above $5.00.”

As we reported previously in our Altcoin news, The buyers were aggressive with absorbing this high selling pressure but have managed to push the cryptocurrency higher as its mid-term trend remains in strong control of the bulls. One analytics platform explained in a recent tweet that the on-chain technicals are showing that the cryptocurrency is incurring growing fundamental strength. This could allow it to see further upsides in the days and weeks ahead. One such metric which only outlines the strength is the number of active addresses and the tokens that are circulating on-chain.