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The Synthetix (SNX) coin has been on a free fall since mid-September 2021 after a spirited bull run towards its all-time high. However, the current bullish outlook seems to point that the dip has hit the bottom and it could be readying for a bullish trend.

To help those interested in Synthetix (SNX), Invezz has created a brief article to help with identifying the best places to buy it.

To find out more, please continue reading.

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Synthetix (SNX), commonly referred to as just SNX, is the native token/cryptocurrency for the Synthetix protocol.

To enlighten those hearing about Synthetix protocol for the first time, it is a decentralized finance (DeFi) protocol that operates as a decentralized exchange allowing users to get exposure to a wide variety of crypto and non-crypto assets using synthetic assets called (synths). It is based on the Ethereum blockchain.

Synthetix users get exposure to crypto and non-crypto assets through synthetic assets (Synths) that offer a way to exchange and trade underlying assets without having to hold the specific underlying assets.

Besides trading the synths, users can participate in staking pools where they can stake SNX tokens and get rewards.

The SNX token is used as collateral for the synthetic assets minted in the Synthetix ecosystem. That means whenever synthetic assets are minted (produced), SNX tokens are locked in a smart contract.

If you are looking for a cryptocurrency that had been on a long-term bearish trend and seems to have hit the bottom, then the SNX coin is a good choice.

However, you should be aware of the fact that buying the cryptocurrency market is extremely volatile.

All eyes are set on the $7.1294 resistance level and analysts believe that if the SNX coin continues in the current bullish trajectory it has started, could hit that price before the end of January.

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Investors are able to utilize oracles to detect the price of crypto & generate synthetic assets on the ETH mainnet pic.twitter.com/X686Hgiduk

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The post Where to buy Synthetix (SNX) coin: it looks bullish after hitting bottom appeared first on Invezz.

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