🌐 Synapse (SYN) – A Premier Cross-Chain Protocol. This project facilitates the seamless transfer of assets, data, and messages across L1, sidechains, or L2 ecosystems. Built on the Optimistic framework, Synapse stands as the pioneering optimistic rollup chain utilizing proof of stake.
🪙 Fundamental Analysis:
🟠 The Total Value Locked (TVL) in Synapse (https://defillama.com/protocol/synapse?denomination=USD) is an impressive $110 million. While not all chains are accounted for, further exploration is available on the project’s website (https://explorer.synapseprotocol.com/).
🟠 SYN has launched several innovative products, including Swap, Bridge, and Stake functionalities, laying the groundwork for core DeFi operations.
🟠 The project boasts active development (https://github.com/orgs/synapsecns/repositories), focusing on its mainnet and cross-chain solutions.
🟠 Over 75% of tokens are currently in circulation. Discussions are underway to potentially reduce (https://forum.synapseprotocol.com/) the token issuance rate.
📈 Technical Analysis:
⚫️ SYN was listed on top exchanges on February 23, 2023, experiencing a correction of -62% from its peak.
⚫️ The price bottomed out in October 2023 at $0.27, marking the start of a significant upward trend.
⚫️ A “pennant” formation has been identified, indicating potential for price movement towards a third target in the trading sequence.
⚫️ The asset is accumulating strength before tackling the “resistance” level. $0.88 is a critical resistance level, under which the asset is gathering momentum.
❗️ Entry Strategy: “The lower the order, the higher the % gain.”
Allocate three orders for the coin, each accounting for 1-2% of the trading capital dedicated to Spot Invest (based on a 2% calculation):
🟢 1st order (0.33%): $0.6984 (market) ⏺ 2nd order (0.66%): $0.5294 (limit) ⏺ 3rd order (1.00%): $0.3884 (limit)
🪙 Take Profit Targets:
✅ Target 1: $1.08 (+55%) ✅ Target 2: $1.49 (+112%) ✅ Target 3: $2.09 (+201%) Bonus Target: ✅ Target 4: $3.65 (+422%)
❗️ Cross-chain solutions represent a crucial market segment poised for significant growth. Noteworthy is the project’s ambition to launch its own L2 network featuring a modular architecture. Currently, the community is deliberating on deploying the project on the Hedera network.