Veteran crypto investor Arthur Cheong says that one altcoin project operating on the Ethereum (ETH<\/a>) network is set for big moves to the upside.<\/p>\n Cheong, the founder of DeFiance Capital, tells<\/a> his 153,300 followers on the social media platform X that the decentralized finance (DeFi) protocol Synthetix (SNX<\/a>) could surge by more than 75% from its current value.<\/p>\n \u201cSNX $6 soon? Yearly high reclaim. <\/em><\/p>\n Make Synthetix great again, [SNX founder Kain Warwick].\u201d <\/em><\/p>\n The trader, whose firm\u2019s holdings include Synthetix,\u00a0says<\/a> that SNX has no high time frame resistance until it hits $4.<\/p>\n \u201cI like how this chart is looking, no major resistance until $4 essentially.\u201d<\/em><\/p>\n He adds<\/a> that the relatively small number of SNX in circulation means just a few big buys could send SNX soaring.<\/p>\n \u201cBelieve SNX has the least amount of circulating coins on CEXs (centralized exchanges) for a top 100 coin. More than 70% of the total supply is staked. <\/em><\/p>\n We have more SNX than some of the CEXs here. Doesn\u2019t take much for it to go hard from here as long as some big buyers come in.\u201d <\/em><\/p>\n SNX is trading for $3.42 at time of writing, down 0.8% in the last 24 hours.<\/p>\n The crypto investor recently said<\/a> that he was bullish on the decentralized derivatives trading sector, which includes the Synthetix Network.<\/p>\n Said Cheong,<\/p>\n \u201cWe are most bullish on decentralized derivatives. When you look at all the numbers, it points at the derivatives trading sector as the biggest market in crypto. I think the annual revenue generated by derivatives trading in the space is probably $10 to $15 billion in current market conditions. If we go back to the bull market, I think we\u2019re looking at $20 to $30 billion, just from derivatives trading alone.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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