Synthetix declines on hiatus amid low volatility and volume. Recovery is likely to hit a snag at the 21-day SMA, which could send SNX back to the drawing board. The decentralized finance (DeFi) craze appears to have hit pause. It seems this the time tokens in the sector have to prove their worth to investors.
DeFi activity saw a massive boom in the third quarter of the year. This September, several DeFi tokens sustained severe pullbacks along with numerous market corrections. Despite this, these tokens continued to lead the pack. This was according to the latest Q3 report by Coingecko, which further noted that while crypto-assets projected a rather sluggish market movement,