The market’s reaction was completely different despite expectations of a significant
boost courtesy of the milestone. SNX tanked by 7.88% in the last 24 hours to its $2.79 press time price.This bearish mid-week outcome occurred after the price hit a resistance wall at SNX’s previous 2023 high. The subsequent sell pressure as a result of this resistance retest may have suppressed any potential bullish volumes associated with the recent announcement.
The recent peak and retracement reflect a surge in 24-hour active addresses. This is because of the increase in demand for SNX at the end of February. Thus, triggering a surge in network growth. However, active addresses dropped off since the start of March, confirming that demand was slowing down.SNX’s mean coin age is currently at its 4-week high, which means it was not affected by the retracement. In other words, most of the buyers that accumulated SNX in February are still holding onto their coins.Lastly, SNX’s on-chain volume indicator reached its highest 4-week levels at the end of August.