Aliens TLDR

Synthetix Network [SNX] , unlike the rest of the networks, has not been following the broader market’s cues.

Consequently, on 20 June it rallied by 109% in 24 hours and investors found the perfect opportunity to not only save themselves from crippling losses but also inspire day traders to short the altcoin (ref.

They consequently, ended up selling almost $8 million worth of SNX on the same day.

The sentiment did not change for the next couple of days, and by the time of this report, 7.8 million SNX valued at $18 million was sent to the exchanges.

However, apart from the initial selling, every other token sold was at the behest of the bearish market since the altcoin fell by 31.75% in the next ten days.