Synthetix price soars 20% amid volume spike: here’s why – Crypto News – Crypto News
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Synthetix price soars 20% amid volume spike: here's why Synthetix price soars 20% amid volume spike: here's why

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Synthetix price soars 20% amid volume spike: here’s why – Crypto News

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6 months ago

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  • Synthetix’s native token SNX spiked more than 20% in 24 hours to hit $0.79.
  • Daily volume rocketed 700% to over $147 million, with Synthetix benefiting from a broader crypto bounce.
  • The Synthetix network’s move to launch its perps DEX on the Ethereum mainnet has helped SNX price.

Synthetix (SNX), a decentralized futures protocol with trading support on Ethereum, has seen its price surge by 20% within the last 24 hours as Bitcoin leads a minor bounce for the crypto market.

The SNX token, which has climbed alongside notable gains for Ethereum, Solana and XRP, hit intraday highs of $0.79.

Price gains for the altcoin happened alongside a significant jump in daily volume, with bulls attempting to break above a level that has previously constrained upside momentum around $0.80.

Synthetix (SNX) pops 20% in 24 hours – here’s why

The crypto market, still reeling from recent losses, is showing early signs of recovery as buyers attempt to regain control.

Bitcoin has reclaimed the $110,000 mark after a sharp dip, while Ethereum has climbed back above $4,560, holding steady despite broader risk asset pressure.

Solana has broken past $204, and XRP is eyeing the $3.70 level, both reflecting improved sentiment.

Within this backdrop, Synthetix has surged 20%, standing out as one of the stronger performers.

The rally comes as decentralised finance tokens show renewed strength, aided by Synthetix’s recent launch of the first perpetual exchange on the Ethereum mainnet—a development seen as a key catalyst for the token’s momentum over the past week.

In the period, SNX price has jumped by double digits, helped by the rollout of pre-deposits and a chance for traders to get on the Synthetix mainnet alpha whitelist.

The launch of SLP vault, a liquidity pool offering access to liquidity across all perp markets and an opportunity to rank among the first to earn SNX points, has driven a lot of the market activity for Synthetix.

Network support for gasless trading is also a huge move for the perps DEX.

SNX price forecast

While SNX price hovers at $0.79 and eyes gains towards $1, the altcoin remains well off its all-time peak of $28.53 reached in 2021.

Synthetix has also struggled since rejecting the December 2024 peak of $3.40.

Despite this largely negative trend, analysts are seeing a short-term bullish flip for Synthetix’s price.

If SNX successfully takes out the resistance at $0.80 and $0.85, bulls could eye the $1 mark.

Synthetix chart by TradingView

Technical indicators on the daily chart support this outlook. The Relative Strength Index (RSI) is at 57, signalling potential for continuation.

Meanwhile, the Moving Average Convergence Divergence (MACD) is signalling a strengthening of upward momentum after a bullish crossover.

However, volatility remains a concern, and the $0.60 zone could offer support if bears pick up the advantage.

Traders taking profit or whale activity taking hold will be a key watch in the coming days for Synthetix, particularly after its 20% surge.

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