SNX

Synthetix Network

Synthetix & Aave are making Ethereum L1 great again while Ronin & Celo jump to L2! #Ethereum #DeFi #Layer2 #Aave #Synthetix The post Ethereum L1 Revival Led by DeFi Giants appeared first on CoinoMedia.

Synthetix (SNX), one of the most prominent names in decentralised finance (DeFi), has taken a sharp turn after an explosive rally that saw its price soar more than 130% earlier this month. The cryptocurrency, which recently hit a 10-month high of $2.27, has plunged 16.3% in the past 24 hours as traders rushed to take profits and the broader crypto market slipped into a correction phase. $1 million Ethereum mainnet trading competition The excitement around Synthetix’s upcoming $1 million Ethereum Mainnet Trading Competition has been undeniable. The event, scheduled for October 20 and featuring 100 participants, including top traders and community members, is part of the project’s push to reignite interest ahead of the launch of its first perpetual decentralised exchange (Perp DEX) on the Ethereum mainnet later this quarter. Prizes will be distributed in USDC, SNX, and NFTs, offering both incentive and visibility for the protocol. However, some traders are now questioning whether the current valuation fully reflects the event’s potential. Pre-deposit figures show roughly $6.2 million in sUSD staked so far — an encouraging number but not yet enough to justify SNX’s sharp re-pricing. After a 175% surge over 30 days, the token may have priced in much of the competition’s anticipated success. Profit-taking after a parabolic surge Notably, today’s SNX price drop comes after the near-vertical rally between October 2 and October 13, driven largely by excitement around the $1 million Ethereum Mainnet Trading Competition. The rally pushed the token’s weekly Relative Strength Index (RSI) to 79.17 — a clear overbought signal. Source: CoinMarketCap As SNX touched resistance around the $2.52 level, which coincides with a critical 38.2% Fibonacci retracement, investors began locking in profits. The result was a swift correction, as whale wallets reduced holdings and trading volume fell 23% to around $732 million. Altcoin rotation adds pressure The broader crypto market has also played a significant role in SNX’s recent dip. Over the past week, total market capitalisation fell 4.1% as Bitcoin dominance climbed to 58.9%, signalling a shift of capital from altcoins back to the market leader. SNX was particularly affected, dropping much more sharply than the average altcoin. This rotation reflects a broader risk-off sentiment that tends to accompany volatile market resets, especially after large liquidations — nearly $19 billion in derivatives positions were flushed during the weekend crash. Funding rates for Synthetix (SNX) perpetuals have also turned negative on major exchanges, a sign that traders are paying to hold short positions. This aligns with data from Coinglass showing the token’s long/short ratio has remained flat below one since late September, underscoring persistent bearish bets despite recent price gains. Synthetix price forecast Synthetix’s recent drop reflects more of a natural correction than a breakdown in fundamentals. After a euphoric rally, markets often recalibrate before the next major move. With its Perp DEX launch and the $1 million trading competition just days away, Synthetix (SNX) now sits at a crossroads — balancing short-term caution with long-term promise. If the trading competition succeeds in drawing strong engagement and the new DEX delivers on its technical edge, Synthetix could once again find itself leading the next phase of growth in DeFi, causing Synthetix (SNX) price to rise. For now, though, traders should closely watch to see whether the token can stabilise above $1.90 before attempting another breakout. Failure to hold the $1.90 support level could lead to further decline towards the next support level at $1.56, which aligns with the 50% Fibonacci retracement, or even dip back into the “fair value gap” between $1.31 and $1.63. The post Here’s why Synthetix (SNX) has fallen after 130% rally appeared first on Invezz

Synthetix's SNX price surged 130% due to whale activity, trading volume, and new DEX launch anticipation. Read original article on coinlineup.com

Synthetix is absolutely on the move right now, breaking through key resistance levels and finally waking up after years of sideways action. SNX price just crossed $2.20, and traders everywhere are asking the same thing: what’s driving this rally? The Big Catalyst – A New Perpetua...

Altcoin Season has lifted Synthetix, Bittensor, and Render, with rising turnover confirming participation. SNX has outlined a dated mainnet perps rollout and competition, while TAO and RNDR have traded on AI and compute flows, holding reclaimed levels and showing steadier positio...

Synthetix (SNX) jumps 128% in a day, breaking above $2 with a 1,706% surge in trading volume, signaling renewed DeFi momentum and strong liquidity. <p>The post SNX Breaks Out Above $2: Synthetix Leads Market with 1,706% Volume Surge first appeared on Coin Crypto Newz.</p>

Synthetix exhibits a distinct breakout of a multi-year wedge and self-closing above $1.38, an indication of increased investor confidence. The SNX volume is more than $236 million, which indicates a high level of participation and validates the breakout. Technical charts such as ...

Decentralized trading platforms MetaMask and Infinex have integrated Hyperliquid in a bid to compete with Binance and other CEXs that continue to dominate the crypto perps market.

Synthetix gained 37% in 24 hours with $538M trading volume, showing strength across exchanges despite market volatility. Binance leads SNX liquidity with $445M, while shorts face heavy losses amid a short squeeze and rising long ratios. SNX records a 90-day gain of 100%, though i...