Synthetix rallies nearly 100%, breaking key resistance and leading the top 300 cryptos | Credit: Veronica Cestari
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Key Takeaways
SNX breaks above a descending triangle, and rising CMF signals strong buying pressure.
On-chain volume spikes to $590 million, while the MVRV ratio at 0.45 suggests more upside.
If the bullish trend holds, the Synthetix crypto price could rally toward the $3 resistance.
SNX, native to the Ethereum-based decentralized perpetual futures protocol, has stunned the market. Over the past 24 hours, the Synthetix crypto price has increased by 95%.
In the process, the token hit the highest level since January. Like the SNX price, the trading volume increased.
But that is not all. In this analysis, CCN reveals why the altcoin has emerged as the best-performing asset among the top 300 cryptos. We also evaluate what could be next for the price.
Why Synthetix Rallied to January Highs
Looking at the weekly chart, the Synthetix crypto price surged after breaking out of the upper trendline of a descending triangle. Amid this, the Chaikin Money Flow (CMF) has also risen above the zero signal line.
The rise in the CMF reading indicates rising buying pressure. If sustained, this could push the SNX price above $2 and possibly toward $3 soon.
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Beyond the technical picture, fundamental catalysts appear to be fueling Synthetix’s rebound.
The growing optimism surrounding the launch of Synthetix’s new perpetual DEX has amplified market excitement.
As CCN reported earlier, the broader market has shown a clear pattern — tokens linked to decentralized exchange (DEX) have dominated recent bullish waves.
Projects like Aster (ASTER), PancakeSwap (CAKE), and Hyperliquid (HYPE) all witnessed explosive gains when sentiment shifted toward decentralized trading infrastructure.
Now, it seems SNX is stepping into that spotlight.
On-Chain Activity Accelerates
This momentum is clearly visible in Synthetix’s on-chain activity.
According to Santiment, SNX’s trading volume has spiked to $590 million, its highest level since May 2021.
For context, the last time the protocol saw this level of trading activity, SNX’s price hovered around $21.40.
While that doesn’t necessarily mean a return to those levels is imminent, it’s an important signal of rising market participation.
In other words, profits aren’t overextended yet, and the ongoing Synthetix crypto rally could still have legs.
SNX Price Prediction: $3 Target Coming
Another look at the technical perspective shows that Synthetix’s structure is bullish.
The Moving Average Convergence Divergence (MACD) has formed a bullish crossover, signaling that buying momentum is increasing.
With this setup, SNX’s price could soon challenge the $2.09 resistance. A breakout above this level would likely confirm further upside, opening the path toward the next resistance at $2.47.
Supporting this outlook, the Awesome Oscillator (AO) remains positive. If this trend continues, SNX price could extend its rally to $3.
SNX/USD Daily Chart | Credit: TradingViewHowever, if bears reject the breakout attempt at $2.09 or sell pressure intensifies, the bullish structure could weaken.
In that case, SNX’s market value might retrace toward $1.24, testing the lower support zone before any recovery attempt.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
