Synthetix (SNX) Price Pops 12% After Upbit Lifts Trading Caution Tag

Key Takeaways

• South Korean exchange Upbit removed its risk label on SNX, ending a cautionary period that began in April.
• SNX price broke above the upper trendline of a falling channel on the 4-hour chart after this development.
• On the daily chart, Synthetix is testing a breakout from a descending wedge that has held since January

Synthetix’s native token, SNX, has seen its price increase by 12% after top South Korean exchange Upbit reversed its cautionary stance and removed a risk warning that previously curbed market activity.

Before the move, Synthetix’s price was around $0.51. However, after the disclosure, the market value soared to $0.58, which traders interpreted as a green light for re-entry.

In this analysis, CCN reveals why the exchange restored trading and what could be next for the price. 

Upbit Greenlight Sends Synthetix Higher

Synthetix price increased earlier today following an announcement from Upbit, South Korea’s largest crypto exchange. In a post on X, Upbit confirmed that it had officially lifted the investment warning it had previously placed on the altcoin.

The investment caution period began on April 24, with an extension issued on May 28. Today’s update marks the end of that period, fueling renewed interest and positive price action for SNX.

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Despite the recent price bump, on-chain data reveals that SNX is still trading 98% below its all-time high, highlighting the extent of its long-term decline. Furthermore, nearly 100% of SNX holders are currently on unrealized losses.

However, Synthetix price could see an extended rally in the short term. From a technical perspective, SNX has risen above the upper trendline of a falling channel on the 4-hour chart, validating the uptrend.

The Relative Strength Index (RSI) reading has increased in line with this. Like the RSI, the Awesome Oscillator (AO) has moved to the positive region again for the first time since June 12.

If this trend continues, the SNX price could rally beyond the overhead resistance at $0.60. If validated, this could open the doors to a rally toward $0.67, the highest point of the wick.

SNX Price Prediction: Uptrend Not Over

The daily chart setup seems similar to the one seen on the 4-hour timeframe. At press time, Synthetix’s price is flirting with the upper trendline of a falling wedge pattern that has been in place since January.

This prolonged wedge has contained the price within a descending structure. But this time, the SNX seems ready to break above it.

The Bull Bear Power (BBP) has risen to the positive region to support this move. Should the trend continue, Synthetix’s price could retest $1 for the first time since February.

In a highly bullish scenario, the altcoin’s market value might rise to $1.70 at the 0.618 golden ratio. However, if this turns out to be a fakeout, this prediction might not happen.

Should that be the case, SNX price might drop to $0.48. If selling pressure increases, the altcoin might drop as low as $0.35.