- SNX, the native token of Synthetix, surged more than 20% in 24 hours, reaching $0.79.
- Daily volume jumped 700% to over $147 million, with Synthetix benefiting from a broader crypto rebound.
- Synthetix’s move to launch its perps DEX on the Ethereum mainnet helped support SNX’s price.
Synthetix (SNX), a decentralized futures protocol that supports trading on Ethereum, saw its price climb about 20% in the last 24 hours as Bitcoin led a modest recovery across the crypto market.
The SNX token rose alongside notable gains for Ethereum, Solana and XRP, reaching intraday highs near $0.79.
Price gains for the altcoin coincided with a significant surge in daily trading volume, as bulls attempted to overcome a resistance area that had previously capped upward momentum around $0.80.
Synthetix (SNX) up 20% in 24 hours: why it rallied
The crypto market, still recovering from recent losses, is showing early signs of stabilization as buyers try to regain control.
Bitcoin bounced back above key thresholds after a sharp drop, while Ethereum climbed above $4,560 and held its ground despite broad risk-on pressure.
Solana surpassed $204 and XRP eyed the $3.70 level, both reflecting improved market sentiment.
In this environment, Synthetix stood out with a roughly 20% gain, one of the stronger performers among DeFi tokens.
The rally coincided with renewed strength among decentralized finance tokens and was bolstered by Synthetix’s recent deployment of its first perpetual exchange on the Ethereum mainnet—a development widely viewed as a key catalyst for SNX in the past week.
During this period, SNX posted double-digit gains aided by pre-deposit options and the opportunity for traders to join Synthetix’s mainnet alpha whitelist.
The launch of the SLP vault—a liquidity pool that provides access to liquidity across all perpetual markets and rewards early participants with SNX points—drove much of the market activity around Synthetix.
Additionally, the network’s support for gasless trading represents a major upgrade for the perps DEX, removing a barrier for traders and improving user experience.
Not for long.
Synthetix Mainnet will have gasless trading. https://t.co/Vdhuia1452
— Synthetix ⚔️ (@synthetix_io) August 26, 2025
SNX price outlook
With SNX trading around $0.79 and targeting a move toward $1, the token remains far below its 2021 all-time high of $28.53.
Synthetix has also struggled since rejecting the December 2024 peak near $3.40.
Despite the longer-term downtrend, analysts are noting a short-term bullish reversal for SNX’s price action.
If SNX can clear resistance at $0.80 and $0.85, bulls could target $1 as the next psychological level.
chart for Synthetix according to TradingView
Daily technical indicators support this view. The relative strength index (RSI) sits near 57, indicating room for continuation, while the moving average convergence divergence (MACD) shows strengthening bullish momentum following a bullish crossover.
Volatility remains a concern, and the $0.60 zone could act as meaningful support if bears regain control.
Profit-taking by traders or increased selling from whale accounts will be important factors to watch in the coming days, especially after SNX’s sharp 20% upswing.