- The native SNX token of Synthetix rose more than 20% within 24 hours to $0.79.
- Daily volume jumped 700% to over $147 million, with Synthetix benefiting from a broader crypto upswing.
- The Synthetix network’s move to launch its Perps DEX on the Ethereum mainnet helped support the SNX price.
Synthetix (SNX), a decentralized perpetuals protocol supporting trading on Ethereum, climbed roughly 20% over the last 24 hours as Bitcoin led a modest market rebound.
The SNX token, which rose alongside notable gains for Ethereum, Solana and XRP, hit an intraday high of $0.79.
Price gains for the altcoin were accompanied by a sharp rise in daily volume as bulls tried to push above a level that previously capped upward momentum near $0.80.
Synthetix (SNX) up 20% in 24 hours — here’s why
The crypto market, still reacting to recent losses, is showing early signs of recovery as buyers attempt to regain control.
Bitcoin has reclaimed the $110,000 area after a steep sell-off, while Ethereum has rallied back above $4,560 and remained relatively resilient despite broader risk-off pressure.
Solana surpassed $204, and XRP is testing the $3.70 area, both reflecting improved market sentiment.
Against this backdrop, Synthetix gained about 20% and emerged as one of the stronger performers.
The rally coincided with renewed strength among DeFi tokens and was supported by Synthetix’s recent launch of the first perpetuals exchange on the Ethereum mainnet — a development widely seen as a key catalyst for SNX’s momentum over the past week.
During this period, SNX saw double-digit gains driven by the introduction of advance deposits and the opportunity for traders to join the alpha whitelist for the Synthetix mainnet.
Another major driver was the rollout of SLP Vault, a liquidity pool that aggregates liquidity across perpetuals markets and provides early participants with the chance to earn SNX rewards, which helped fuel much of the trading activity around Synthetix.
Network support for gasless trading is also a significant enhancement for the Perps DEX.
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 gains toward $1, the token remains far below its all-time high of $28.53 reached in 2021.
Synthetix also faced resistance after being capped near $3.40 in December 2024, and the broader trend has been challenging since then.
Despite that longer-term downtrend, some analysts see a short-term bullish setup for SNX.
If SNX can clear resistance near $0.80 and $0.85, bulls could then target the $1.00 level.
Synthetix chart from TradingView
Daily technical indicators support a bullish continuation scenario: the Relative Strength Index (RSI) sits near 57, indicating room to run, while the Moving Average Convergence Divergence (MACD) shows accelerating upward momentum after a bullish crossover.
Volatility remains a concern, however, and the $0.60 area could act as support if bears regain control.
Traders taking profits or increased whale activity will be important factors to monitor in the days ahead, especially after SNX’s recent 20% surge.