- The native token of Synthetix, SNX, surged more than 20% within 24 hours to reach $0.79.
- Daily trading volume jumped 700% to over $147,000,000 as Synthetix benefited from a broader crypto rebound.
- Initiatives to launch a perpetual DEX on the Synthetix network’s Ethereum mainnet supported SNX price gains.
Synthetix (SNX) is a decentralized derivatives protocol on Ethereum that facilitates trading. As Bitcoin led a modest recovery across the crypto market, SNX’s price rose roughly 20% over the past 24 hours.
The SNX token climbed alongside notable gains in Ethereum, Solana and XRP, reaching an intraday high of $0.79.
The rally was accompanied by a sharp increase in daily trading volume as bulls pushed to break prior resistance around $0.80.
Synthetix (SNX) Jumps 24% in 20 Hours — Why
The crypto market is still recovering from recent losses, but early signs of a rebound have emerged as buyers try to regain control.
After a sharp sell-off, Bitcoin reclaimed the $110,000 level and Ethereum rebounded above $4,560, remaining relatively steady despite broader risk-asset pressures.
Solana has moved past $204 and XRP is targeting the $3.70 level, both reflecting improved sentiment across the market.
Against this backdrop, Synthetix rallied about 20%, making it one of the stronger performers.
Decentralized finance tokens showed renewed strength during this rebound, driven in part by Synthetix’s recent launch of its first perpetual exchange on the Ethereum mainnet — a development widely viewed as a key catalyst for the token’s momentum over the past week.
During this period, SNX posted double-digit gains supported by deposit incentives and opportunities for traders to join the Synthetix mainnet alpha whitelist.
The SLP vault—a liquidity pool that supplies liquidity for all perpetual markets—offered early participants the chance to earn SNX rewards, which helped drive significant market activity for Synthetix.
Network support for gasless trading was another major development boosting 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
Although SNX is trading around $0.79 and could push toward $1.00, the token remains far below its all-time high of $28.53 reached in 2021.
Synthetix has also struggled since rejecting the $3.40 peak in December 2024.
Despite the largely negative longer-term trend, analysts see a short-term bullish shift for Synthetix’s price.
If SNX can clear resistance at $0.80 and $0.85, bulls may target the $1.00 mark.
Technical indicators on the daily chart support this outlook. The relative strength index (RSI) sits at 57, suggesting room for continued upside.
Meanwhile, the moving average convergence divergence (MACD) shows a bullish crossover and strengthening momentum.
Volatility remains a concern, however; if bears regain control, the $0.60 area could act as key support.
Profit-taking by traders or increased whale activity will be important factors to watch for Synthetix in the coming days, especially after the recent 20% surge.