Synthetix (SNX), the native token powering the Ethereum-based decentralised perpetual futures protocol, has delivered a stunning 95% price surge in the past 24 hours, marking its highest level since January. The explosive move not only pushed SNX above key technical resistance levels but also cemented its position as the top-performing asset among the 300 largest cryptocurrencies this week.
The surge was accompanied by a substantial rise in trading volume, indicating robust participation from both retail and institutional traders. According to Santiment data, SNX’s daily trading volume soared to around $590 million, its highest since May 2021, reflecting a strong resurgence in network activity and market confidence.
Technical Breakout Fuels Bullish Momentum
From a technical standpoint, the Synthetix price rally began after a decisive breakout from the upper trendline of a descending triangle formation on the weekly chart, a pattern that often signals the end of a prolonged consolidation phase.
Adding to the bullish outlook, the Chaikin Money Flow (CMF) indicator has risen above the zero line, signalling growing buying pressure. The 50-day Exponential Moving Average (EMA) has also flipped into support territory, suggesting that bulls have regained control of the short-term trend.
If momentum holds, SNX could soon test resistance near $2.09, with further potential to advance toward $2.35 and even $3.00.
On the other hand, if sellers step in and reject the breakout attempt, SNX could retrace towards $1.24, a key support zone that previously served as a springboard for upward moves.
Fundamental Drivers: Perpetual DEX Launch Hype
Beyond technical factors, Synthetix’s resurgence appears to be driven by renewed enthusiasm for its upcoming perpetual decentralised exchange (DEX). Market participants anticipate that the platform could significantly expand Synthetix’s user base and trading volume, mirroring the success seen with other DEX-linked tokens.
Recent market trends have shown a clear appetite for decentralised trading infrastructure. Tokens like Aster (ASTER), PancakeSwap (CAKE) and Hyperliquid (HYPE) have all recorded explosive rallies as investors pivot towards projects offering decentralised trading solutions.
As Synthetix prepares to roll out its next-generation perpetual DEX, optimism surrounding its growth potential is mounting. The project’s long-standing reputation as a pioneer in synthetic asset issuance also gives it a strong foundation to capitalise on this renewed DeFi momentum.
On-Chain Indicators Signal Strength
The rally isn’t just technical or speculative; it’s supported by healthy on-chain data. Santiment reports a major spike in trading volume, confirming robust network activity. Historically, such increases in volume align with sustainable price appreciation rather than short-lived pumps.
Furthermore, the Market Value to Realised Value (MVRV) ratio, a key indicator for assessing overvaluation, currently sits at 0.45. In past cycles, SNX typically becomes overbought when the MVRV ratio enters the 0.91–2.24 range. The current reading suggests that the token remains undervalued relative to its realised market cap, leaving ample room for additional upside before profit-taking pressure builds.
Combined with positive momentum from the Moving Average Convergence Divergence (MACD) crossover and the Awesome Oscillator (AO) remaining in bullish territory, SNX’s technical structure points toward continued strength in the near term.
$3 Target in Sight
With technical and fundamental factors aligning, analysts expect Synthetix’s price to maintain its upward trajectory. A decisive close above the $2.09 resistance could trigger a run toward $2.47, followed by a potential move to $3.00, a level that would mark a 130% rally from its recent lows.
However, traders should remain cautious. Any macro-driven weakness in the broader crypto market or delays in the DEX rollout could lead to short-term corrections. Still, as long as the bullish structure holds, Synthetix appears well-positioned to extend gains.
In summary, Synthetix’s recent breakout represents more than just a price pump, it reflects growing investor confidence in the project’s evolving ecosystem. With strong on-chain activity, improving technical indicators and anticipation around its new perpetual DEX, SNX may well continue to shine as one of DeFi’s top comeback stories of 2025.
