Synthetix coin (SNX) stunned the crypto market on October 13 with a 91.6% rally, climbing from $0.97 to $1.87 within 24 hours, its sharpest single-day gain since 2021.
The move placed SNX as the day’s top gainer across major exchanges, with trading volume skyrocketing 879% to over $595 million. The breakout coincided with a broader 4.67% crypto market rebound and renewed institutional interest in derivatives protocols.
Analysts suggest this could mark the start of a new accumulation phase after years of underperformance.
Why is Synthetix Price Going Up Today?
One reason the SNX coin is rising today is that the broader crypto market posted a 4.9% recovery, led by Bitcoin’s rebound above $115,000 after U.S. President Trump’s comments easing trade tensions with China. Altcoins with high beta, like SNX, amplified the move, gaining nearly 20× more than BTC in percentage terms.
According to CoinMarketCap data, SNX ranked #1 among the top 100 gainers, ahead of Mantle (MNT) and Dash (DASH), signaling aggressive speculative inflows.
Synthetix also recently launched its perpetual DEX on Ethereum, offering gasless trading, faster execution, and support for multiple collaterals such as wstETH and cbBTC. This marks a major step in expanding beyond Optimism, tapping into Ethereum’s $90 billion DeFi liquidity.
Data from Synthetix’s governance forum shows strong early engagement, with traders locking sUSD and sUSDe to qualify for leaderboard rewards and Synthetix Points.
Further, analysts noted that Synthetix is building its own Liquidity Prover Vault (SLP), a structure comparable to HyperLiquid’s and Lighter’s LP vaults, which have recently driven triple-digit yield opportunities in DeFi.
The open question is how Synthetix’s LP performance will compare, as recent cross-protocol returns diverged significantly. Still, a $1 million trading competition set to launch on October 20 could pull liquidity and attention toward SNX ahead of the November 7 sUSD rewards cutoff.
SNX Price Prediction: RSI Leaves Room for Further Upside
SNX price recently broke through its $1.20 resistance for the first time in months, confirming a bullish breakout from a multi-month falling wedge, a setup that trader Javon Marks said could “set the stage for a +735% rally toward the $12 region.”
The new support zone sits between $1.25 and $1.40, which were previously resistance levels, while the next long-range targets lie at $4.10 and $15.00, key horizontal levels from 2022.
Trading volume has jumped to nearly nine times the daily average, reinforcing the breakout’s strength. The daily RSI is climbing but remains below overbought territory, leaving room for continuation in the short term. Still, a drop below $1.10 would invalidate the breakout and hint at weakness.
On-chain data from DeFiLlama shows Synthetix’s TVL around $223 million, with earnings steady but poised to rise as the new Perps DEX gains traction. If liquidity inflows continue through the October 20–November 7 event window, SNX could retest $4–$5 soon.
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