SNX rose 20% in the last 24 hours and now eyes the $2 mark today. The move draws fresh eyes to Synthetix and puts traders, product teams and risk managers on alert. Volume spiked, and a mix of on-chain data plus promo events backs the lift.
SNX left the $1.58–$1.66 band and now trades near $1.74–$1.75, levels last seen fifteen months ago. Reports show volume surged. A one-off $1 million trading contest and the soon-to-launch mainnet version of a perpetual DEX with optimistic order books add fuel. A synthetic asset copies the price of a real asset so traders do not need to hold the real thing.
Why was this increase implemented in NSX?
The mix of high volume, the contest and the new product tests how deep the market is and how tough the token stands. Charts show the next walls at $2.13–$2.35–$2.40, followed by $2.56 and $2.70. If price drops, buyers may step in near $1.77 and $1.42, zones that mark where sellers once outnumbered buyers or now act as risk flags.
The team pitches on-chain perpetuals with regulated custody and full audit trails to pull in professional money. A line from the project reads: “It is not just speed – it is regulated custody also transparency.”
Big funds may join if the perpetuals DEX meets regulated custody and reporting rules. While a short-term liquidity boost can push price through chart levels, yet it also raises the odds of fast reversals.
For traders, watch the $2 line — a clear break plus close above it keeps the rally alive; a failure sends price back to the support zones. If the product lets users trade derivatives in a compliant way, the project gains stature and new users.
For next checkpoints:, the perpetuals DEX goes live on mainnet and the trading contest ends; both events will show if SNX holds above $2 in the days ahead.
The path around the $2 mark is pivotal, and the interplay between volume, product launch and the contest will reveal whether the rally extends or snaps back toward support.
