Synthetix (SNX) has been on a remarkable run, defying the broader cryptocurrency market downturn to emerge as one of the top-performing altcoins. After plummeting to a low of $0.5911 during the Saturday crypto market crash, the SNX token rebounded and surged to a nine-month high of around $2.4 yesterday. This remarkable recovery has sparked intense interest and speculation among traders and investors, as Synthetix is gearing up for the much-anticipated launch of its new Ethereum-based perpetuals exchange and a lucrative $1 million trading competition.
Despite the prevailing optimism and the recent recovery, the token has taken an unexpected turn, witnessing a 12% decline over the past 24 hours. This daily downturn may seem counterintuitive given the positive sentiment generated by the recent rally, but it hasn’t damaged enthusiasm surrounding the token’s future prospects.
In fact, the stage appears set for a potential surge amid the $1 million trading competition and the perpetuals exchange launch. These upcoming developments leave investors wondering if SNX will rebound and reach new heights.
Syntethix Price Declines after Recent Recovery
The SNX token has recently seen a significant recovery as the crypto market started showing positive signals after the huge crash on Saturday. On October 11, in line with the broader trend, SNX fell to a low of $0.59, only to revive on October 13, reaching a monthly high of $2.4.
This price action has invoked significant attention and a new wave of hope as the token has broken past a multi-month consolidation period. After hitting $3.4 in early 2025, the crypto has been trading within a narrow range of $0.5 to $1.1. As the altcoin soared, defying expectations, the community expected SNX to sustain the momentum.
However, things took a turn when the cryptocurrency plummeted to $1.93 today, marking a notable drop of 12%. Despite this daily dip, SNX is still up by 62% and 178% over the past week and month, respectively. In a yearly analysis, the token has seen a notable uptick of 26%.
Although the Synthetix price predominantly holds a positive sentiment, the momentary drop has sparked concerns, which is significantly evident in the 37% decrease in the daily trading volume, at $653 million.
Perpetual DEX Launch and Mainnet Contest
Interestingly, Synthetix is poised to make a crucial impact with the launch of the first perpetual DEX on the Ethereum mainnet in Q4 2025, capitalising on the growing demand for decentralised perpetual trading. Commenting on the development, an analyst wrote on X, “The new Synthetix perp dex will soon launch, and after both Hyperliquid and Lighter had some hiccups, I am sure there is new optimism on what Synthetix can deliver.”
The platform has also announced the launch of the $1 million mainnet trading competition, which is expected to commence on October 20. Participants are advised to follow the official Synthetix X account for important communications and updates regarding the development. The X post read,
“The Synthetix Mainnet trading competition will go live on October 20. Keep an eye on the official Synthetix Twitter account for all communications and updates on the competition.”
Will Synthetix Price Rebound?
On-chain reports suggest that traders have increasingly engaged with the token, capitalising on its recent profits. If the selling pressure continues, SNX may lose some ground in the near term, potentially dipping towards $1.17. On the other hand, if buying interest surges, the token could hit $2.580.
In an X post, analyst Dentoshi posited that the second opportunity for the Synthetix price may emerge at a lower support level, where multiple factors converge, including the alignment of yearly and weekly levels, coupled with a breakout above a multi-year trendline. This confluence of technical indicators could signal a significant buying opportunity, potentially paving the way for a substantial price increase.
