SNX, the native Token of the Synthetix protocol, has surged to a 10-month high as anticipation grows for the launch of the permanent decentralized exchange on the Ethereum ( ETH ) Primary Network .
The Token 's surge coincided with a broader recovery in the crypto market, making SNX one of the standout Cryptoasset .
Synthetix (SNX) Surges Over 80% After Crypto Market Crash
Synthetix enables the creation of synthetic assets, or “synths,” that mirror the value of real-world assets like stocks, commodities, and cryptocurrencies without the need for physical holdings. According to CoinGecko , SNX is the second-largest Token in the synthetic asset segment, behind Chainlink (LINK).
Despite being one of the early players in the market, the protocol has not attracted much attention recently. However, it has returned to the spotlight following the latest market moves.
Like the broader cryptocurrency market, SNX suffered a sharp decline on Friday. The altcoin fell to its lowest level in nearly three months amid increased volatility due to President Trump's tariff announcement.
But it was not the drop, but the subsequent recovery that brought new attention to SNX. As the market recovered on Sunday, SNX had a stronger rally, rising 98%, surpassing the top cryptocurrencies.
“SNX with a magic candle back to higher levels before the market crash,” one analyst posted .
The bullish momentum continued today, with SNX reaching its highest price since January. Data from BeInCrypto Markets shows that in the past 24 hours, the coin has increased by more than 80%, taking the top spot among daily gainers on CoinGecko . At the time of writing, it is trading at $1.76.
Synthetix (SNX) Price Performance. Source: BeInCrypto MarketsSNX trading activity has skyrocketed along with its price. At the time of writing, daily volume reached $626 million, up 834%.
Analysts Chia on Synthetix Ahead of Perp DEX Launch
Meanwhile, SNX 's rally is fueled not only by widespread market sentiment but also by some notable upcoming developments. The network is expected to launch the first permanent decentralized exchange on the Ethereum Primary Network in Q4 2025.
This is an especially timely move given the recent surge in interest in perpetual decentralized exchanges , and Synthetix will also launch a new trading competition.
Some analysts believe that the DEX launch could further fuel the current bullish momentum.
“ Synthetix ’s perp exchange is coming, and after both Hyperliquid and Lighter had some hiccups, I definitely have renewed optimism about what Synthetix can bring,” one market Watcher wrote .
Another analyst suggested that the coming months for Synthetix could be ‘very interesting.’ He explained that the trading competition will bring increased attention as top traders post about it.
“The attention will start to flow to SNX,” he said .
The analyst also said that Synthetix is also developing a Liquidity Prover Vault (SLP) to improve Capital efficiency, similar to the systems used by Hyperliquid and Lighter. While its performance remains unproven, he noted that the upside potential for SNX could be significant, as it resembles setups seen in altcoins such as Zcash (ZEC) and Dash (DASH) .
Despite the positive outlook, skepticism remains. Some traders are skeptical that Synthetix can deliver, citing issues with previously launched products.
“I apologize if you're optimistic about anything related to Synthetix because [enter story here] you can't save it. They can't do stables well, they can't lend and borrow, they can't trade, now people are believing they're going to launch a perp dex and it's going to be successful? lmao,” Shual commented .
Additionally, another anonymous analyst, Altcoin Sherpa, warned of the possibility of a pump and Dump, describing SNX as 'dead for years.'
“There are some interesting things going on with them in terms of zero selling pressure from Venture Capital and high circulation, but it's probably just a supply-controlled pump and Dump , not based on actual product in my opinion,” he commented .
So while the current rally has sparked optimism, its sustainability remains uncertain. The coming weeks will determine what lies ahead for SNX.
