Synthetix (SNXUSDT) 24-Hour Market Analysis, Price Trends & Technical Insights

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Market Overview for Synthetix (SNXUSDT) – 24-Hour Technical Summary

Synthetix Sees Bullish Breakout Trend

Synthetix (SNXUSDT) experienced a notable bullish breakout during the overnight trading session, with prices climbing above a critical resistance level of $0.673. This upward movement indicates a growing confidence among traders in the asset’s potential.

Strong Market Activity Validates the Breakout

The breakout was substantiated by a spike in trading volume, reflecting robust participation from market players. This heightened activity suggests that investors are actively engaging with Synthetix, reinforcing the bullish sentiment.

Increased Price Volatility Observed

During the trading period, volatility surged significantly, with the price fluctuating between $0.645 and $0.688. Such price swings are indicative of a market in flux, showcasing the dynamic nature of trading in Synthetix.

Potential Profit-Taking Signals Emerge

As prices rose in the late morning, the Relative Strength Index (RSI) indicated overbought conditions, which may prompt some traders to take profits in the near term. This behavior is common in volatile markets where rapid price increases can lead to a correction.

Fibonacci Level May Provide Support

A critical Fibonacci retracement level at $0.663 could serve as a short-term support point as the market enters a consolidation phase. These levels are often watched by traders for indications of potential price reversals or consolidations.

Market Snapshot of Synthetix

Synthetix opened at $0.660 on August 9, 2025, reaching a peak of $0.688 before closing at $0.654 on August 10. Total trading volume was recorded at 1,138,734.8, with a notional turnover of approximately $698,649. This trading activity illustrates a day marked by volatility and corrective movements following a significant overnight rally.

Price Structure and Patterns

The price action revealed a strong bullish breakout candle early in the morning, as SNXUSDT surged past the $0.673 mark, overcoming a significant psychological barrier as well as Fibonacci resistance. However, this upward momentum could not be sustained, leading to a corrective phase later in the day. A bearish engulfing pattern emerged within the $0.673–$0.668 range, suggesting a possible short-term bearish sentiment. Additionally, a doji candlestick at around $0.663 indicates indecision at a vital support level, with $0.645 now identified as a potential pivot point for short-term price rebounds.

Moving Averages Indicate Mixed Signals

On the 15-minute chart, the 20-period and 50-period moving averages initially crossed above key support levels, supporting the bullish breakout narrative. However, by the afternoon, the 20 MA dipped below the 50 MA, signaling a potential bearish crossover. On the daily chart, SNXUSDT closed beneath the 50 and 100-day moving averages, indicating a bearish outlook in the broader context. The 200-day moving average remains a crucial support level at $0.665, which may act as a barrier against deeper price corrections.

MACD and RSI Analysis

The Moving Average Convergence Divergence (MACD) indicator revealed a bullish divergence during the early hours as SNXUSDT rose, with a notable expansion in the histogram. However, as prices corrected in the afternoon, the histogram began to contract. The RSI momentarily entered overbought territory above 70 during the morning peak but has since retreated to neutral, bordering on oversold conditions. This divergence in the RSI suggests that further correction may occur unless a strong rebound is observed at critical support levels.

Bollinger Bands Reflect Increased Volatility

The session saw significant expansion in volatility, with the upper Bollinger Band reaching $0.688 and the lower band falling to $0.645. The price tested the upper band in the morning, showcasing strong upward momentum, but later retreated towards the lower band, indicating a decline in buying pressure. Currently, with the price at $0.654, it remains slightly above the 20-period Bollinger Band midpoint, suggesting a mild bearish sentiment in the short term.

Volume and Turnover Insights

Trading volume surged notably during the morning rally, particularly between 01:30 and 03:45 ET, peaking at 87,152.8 units as prices rose past $0.673. This coincided with a corresponding spike in turnover, affirming the bullish move. However, during the afternoon’s corrective phase, trading volume remained relatively stable, indicating that while there wasn’t panic selling, buying enthusiasm also appeared limited. The alignment of price and turnover during the morning breakout shifted to divergence in the afternoon, with elevated volume persisting despite price declines.

Fibonacci Levels in Focus

On the 15-minute chart, the recent high of $0.688 and the low of $0.645 establish a significant Fibonacci range. The 38.2% retracement level at $0.666 and the 61.8% level at $0.655 have both acted as temporary support and resistance zones. On a larger daily chart, the 61.8% retracement of the price swing from $0.630 to $0.690 stands at $0.658, which might serve as near-term resistance or support, depending on future price movements.

With critical support situated at $0.645 and resistance between $0.658 and $0.663, the market is likely entering a phase of short-term consolidation. Traders should monitor for a retest of $0.654 as a potential pivot point for either a rebound or further declines. As always, unforeseen macroeconomic events or broader sector movements could easily override local technical indicators, underscoring the need for a cautious approach.