Synthetix price soars 20% amid volume spike: here's why - CoinJournal

CoinJournal reports on Synthetix's impressive 20% price surge within 24 hours, reaching $0.79 amid a broader crypto market recovery.

The decentralized futures protocol's native SNX token experienced remarkable momentum as trading volume exploded by 700% to over $147 million. This surge coincided with Bitcoin reclaiming $110,000 and other major cryptocurrencies showing renewed strength. Synthetix particularly benefited from launching its first perpetual exchange on Ethereum mainnet, introducing gasless trading capabilities and SLP vault liquidity pools that attracted significant trader interest.

• SNX token jumped 20% to hit $0.79, standing out as one of the strongest performers during the crypto market bounce
• Trading volume rocketed 700% to $147 million, driven by the mainnet alpha launch and pre-deposit opportunities
• Technical indicators show bullish momentum with RSI at 57 and MACD signaling strengthening upward movement
• Key resistance levels at $0.80 and $0.85 could lead to $1 target if successfully broken