Key notes
- Synthetix (SNX) rose 7% in the last day, reaching a daily top of $ 0.68,51.
- SNX formed a corner model that falls on the daily graphic, suggesting a break at $ 1.82.
- Overall, the SNX is down more than 21% in last week after the Depeg of Susd Stablecoin.
The price of the native token of SYNTHETIX SNX
SNX
$ 0.68
24h volatility:
6.2%
COURTIC CAPESSION:
$ 230.73
Flight. 24 hours:
$ 26.67 M
experienced a significant increase of 7% in the last 24 hours, reaching a daily top of $ 0.6851. This upward movement was accompanied by a peak of almost 40% of the volume of exchanges, indicating a strong purchase interest.
However, despite this recent rally, SNX is still down almost 21% in the last 30 days, reflecting the uncertainty surrounding the stablecoin of the protocol, susd.
Technical analysis indicates a potential rebound
SNX formed a falling corner pattern. If he breaks decisively above the superior trend line from the corner with sufficient volume, he could point out a bullish reversal. The potential target upwards this model is close to $ 1.82.
On the other hand, the MacD indicator displays the MacD line (blue) currently below the signal line (orange), indicating the lower momentum. However, the histogram shows lighter red bars, which suggests that the sales pressure could decrease.
A potential bull crossing of the MacD line above the signal line would signal a shift in the momentum and could support the movement up more.
SNX price that | Source: tradingView
In addition, the application of fibonacci trace levels, from the recent, from about $ 0.86 to the current weakness of around $ 0.55 reveals key resistance levels.
The recent wave of 7% saw SNX testing the level of retracement of 0.236 Fibonacci around $ 0.67. If this level can be decisive and maintained, the next potential resistance targets would be the level of 0.382 around $ 0.73 and the fibonacci level of approximately 0.5 $ 0.80.
However, the Depreg of SUSD and the uncertainty surrounding its resolution could act as an important headwind for the SNX. Not solving the problems of Stablecoin could lead to a renewal of sales pressure on SNX.
Depreg of SUSD and Ultimatum of the founder of Synthetix
Price volatility in the SNX coincides with the DEPEG during the SUSD, which is currently negotiated at $ 0.76,684, a decrease of 2.2% on the last day and significantly lower than its PEG at $ 1, shows CoinmarketCap data.
A recent revision of the SIP 420 protocol seemed to have inadvertently destabilized stablecoin by removing a key arbitration mechanism.
The absence of a PEG stability module has been suspended vulnerable to sustained sales pressure, with fine liquidity and a concentrated automated market manufacturer, exacerbating price fluctuations, as indicated by the MINAL thukral of the OKTO chain.
SUSD, the basic stablecoin used on the Synthetix markets, faces a serious and prolonged Depreg.
What causes it, and is it just a bad patch or the beginning of greater ventilation?
Quick unleashing:
SUSD is an algo-stable supported by SNX marked.
After SIP 420, the typing model … pic.twitter.com/nonclhahex– Minal Thukral (@minal_thukral) April 18, 2025
In order to contact the Susd Depeg, the founder of Synthetix, Kain Warwick, took a firm position, urging SNX stakers to actively participate in a newly launched implementation mechanism.
Update on the Susd Depeg. We have implemented a SUSD implementation mechanism, but it is very manual until the user interface is put online in a few days. Here is my hot intake.
– Kain.depeg (@kaiynne) April 21, 2025
The Susd 420 swimming pool, presented on April 18, encourages stakers to lock their SUSD for a year in exchange on the one hand of 5 million SNX tokens over 12 months.
🔔 The Susd 420 swimming pool is launched with rewards from 36 hours 🔔
SNX Stakers in the pool 420 can deposit Susd to obtain a share of 5m SNX over 12 months – or 13,698.6 SNX per day
🧵 (1/5) pic.twitter.com/xy5qupthk9
– Synthetix ⚔️ (@Synthetix_io) April 18, 2025
Warwick clearly indicated that if sufficient participation is not observed once the user interface is put online, it is ready to exercise “the stick” on stakers in the Pool Susd 420 to ensure the success of the mechanism.
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Non-liability clause: Coinspeaker undertakes to provide impartial and transparent reports. This article aims to provide precise and timely information, but should not be considered as financial or investment advice. Since market conditions can change quickly, we encourage you to check the information for yourself and consult a professional before making decisions according to this content.
Cryptographic journalist with more than 5 years of experience in the industry, Parth has worked with the main media in the world of crypto and finance, the collection of experience and expertise in space after having survived bear markets and bulls over the years. STHTH is also an author of 4 self-published books.
Parth Dubey on LinkedIn
