- SNX price skyrockets over 150%, hitting $2.51 amid massive 1,500% surge in trading volume.
- Launch of Synthetix’s new perpetual DEX on Ethereum sparks strong market excitement.
The native token of Synthetix has seen an impressive rise, surging more than 150% in a single day as investors flock back to the old protocols.
The dramatic price action caused SNX to be pushed out of the range of around $1.00 to over $2.35 with short-term highs of $2.51 in the trading session of Monday. The volume of trading shot up to an unprecedented $979 million, which is an incredible over 1,500% increase over the normal levels of daily activity in different exchanges.
According to market observers, there are a number of reasons why renewed investor confidence in the 2018-vintage token, which is older than more recent derivatives platforms by far, has been restored. The next perpetuals decentralized exchange will be launched on the Ethereum mainnet later this month, which has created a lot of excitement among derivatives traders around the world.
New Competition Reshapes DeFi Landscape
The recent difficulties of rival platforms Hyperliquid and Lighter have provided the established protocols with a chance to reclaim the market focus successfully. Synthetix is in a good position to take advantage of this changing competitive dynamic through its future perpetual exchange offering and infrastructure.
The project will also carry out a high profile trading competition on October 20, where influential influencers will be invited to showcase the capabilities of the platform. Such a strategic marketing campaign may shift a substantial amount of capital flows of competing trading platforms to the ecosystem and products of Synthetix.
Technical analysts observe that SNX has managed to overcome a four-year downward trend, and it may experience a long-term upward trend in the future. The token is currently trading at a level that it had not reached since the 2022 cryptocurrency market crash that wiped out valuations.
The strategic growth of Synthetix on Ethereum, Optimism, and Base networks will improve cross-chain liquidity and accessibility to users. This multi-chain strategy separates the veteran protocol among others that are mainly operating in single blockchain ecosystems.
It is unclear whether this revival will be sustainable, but the story of the dino coin about the first DeFi projects is becoming popular. To date, Synthetix is on the forefront of this new trend since legacy protocols have shown that they can still compete with newer entrants.
Highlighted Crypto News Today:
Marathon Digital (MARA) Acquires 400 BTC Following Market Downturn
Source: https://thenewscrypto.com/synthetix-roars-back-with-150-rally-as-defi-dinosaurs-reclaim-their-throne/
