SNX, a token native to the Synthetix protocol, has soared to a 10-month high as expectations for the upcoming launch of a perpetual decentralized exchange on the Ethereum (ETH) mainnet rise.
The token’s meteoric rise coincides with a broader recovery in the crypto market, with SNX being a standout performer among crypto assets.
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Synthetix (SNX) rises over 80% as crypto market crashes
Synthetix enables the creation of synthetic assets, or “synths,” that reflect the value of real-world assets such as stocks, commodities, and cryptocurrencies without the need for physical ownership. According to CoinGecko, SNX is the second largest token in the synthetic asset segment after Chainlink (LINK).
Despite being an early player in the market, the protocol had not gained significant mindshare recently. However, recent market movements have brought it back into the spotlight.
Like the broader crypto market, SNX also fell sharply on Friday. Altcoins have fallen to their lowest levels in nearly three months due to heightened volatility following President Trump’s tariff announcements.
However, it was not the crash that brought SNX back into the spotlight, but the subsequent rebound. As the market recovered on Sunday, SNX experienced an even stronger rally, surging 98% and outperforming major cryptocurrencies.
“SNX with a divine candle has returned to even higher highs than before the market crash,” the analyst posted.
The bullish momentum continued today, with SNX reaching its highest price since January. According to data from BeInCrypto Markets, the coin has risen over 80% in the past 24 hours, securing the top spot among daily gainers on CoinGecko. At the time of writing, it was trading at $1.76.
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SNX trading activity surged along with the price. As of this writing, daily trading volume was $626 million, an increase of 834%.
Analysts are divided on Synthetix ahead of Perp DEX launch
Meanwhile, SNX’s momentum is fueled not only by viral market sentiment, but also by some notable upcoming developments. The network plans to launch its first perpetual DEX on the Ethereum mainnet in Q4 2025.
This is a particularly timely move given the recent uptick in interest in perpetual DEXs. In line with this, Synthetix will also start a new trading competition.
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Several analysts believe that the DEX launch could further accelerate the current momentum.
“The new Synthetix perp dex will be launched soon, and after some issues with both Hyperliquid and Lighter, we believe there is renewed optimism about what Synthetix can deliver,” market watchers wrote.
Another analyst suggested that the next few months could be “very interesting” for Synthetix. He explained that top traders posting about trading competitions increases awareness of trading competitions.
“Mindshare and attention will start flowing to SNX,” he said.
The analyst added that Synthetix is also developing a liquidity proof vault (SLP) to improve capital efficiency, similar to the systems used by Hyperliquid and Lighter. Although its performance remains to be seen, he noted that the turnaround for SNX could be significant as it is similar to setups seen in altcoins such as ZCash (ZEC) and Dash (DASH).
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Despite the bullish outlook, skepticism remains. Some traders doubt Synthetix can deliver, pointing to issues with previous product launches.
“I’m sorry if I’m being bullish on Synthetix, because there’s nothing you can do about it. They couldn’t build stables, they couldn’t lend, they couldn’t trade, and now people believe in the fact that they’re going to launch Perp Dex and it’s going to be a hit? LOL,” Shual said.
Additionally, another pseudonymous analyst, Altcoin Sherpa, described SNX as “dead for years” and warned of a potential pump-and-dump.
“There are some interesting things for them in terms of zero selling pressure from VCs and high float, but this is probably just a pump and dump with controlled supply and not based on an actual product,” he commented.
Therefore, while the current bull market is causing optimism, its sustainability remains uncertain. The coming weeks will determine the future of SNX.
