Synthetix (SNX) has recently demonstrated a powerful resurgence, with its price action turning distinctly bullish. This altcoin is capturing significant market attention as it rides a wave of renewed investor interest and strengthening technical indicators, suggesting a potential for further upward movement.
A Surge Fueled by Demand
Synthetix (SNX) recently experienced an impressive 27% price surge within 24 hours, alongside a near-doubling of its trading volume to $140 million. This sharp upward movement is further corroborated by a significant increase in the network's Open Interest (OI), which climbed by $5 million to a total of $21 million. This rise in OI, occurring concurrently with price growth, is a strong indicator of fresh speculative and institutional demand flowing into the market, signaling that the rally is not solely driven by spot traders but also by expanding derivatives activity.
Bullish Technicals and Key Targets Ahead
The altcoin's daily chart reveals a compelling shift in its technical structure, moving from a period of compression to expansion after retesting a critical descending triangle support. Since this retest, SNX has gained a remarkable 58%, with the latest 27% daily surge cementing buyers' firm control. Looking ahead, analysis of liquidity data points to a notable cluster near the $0.4254 price level, identifying it as the next key short-term target. For this bullish momentum to be sustained and the rally to extend beyond this point, it is crucial for trading volume to remain elevated and for Synthetix's Open Interest to continue its upward trajectory, indicating sustained market participation.
