Market Overview: Synthetix (SNXUSDT) in a 24-Hour Technical Review

• Synthetix (SNXUSDT) posted a bearish close at $0.652, down from a high of $0.725 and a low of $0.651 in the last 24 hours.
• A sharp bearish divergence appeared after 19:45 ET, with price collapsing on surging volume.
• RSI entered oversold territory below 30, suggesting potential near-term reversal, though downward momentum remains strong.
• Bollinger Bands showed significant expansion post-19:00 ET, signaling increased volatility and a possible range contraction ahead.
• On-chain volume surged during the late afternoon sell-off, confirming bearish sentiment and a likely continuation of the trend.

Market Overview

Synthetix (SNXUSDT) opened at $0.689 on 2025-08-24 at 12:00 ET, peaking at $0.725 before closing at $0.652 on 2025-08-25 at 12:00 ET. The 24-hour session saw a high of $0.725 and a low of $0.651. Total volume amounted to 2.66M units, with notional turnover reaching $1.77M.

Structure & Formations

A bearish engulfing pattern formed around 19:45 ET as the asset fell from $0.726 to $0.710. This was followed by a sharp breakdown to the 61.8% Fibonacci level at $0.675, which was broken decisively. The price found temporary support at $0.651, but it appears fragile, with a potential break below on the horizon. A doji formed near $0.652, hinting at indecision but not yet indicating reversal.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA, confirming bearish momentum. On the daily chart, the 50-day MA has crossed below the 200-day MA, suggesting intermediate-term bearish sentiment. Price closed below all key moving averages, reinforcing the short-term downtrend.

MACD & RSI

The MACD turned negative after 19:00 ET, with a bearish crossover and diverging price action. RSI hit oversold territory at 29, indicating potential for a short-term bounce, though the downward slope suggests continued bearish momentum is more likely. RSI remains below 30 for most of the day, pointing to a high probability of a bounce before resuming the trend.

Bollinger Bands

Bollinger Bands expanded significantly between 19:00 and 20:00 ET as volatility surged. Price closed just above the lower band, indicating a potential exhaustion of the sell-off. A contraction in band width is expected in the next 24 hours, which could precede a directional move.

Volume & Turnover

Volume spiked during the 19:45–20:00 ET session as the asset broke below key support. Notional turnover reached its highest level during the sell-off, confirming the bearish move. The divergence between volume and price seen in the final hours of the session may indicate a short-term reversal, but the volume remains strong, supporting a continuation of the trend.

Fibonacci Retracements

The 61.8% Fibonacci level at $0.675 was broken, and the price found a low at $0.651. The next level of support lies at the 78.6% level at approximately $0.645. The 38.2% level at $0.690 appears to be a key resistance, which may act as a psychological barrier should a bounce occur.

Looking ahead, Synthetix faces a critical test at $0.645, and a break could signal a deeper correction. Traders should monitor Bollinger Band contraction and RSI behavior for reversal cues. However, continued high volume and bearish momentum increase the risk of a further decline in the next 24 hours.