Market Overview for Synthetix (SNXUSDT) – 24-Hour Technical Summary

• Synthetix (SNXUSDT) formed a bullish breakout pattern during the overnight session, with price surging above key resistance near $0.673.
• Elevated volume and turnover confirmed the breakout, suggesting strong conviction from market participants.
• Volatility expanded significantly during the session, with price swinging between $0.645 and $0.688.
• RSI showed signs of overbought conditions after the late morning rally, hinting at potential near-term profit-taking.
• A Fibonacci 61.8% retracement level at $0.663 may offer short-term support amid consolidation.

Market Overview

Synthetix (SNXUSDT) opened at $0.660 on 2025-08-09 12:00 ET, surged to a high of $0.688, and closed at $0.654 on 2025-08-10 12:00 ET. Total volume reached 1,138,734.8, and notional turnover hit approximately $698,649. The price action reflects a volatile yet ultimately corrective 24-hour session after a sharp overnight rally.

Structure & Formations

Price formed a strong bullish breakout candle in the early morning session as SNXUSDT surged past the $0.673 level, breaking above a key psychological and Fibonacci resistance. However, the price failed to maintain this momentum and entered a corrective phase in the afternoon. A bearish engulfing pattern emerged around $0.673–0.668, signaling potential short-term bearish bias. A doji formed near $0.663, suggesting indecision at a critical support level. The low at $0.645 has now become a potential pivot point for near-term bounces.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed above key support levels during the morning, reinforcing the breakout narrative. However, by the afternoon, the 20 MA crossed below the 50 MA, hinting at a potential bearish crossover. On the daily chart, SNXUSDT closed below the 50 and 100-day moving averages, indicating a bearish bias in the broader time frame. The 200-day MA at $0.665 remains intact, offering a potential floor for deeper corrections.

MACD & RSI

The MACD indicator showed a bullish divergence in the early morning hours as SNXUSDT rallied, with a positive histogram expansion. However, the histogram contracted as the price corrected in the afternoon. RSI briefly entered overbought territory above 70 during the morning high but has since fallen into neutral to slightly oversold territory. The RSI divergence suggests that the correction could continue unless a strong rebound forms at key support levels.

Bollinger Bands

Volatility expanded significantly during the session, with the upper band reaching as high as $0.688 and the lower band dipping to $0.645. Price tested the upper band in the morning, confirming strong momentum, but later moved toward the lower band, suggesting weakening buyers. The current price of $0.654 sits above the 20-period Bollinger Band midpoint, indicating a slight bearish bias for the near term.

Volume & Turnover

Volume surged during the morning rally, particularly during the 01:30–03:45 ET window, with a peak of 87,152.8 units of volume as the price climbed past $0.673. Turnover spiked correspondingly during the same period, confirming the move higher. However, volume during the afternoon correction has been relatively balanced, indicating a lack of panic selling but also limited buying interest. Price and turnover aligned during the morning breakout but showed divergence during the afternoon correction, with volume staying elevated despite lower prices.

Fibonacci Retracements

On the 15-minute chart, the recent swing high of $0.688 and swing low of $0.645 define a key Fibonacci range. The 38.2% retracement level at $0.666 and the 61.8% level at $0.655 have both served as temporary supports and resistance points. On the daily chart, the 61.8% retracement of a larger swing move from $0.630 to $0.690 is at $0.658, which may offer near-term resistance or support depending on the direction of the next swing.

With key support at $0.645 and resistance at $0.658–$0.663, the market could see a short-term consolidation phase. Traders should watch for a retest of $0.654 as a potential pivot for a rebound or further downside. As always, unexpected macroeconomic or sector-wide moves could override local technical signals, so caution is warranted.