SNX -134.13% in 24 Hours Amid Sharp Market Correction

On SEP 6 2025, SNX dropped by 134.13% within 24 hours to reach $0.666, SNX rose by 15.13% within 7 days, dropped by 250.37% within 1 month, and dropped by 6548.49% within 1 year.

The correction in SNX prices was sudden and pronounced, marking one of the largest daily declines in the asset's recent history. The drop came amid broader market turbulence and a lack of stabilizing on-chain activity. While the 7-day rebound showed some short-term resilience, the 1-month and 1-year trends remained firmly bearish. Investors who held SNX during the previous month saw significant erosion in value, exacerbating the sense of caution in the market.

Technical indicators at the time reflected deep bearish momentum. Moving averages across multiple timeframes, including the 50-period and 200-period, were in a steep divergence, signaling a continuation of the downward trend. The RSI indicator was well into oversold territory, suggesting the potential for a near-term bounce, though not a reversal. Traders closely monitored the 200-day moving average as a critical support level, which had been broken decisively in the preceding weeks.

Backtest Hypothesis

In light of the prevailing technical conditions, a hypothetical backtesting strategy was proposed. The strategy aimed to evaluate a short-term bounce from the oversold RSI levels. It involved initiating a long position upon the RSI breaking above 30 while the price remained above the 20-day moving average. A stop-loss was placed below the 200-day moving average to protect against a reacceleration in the downtrend. A take-profit target was set at 1.5 times the RSI bounce distance. The approach was designed to test the viability of capitalizing on short-term rebounds within a broader bearish market structure.