Synthetix 24-Hour Market Overview (2025-08-07)

• Synthetix (SNXUSDT) traded in a defined range between $0.592 and $0.621, showing consolidation after a late-night breakout attempt.
• A bullish engulfing pattern appeared early in the session, but failed to confirm with follow-through volume.
• RSI remained neutral at 52, suggesting neither overbought nor oversold conditions with limited momentum.
• Volatility expanded midday, pushing price above the upper Bollinger Band briefly before retreating.
• Turnover peaked at $443 million around 10:15 AM ET, but volume failed to confirm a strong directional move.

Synthetix (SNXUSDT) opened at $0.595 on 2025-08-06 at 12:00 ET, reached a high of $0.621, a low of $0.592, and closed at $0.618 on 2025-08-07 at 12:00 ET. Total volume was 549,684.6 and turnover was approximately $337,534,600, indicating moderate but active trading.

Structure & Formations

Price remained within a clearly defined range throughout the session, with the breakout attempt at the upper end of the consolidation zone failing to sustain. A bullish engulfing pattern formed at 4:00 PM ET, but volume failed to confirm the move, suggesting traders remained cautious. A doji formed at 3:15 AM ET, signaling indecision after a sharp rise. The 61.8% Fibonacci level at $0.601 acted as a minor resistance, with a retracement to $0.594 offering support later in the session.

Moving Averages

On the 15-minute chart, the 20-period MA rose to $0.602 by the close, while the 50-period MA remained at $0.600, showing a slight bullish bias. The 200-period MA on the daily timeframe was near $0.593, suggesting the pair remains above its long-term average, supporting a neutral-to-bullish stance. The 50-period MA on the daily chart was near $0.596, aligning with recent support levels.

MACD & RSI

The MACD histogram showed a mixed performance, with positive divergence early in the session and negative divergence midday. RSI held steady in the 48–54 range, indicating moderate momentum with no extreme overbought or oversold conditions. This suggests that traders are watching key levels closely without showing signs of exhaustion or runaway momentum.

Bollinger Bands

Volatility increased as the session progressed, with the upper band expanding to $0.625 by 11:45 AM ET. Price briefly touched the upper band but failed to break through, indicating rejection of higher levels. The lower band remained near $0.590, with price staying within the band for most of the session. A contraction occurred in the early hours, followed by a breakout attempt that failed.

Volume & Turnover

Turnover spiked at $443 million at 10:15 AM ET with a corresponding volume of 734,179. This coincided with a sharp move from $0.601 to $0.609, suggesting increased buying pressure, though volume did not confirm a strong directional bias. The highest volume candle came at 10:15 AM ET, followed by a gradual decrease in intensity. Divergence appeared between rising price and falling volume, hinting at potential exhaustion in the upward move.

Fibonacci Retracements

Applying Fibonacci levels to the key swing high at $0.621 and the swing low at $0.592, the 38.2% retracement level at $0.606 and the 61.8% at $0.600 were both tested during the session. The 61.8% level provided temporary support, with price bouncing off it after a pullback from the upper Bollinger Band. These levels could act as psychological points in the next 24 hours.

Synthetix may test the $0.620–$0.625 range in the coming session if buyers regain control, but a failure to hold above $0.605 could trigger a retest of $0.592–$0.594. Investors should monitor volume behavior near key levels for confirmation of any breakout or breakdown.