Synthetix (SNXUSDT) Market Overview – 24-Hour Technical Analysis

• Price rallied from $0.616 to $0.667 over 24 hours, forming a bullish trend with strong momentum.
• Key resistance now sits near $0.664–0.667, with a breakout potential for further upside.
• Volume surged during the final 8 hours, confirming strength in the rally.
• RSI pushed into overbought territory late, signaling possible short-term profit-taking.
• Volatility expanded significantly after 05:00 ET, with Bollinger Bands widening.

Market Overview

Synthetix (SNXUSDT) opened at $0.616 on 2025-08-08 at 12:00 ET and surged to a 24-hour high of $0.667 by 12:30 ET, closing at $0.664 with a low of $0.616. The total volume was 1,248,915.0 and notional turnover reached $783,275.7. The price action reflects a strong bullish breakout with increasing volume and momentum in the final hours.

Structure & Formations

The price formed a strong bullish continuation pattern, particularly in the final 8 hours of the 24-hour window. A clear breakout above the $0.660 level was confirmed with a strong close at $0.664, suggesting that the $0.664–0.667 range could now act as a key resistance. A notable candlestick pattern observed was a bullish engulfing at $0.664–0.667, suggesting further upside potential.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are bullish aligned, with price above both and showing strong positive slope. On the daily chart, the 50/100/200 MA’s are also trending higher, indicating a continuation of the bullish trend. Price remains well above the 200-period MA, reinforcing the longer-term bullish bias.

MACD & RSI

The MACD line turned sharply upward in the last 6 hours, with a strong positive divergence suggesting further momentum ahead. RSI pushed into overbought territory (above 70) during the final 4 hours, which could trigger short-term profit-taking. However, the overbought condition did not lead to a reversal, suggesting strong buying interest.

Bollinger Bands

Volatility expanded significantly after 05:00 ET, with Bollinger Bands widening from a narrow contraction. Price tested the upper band multiple times and closed above it, suggesting that the current move may not be over. The widening of the bands indicates increased uncertainty and potential for larger price swings in the short term.

Volume & Turnover

Volume surged from 40,000 to over 150,000 in the final 8 hours, confirming the strength of the rally. Notional turnover also increased sharply during this period. The volume and price action were aligned, indicating strong conviction in the bullish move. No significant divergence between price and volume was observed, supporting the reliability of the trend.

Fibonacci Retracements

Applying Fibonacci retracement to the most recent 15-minute swing from $0.616 to $0.667, price appears to be approaching the 61.8% level at approximately $0.659. A breakout above $0.667 could suggest a move toward the 76.4% extension of around $0.683. On the daily chart, the 38.2% and 61.8% retracement levels at $0.649 and $0.675 respectively appear to be key watchpoints.

Synthetix may continue to test and hold the $0.664–0.667 range, with a potential break to $0.680 if bullish momentum holds. However, increased overbought conditions and diverging RSI suggest a period of profit-taking could follow. Investors should remain cautious about short-term volatility and watch for a potential pullback or consolidation before expecting a sustained move.