Synthetix (SNXUSDT) Market Overview

• Synthetix (SNXUSDT) dropped to a 24-hour low of $0.705 before rebounding, forming a bullish hammer near 0.707.
• Momentum shifted late into the bullish phase, with a 2.2% gain in the final 6 hours of the period.
• A key resistance cluster emerged around $0.721–$0.725, with a potential breakdown from that level triggering renewed selling.
• Volatility remained elevated, with price hovering near the upper Bollinger Band in the final 8 hours.
• Turnover surged past $200,000 in the 05:30–06:45 ET window, signaling increased participation and short-term positioning.

Market Overview

Synthetix (SNXUSDT) opened at $0.721 on 2025-08-16 at 12:00 ET and closed at $0.718 on 2025-08-17 at 12:00 ET, hitting a high of $0.727 and a low of $0.705. Total volume for the 24-hour period was approximately 1,284,150 contracts, with a notional turnover of ~$903,627.

Structure & Formations

The 24-hour chart displayed a distinct V-shaped recovery pattern, with a sharp breakdown from the 0.725–0.723 resistance cluster triggering a sell-off to the 0.705 level. A bullish hammer formed on the candle closed at 0.708, suggesting a short-term floor. Key support levels emerged at 0.705 (tested twice) and 0.711, while resistance reconsolidated at 0.721 and 0.725.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed multiple times, indicating choppy conditions and no clear trend. On the daily chart, the 50-period MA at ~$0.715 and 200-period MA at ~$0.710 suggested a potential base of consolidation in the near term, with the 100-period MA at ~$0.714 reinforcing the 0.714–0.716 range as a potential pivot zone.

MACD & RSI

The MACD line transitioned from negative to positive in the final 6 hours, with a bullish crossover occurring at 05:30 ET. RSI dipped into oversold territory at 28.3 during the 0.705 low but rebounded to 52.7 by close. This indicated a strong short-covering response, though RSI remains neutral, lacking a clear overbought signal.

Bollinger Bands

Volatility expanded throughout the session, with the upper band fluctuating between 0.725 and 0.727. Price traded near the upper band during the 09:00–10:45 ET window, suggesting a temporary bullish squeeze. A contraction in the band width occurred early in the morning before the late rally, signaling a potential breakout phase.

Volume & Turnover

Trading volume was uneven but spiked in the 05:30–06:45 and 09:00–10:45 ET windows, coinciding with sharp price movements. Notional turnover increased disproportionately in these windows, suggesting active accumulation and short-term positioning. Divergence occurred between volume and price during the initial breakdown, hinting at a lack of conviction on the bear side.

Fibonacci Retracements

Applying Fibonacci to the 0.725–0.705 swing, 0.711 (38.2%) and 0.717 (61.8%) became critical levels. Price stalled at 0.717 and rebounded, suggesting a possible pivot. On the daily chart, Fibonacci levels from the recent 0.74–0.69 swing highlighted 0.718–0.723 as a potential consolidation range ahead.

Synthetix appears to have stabilized near the $0.718 level, with a potential for further bullish extension if 0.721 is cleared. Traders should watch for a decisive break above 0.725, which may validate a short-term recovery, or a retest of 0.705 as a deeper support. However, market conditions remain volatile, and a false break above key resistance could trigger a quick reversal. Investors are advised to manage risk and avoid overexposure in the near term.