Synthetix (SNXUSDT) Market Overview: Breakout Confirmed Amid Rising Volatility

• Synthetix (SNXUSDT) rallied 13.3% over 24 hours, closing near a key resistance cluster at $0.772.
• Momentum accelerated in early AM ET, with MACD crossing into strong positive territory.
• Bollinger Bands widened significantly, indicating rising volatility and a breakout attempt.
• Volume surged past $1.1B in the final 6 hours, confirming bullish conviction.
• A bullish engulfing pattern formed at $0.75–$0.765, suggesting short-term follow-through higher.

Synthetix (SNXUSDT) opened at $0.69 on 2025-07-19 at 12:00 ET and closed at $0.772 on 2025-07-20 at 12:00 ET, with a high of $0.775 and a low of $0.686. Total volume reached 1.77M and turnover exceeded $1.35B over the 24-hour period, reflecting robust on-chain activity.

Structure & Formations

Price broke out above a key resistance cluster between $0.76 and $0.77, confirmed by a bullish engulfing pattern on the 15-minute chart. The breakout followed a period of consolidation within a tightening Bollinger Band, suggesting a shift in sentiment. A short-term support level appears to be forming around $0.75–$0.755, which could act as a buffer in the event of a pullback.

Moving Averages

On the 15-minute chart, price closed above both the 20-period and 50-period SMAs, reinforcing the bullish bias. On the daily timeframe, the 50-day SMA is at $0.74, and the 200-day SMA is near $0.71, suggesting a broader uptrend is in place. The price is currently trading above all key moving averages, indicating strong momentum.

MACD & RSI

MACD turned sharply positive, with the histogram expanding in the final hours of the 24-hour period, indicating strong momentum. RSI reached 68 by the close, showing rising buying pressure but not yet overbought. While not extreme, the RSI level suggests further gains are possible, particularly if the breakout holds.

Bollinger Bands

Volatility spiked as the bands expanded from a width of approximately $0.01 to $0.025, with price closing near the upper band. This suggests a breakout attempt is underway. If the price remains above the 20-period SMA and holds above $0.755, the upper band could become a dynamic resistance-turned-support level in the coming hours.

Volume & Turnover

Volume surged in the final 6 hours of the 24-hour period, with over 600K volume recorded on the 15-minute chart. Turnover spiked in line with price, indicating strong conviction. There were no major divergences between price and volume, suggesting the rally is backed by real on-chain demand.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $0.686 to $0.775, the 61.8% retracement level is at $0.736, which was tested twice but held. On the daily chart, the 38.2% retracement level is at $0.74, and the 61.8% level is at $0.715. Price is currently above all key Fibonacci levels, supporting the view that the uptrend is intact.

Synthetix (SNXUSDT) appears to be in the early stages of a bullish breakout, with strong momentum and volume confirming the move. If the $0.77–$0.775 range holds, the next target could be $0.79–$0.80. However, a failure to hold above $0.755 could trigger a pullback to test $0.74–$0.75. Investors should closely monitor the 50-day SMA and RSI for early signs of exhaustion.