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Synthetix price soars 20% amid volume spike: here’s why

  • Synthetix’s native token SNX spiked more than 20% in 24 hours to hit $0.79.
  • Daily volume rocketed 700% to over $147 million, with Synthetix benefiting from a broader crypto bounce.
  • The Synthetix network’s move to launch its perps DEX on the Ethereum mainnet has helped SNX price.

Synthetix (SNX), a decentralized futures protocol with trading support on Ethereum, has seen its price surge by 20% within the last 24 hours as Bitcoin leads a minor bounce for the crypto market.

The SNX token, which has climbed alongside notable gains for Ethereum, Solana and XRP, hit intraday highs of $0.79.

Price gains for the altcoin happened alongside a significant jump in daily volume, with bulls attempting to break above a level that has previously constrained upside momentum around $0.80.

Synthetix (SNX) pops 20% in 24 hours – here’s why

The crypto market, still reeling from recent losses, is showing early signs of recovery as buyers attempt to regain control.

Bitcoin has reclaimed the $110,000 mark after a sharp dip, while Ethereum has climbed back above $4,560, holding steady despite broader risk asset pressure.

Solana has broken past $204, and XRP is eyeing the $3.70 level, both reflecting improved sentiment.

Within this backdrop, Synthetix has surged 20%, standing out as one of the stronger performers.

The rally comes as decentralised finance tokens show renewed strength, aided by Synthetix’s recent launch of the first perpetual exchange on the Ethereum mainnet—a development seen as a key catalyst for the token’s momentum over the past week.

In the period, SNX price has jumped by double digits, helped by the rollout of pre-deposits and a chance for traders to get on the Synthetix mainnet alpha whitelist.

The launch of SLP vault, a liquidity pool offering access to liquidity across all perp markets and an opportunity to rank among the first to earn SNX points, has driven a lot of the market activity for Synthetix.

Network support for gasless trading is also a huge move for the perps DEX.

SNX price forecast

While SNX price hovers at $0.79 and eyes gains towards $1, the altcoin remains well off its all-time peak of $28.53 reached in 2021.

Synthetix has also struggled since rejecting the December 2024 peak of $3.40.

Despite this largely negative trend, analysts are seeing a short-term bullish flip for Synthetix’s price.

If SNX successfully takes out the resistance at $0.80 and $0.85, bulls could eye the $1 mark.

Synthetix chart by TradingView

Technical indicators on the daily chart support this outlook. The Relative Strength Index (RSI) is at 57, signalling potential for continuation.

Meanwhile, the Moving Average Convergence Divergence (MACD) is signalling a strengthening of upward momentum after a bullish crossover.

However, volatility remains a concern, and the $0.60 zone could offer support if bears pick up the advantage.

Traders taking profit or whale activity taking hold will be a key watch in the coming days for Synthetix, particularly after its 20% surge.

The post Synthetix price soars 20% amid volume spike: here’s why appeared first on CoinJournal.

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Bitcoin Cash price forecast: BCH bounce back confirmed, $600 in view

  • The Bitcoin Cash (BCH) price has rebounded from $533, regaining bullish momentum above key supports.
  • Whales are driving activity as retail participation stays near multi-year lows.
  • A break above $572 could open the path toward $600 and beyond.

Bitcoin Cash (BCH) has clawed back from recent lows, reigniting optimism that the cryptocurrency could soon test the $600 mark.

After sliding to $533.34 on August 26, BCH rebounded more than 3% in 24 hours, a move analysts say confirms a near-term bottom and signals momentum may be shifting back to the bulls.

Bounce restores confidence

The quick recovery followed weeks of consolidation that had dampened enthusiasm around Bitcoin Cash.

The sharp rebound suggests buyers are once again stepping in at key levels.

Technical signals point to renewed strength, with a hidden bullish divergence on the daily RSI indicating momentum buildup beneath the surface.

BCH continues to trade within a bullish ascending channel, though resistance near $572 remains a critical test.

According to market analysis, an hourly close above that barrier could confirm a breakout, potentially accelerating gains.

Retail activity mutes as whales step in

On-chain data shows that whales were in an accumulation spree during the downturn, with whale transactions worth $482 million on August 7 — the biggest spike since early July.

Notably, large holders often move ahead of rallies, and a similar wave of activity preceded a 75% surge in July.

However, activity among smaller players remains subdued.

The daily active BCH addresses hover near six-year lows at about 19,000, highlighting weak organic adoption.

This divergence suggests speculation, not retail demand, is driving current moves.

Sustained whale inflows will be key in determining whether momentum carries forward.

The key resistance and support levels in focus

Looking at the BCH price chart, the cryptocurrency must hold above $544.23 to maintain its upward bias.

In addition, a break above $569.77 could pave the way to $595.84 and even $638.56, with Fibonacci targets at $607 and $664 adding weight to the bullish case.

Sharky, a well-followed trader, believes BCH could mirror its June rally, when it surged shortly after Bitcoin.

He highlights a 74-week trend break retest that he says points to a strong long-term setup.

AltWolf, another crypto analyst, highlights the formation of a double top pattern, noting Bitcoin Cash has lost the four-hour 200 EMA and broken below a multi-month uptrend channel.

He argues it may be premature to stay bullish given the weakening structure.

According to analysts at CoinLore, losing the $544.23 support could trigger a retreat toward $527.41 with the chance of an even deeper slide that might bring the July swing low of $516 into play, threatening the broader bullish channel.

The post Bitcoin Cash price forecast: BCH bounce back confirmed, $600 in view appeared first on CoinJournal.