SNX, the token native to the Synthetix protocol, has surged to a 10-month high as anticipation builds for the upcoming launch of its perpetual decentralized exchange on the Ethereum (ETH) mainnet.
The token’s sharp rally coincides with a broader recovery in the crypto market, making SNX a standout performer among crypto assets.
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Synthetix (SNX) Rises Over 80% After Crypto Market Crash
Synthetix enables the creation of synthetic assets, or “synths,” which mirror the value of real-world assets such as stocks, commodities, and cryptocurrencies—without requiring physical holdings. According to CoinGecko, SNX is the second-largest token in the synthetic assets segment, following Chainlink (LINK).
Despite being an early player in the market, the protocol hadn’t captured significant mindshare recently. However, it has returned to the spotlight following its latest market moves.
Like the broader crypto market, SNX suffered a sharp drop on Friday. The altcoin fell to a nearly three-month low amid heightened volatility caused by President Trump’s tariff announcement.
But it wasn’t the crash that got SNX renewed attention, but the rebound that followed. As the market recovered on Sunday, SNX experienced an even stronger rally, soaring by 98%, outpacing leading cryptocurrencies.
“SNX with a god candle back to higher highs from before the market crash,” an analyst posted.
The bullish momentum has continued today, with SNX reaching its highest price since January. BeInCrypto Markets data showed that over the past 24 hours, the coin climbed over 80%, securing the top spot among daily gainers on CoinGecko. At press time, it was trading at $1.76.
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Trading activity for SNX surged with its price. At the time of writing, daily trading volume stood at $626 million, marking an 834% increase.
Analysts Split on Synthetix Ahead of Perp DEX Launch
Meanwhile, SNX’s momentum is fueled not only by viral market sentiment but also by several notable upcoming developments. The network is set to launch the first perpetual DEX on the Ethereum mainnet in Q4 2025.
This is a particularly timely move given the recent surge in interest around perpetual DEXs. In line with this, Synthetix will also kick off a new trading competition.
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Several analysts believe that the DEX launch could further fuel the current momentum.
“The new Synthetix perp dex will soon launch, and after both Hyperliquid and Lighter had some hiccups, I am sure there is new optimism on what Synthetix can deliver,” a market watcher wrote.
Another analyst suggested that the upcoming months for Synthetix can be ‘very interesting.’ He explained that the trading competition will bring increased visibility as top traders post about it.
“Mindshare/attention will begin to flow to SNX,” he stated.
The analyst added that Synthetix is also developing its Liquidity Prover Vault (SLP) to improve capital efficiency, similar to systems used by Hyperliquid and Lighter. While its performance remains to be seen, he noted that the upside for SNX could be significant, as it resembles setups seen in altcoins like ZCash (ZEC) and Dash (DASH).
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Despite the bullish outlook, skepticism remains. Some traders doubt whether Synthetix can deliver, noting issues with previous product launches.
“I’m sorry if you’re bullish on anything Synthetix because [enter narrative here] you’re beyond help. They couldn’t nail stables, nor borrowing and lending, nor trading, now people are buying into the fact they’re gonna launch a perp dex and its gonna be a hit? lmao,” Shual remarked.
In addition, another pseudonymous analyst, Altcoin Sherpa, warned of a potential pump-and-dump, describing SNX as ‘dead for years.’
“There are some interesting things going for them in terms of 0 sell pressure from VCs and high float but this is probably just going to be some supply controlled pump and dump, not based off real products imo,” he commented.
Thus, while the current rally has sparked optimism, its sustainability remains uncertain. The coming weeks will determine what lies ahead for SNX.
