🔄 NEUTRAL Setup: SNX/USDT – Synthetix ($SNX) on 1‑Day Chart
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🧭 Current Picture & Bias
Right now SNX is pulling back and consolidating within a correction zone. That neutral tone means we’re not bullish yet—but downside seems limited, offering a good setup for patient buyers.
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🎯 Trade Setup – Targeting $1.606
Entry Point:
Look to accumulate on a dip around $0.62–$0.64, ideally after a bullish candle signals support.
Stop-Loss:
Place just below the recent swing low, around $0.595–$0.60, to limit downside.
Targets:
First target: ~$0.82 — a logical fib/breakout level
Final target: ~$1.606 — our bullish stretch zone
You’re shooting for a nice reward-to-risk while staying cautious in this neutral phase.
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💡 Why It Makes Sense
Price action is forming a corrective channel or wedge—perfect for a bounce if broader sentiment recovers.
SNX fundamentals remain solid: protocol upgrades, deep liquidity on Optimism/Ethereum, and growing use of synthetic assets. These underliers support a potential move higher if markets turn.
If BTC/crypto sentiment shifts, altcoins like SNX are often next in line—making this a strategic swing entry.
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📆 Path to $1.606
1. Immediate (~1–3 weeks): Bounce toward $0.70–$0.82
2. Mid-term (~1–2 months): Breakout above $0.82 targets
3. Bull case (>2 months): Full alt-season scenario drives SNX toward $1.606
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🧠 Summary
This is a neutral trade with a bullish bias if support holds. Best to scale in on weakness, manage your risk tightly, and let targets play out as momentum builds. Want deeper on-chain data or similar setups? Just say the word 👊