Check out SNX insights during 20251012 19:00 UTC
Long article:
Synthetix Network Token (SNX) experienced a skyrocketing price increase of nearly 70% in the last 24 hours, driven by strong market activity and upcoming developments in the ecosystem, but,
1. Price movement: The price of SNX rose by nearly 70% within 24 hours, supported by massive trading volumes and strong bullish technical indicators across all sectors.
2. Environmental Factors: The main factors are the anticipation of the trading competition on Synthetix Mainnet and the launch of its decentralized perpetual contracts platform on the Ethereum network.
3. Market Warnings: However, the RSI indicator is in an extremely overbought condition, and the price being outside of the Bollinger Bands suggests a likelihood of accumulation or correction in the short term.
Positives
1. Price and Volume Surge: SNX has seen a significant price increase of 69.05% over the past 24 hours, rising from $0.950 to $1.606, supported by trading volumes reaching $23.3 million in USDT.
2. Bullish Technical Indicators: Multiple technical indicators, including EMA, MACD, and Bollinger Bands, show strong bullish momentum, as the price managed to break through the upper limit of the Bollinger Band and EMA7 crossed above long-term moving averages.
3. Environmental Developments: The upcoming trading competition on Synthetix Mainnet, with a prize of $1 million, and the launch of the first perpetual contracts platform on the Ethereum network, create significant anticipation in the market and a bullish sentiment.
Risks
1. Overbought Conditions: RSI indicators (RSI6 at 88.74 and RSI12 at 84.30) suggest that it is in an overbought area, and the price is significantly above the upper limit of the Bollinger Bands, indicating the possibility of a correction or accumulation in the short term.
2. Short-term Volatility: While high volumes confirm the bullish movement, increased ATR and STDEV indicators indicate rising volatility, which may lead to sharp declines.
3. Accumulation Potential: Technical analyses from some community members suggest that despite the strong rise, short-term indicators are neutral, and the market may experience accumulation or a retest of lower support levels like $1.10.
Community Sentiment
1. Strong Community Optimism: The community shows great optimism regarding SNX, describing the rise as a "massive breakout," predicting further increases that could reach $20 or more, and emphasizing leadership in the recovery of the currency and its fundamental strength.
