Synthetix (SNX/USDT) just broke out of a falling wedge—a classic bullish reversal pattern. Let’s unpack why this could be the start of something big, in friendly Binance style! ✨
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📊 Chart Setup: Bullish Shift in Motion
SNX recently broke above a long-term descending trendline on multiple timeframes—signaling a potential trend reversal .
On the 12‑hour chart, the falling wedge breakout has been confirmed with strong green candles and broad momentum .
Recent 24‑hour performance shows a ~13% rally from $0.69 to $0.77, accompanied by a bullish engulfing candle and heightened volatility (wider Bollinger Bands) .
MACD turned sharply positive, RSI climbed near 68, and the price cleared its 20/50-hour SMAs—classic signs of upside strength .
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🎯 Key Levels & Targets
Zone Price Range Importance
Immediate Support $0.75–$0.76 Retest zone post-breakout—key for validation
Next Resistance $0.81–$0.82 Minor hurdle aligned with 50‑day SMA
Medium-Term Target $0.95 Falling wedge target; ~60% upside potential
Extended Rally Levels $1.04 / $1.25 / $1.60 Based on multi-wave projections from TradingView traders
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🌐 On‑Chain & Fundamental Highlights
DeFi integration: SNX enables minting of synthetic assets like sUSD, with DAO rewards and a renewed staking initiative featuring 5M SNX incentives .
Stablecoin dynamics: sUSD has struggled with depegging issues, but recent governance proposals and re-pegging efforts aim to restore stability .
Network momentum: Synthetix’s pivot toward Multi-Collateral Perps, DAO upgrades, and cross-chain strategies adds real-world use-case fuel .
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🔍 Watchlist: What to Monitor
1. Hold vs. $0.75 level
A successful retest after the wedge breakout; falling below may invalidate the setup.
2. Volume confirmation
Look for sustained volume above breakout levels to confirm continuation.
3. MACD & RSI tracking
MACD should stay bullish; RSI nearing 70 may signal a temporary pause.
4. External catalysts
Watch updates on sUSD re-pegging, staking rewards, and positive DeFi developments.
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🧠 Takeaway
SNX/USDT is showing a textbook bullish reversal. The falling wedge breakout validated by strong candles, momentum swings, and volume surge suggests runway toward $0.95 or higher. That said, a clean retest of $0.75–$0.76 is key for confirmation.
If the setup holds, SNX could potentially rally through $1, and bullish traders on TradingView are eyeing $1.25–$1.60 in longer-term scenarios. But remember: risk control is essential—watch your entries, use stops, and manage exposure wisely! 🎯
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✅ Binance Square Quick Checklist
✅ Tech-led: Clear wedge breakout, momentum surge
✅ Balanced: Levels for entry, targets, and stop-loss zones
✅ Fundamentals: DeFi use-case, staking, and stablecoins context
✅ Community-friendly: Friendly tone, invites user thoughts!
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