Upbit has removed SNX from its list of closely monitored assets after months of scrutiny over sUSD’s instability.
Technical indicators, including a bullish MACD crossover and rising RSI, suggest SNX may be forming a bottom.
Despite early signs of recovery, concerns around sUSD’s peg remain a key risk to SNX’s long-term upside.
The price of Synthetix (SNX) has surged more than 13% in the last 24 hours after the prominent South Korean cryptocurrency exchange Upbit removed the token from its list of “cautionary” assets.
The cryptocurrency saw a 124% surge in trading volume from the news. According to CoinMarketCap, SNX has soared past the $200 million market cap by this time.
Upbit Lifts Warning as sUSD Peg Improves
Upbit’s decision to delist SNX from its caution list follows concerns about the peg instability of its native stablecoin, sUSD. Earlier in April, deposits for SNX were suspended after Synthetix failed to maintain sUSD’s 1:1 USD peg.
Related: SPACE ID Rose by 100% After Listing on Upbit Exchange
However, recent stabilization efforts, including a new incentive initiative called the “420 Pool,” appear to have encouraged enough…
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