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    SNX Price Plummets 15% After Rebound: Why is SNX Price Down and Will SNX Recover?

    FintechFetchBy No Comments6 Mins Read


    SNX, the token that powers Synthetix, a DeFi platform built on Ethereum (ETH) is facing a downward price movement.

    The token is used as a collateral to mint synthetic assets i.e. digital versions of real-world currencies, commodities and stocks. At the same time, users can stake SNX to earn rewards and participate in governance decisions.

    Since last month,

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    Synthetix Network





    18.80%








    Synthetix Network

    Synthetix Network
    SNX


    Price

    $1.62

    18.80% /24h





    Volume in 24h


    $272.11M
    <!–
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     –>


    Price 7d

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    has witnessed a bullish streak, surging more than 130% to hit a 10 month high of $2.27. This was driven by a lot of buzz around its upcoming $1 million Ethereum Mainnet Trading Competition and the launch of its new perpetual DEX.

    Market Cap





    The rally triggered widespread profit-taking, with traders cashing out gains.

    However, the rally was short lived. After the black swan event on 11 October 2025, SNX dropped over 20% all hot potato like within a span of 24 hours, with traders rushing to lock in profits.

    The broader altcoin market also took a bit hit and SNX was no exception.

    In the last 24 hours, SNX has dropped by 15.9% and is currently trading at



    . It has however, held up well on the weekly chart, where it’s still up by 47.2%, outperforming the broader crypto market.

    SNX 24 hour chart

    Source: CoinGecko

    However, much if its 130% rally has been erased by the sharp correction, with its market cap standing at $565 million, ranking at #161 today according to CoinGecko.

    EXPLORE: Top 20 Crypto to Buy in 2025

    What Caused The Downward Pressure?

    SNX’s recent drop has nothing to do with its functionality or a major flaw in the system. It is more of a cooldown in its market action after a big run up. However, several things made the fall feel a bit worse than it actually is.

    First, the token’s parabolic surge made it look overbought, prompting many traders to cash out and move their investments on to other assets.

    Add to this the black swan event that wiped off $19 billion from the market and left the altcoin sector gasping for air. Those who survived the bloodbath, rotated from altcoins to safer cryptos like Bitcoin.

    Third, technical signals turned negative and traders started betting against SNX, with trading volume dropping by 23%. Concerns about the stability of uSDE, which dropped to $0.93 added to the negative pressure, with many blaming overleveraged positions.

    Finally, the internal pressures. SNX recently doubled its staking requirements. Additionally, there were apprehensions about the acquisition of Derive, which could dilute its token supply by 8.6%. Thankfully, that got cancelled.

     

    EXPLORE: Next 1000X Crypto – Here’s 10+ Crypto Tokens That Can Hit 1000x This Year

    Will SNX Price Action Recover?

    It seems like all’s not lost yet. Analysts believe that the recent price drop is a healthy pause after a big rally. The fundamentals are strong and if the key price levels hold up to the pressure, a recovery is most likely.

    The protocol is already generating more than $1 million in daily fees. If the competition and its DEX launch goes well, it could bring in more money and attention into the system to boost rewards for SNX stakers.

    Twitter SNX Price Analysis

    (Source: @887token)

    For now, if the SNX stays within the range of $1.31 – $1.63, it could bounce back to $1.75 -$1.80. But if the market weakens, or if the sUSD loses its $1 peg again, the price could fall to $1.56 or even $1.35.

    EXPLORE: Best New Cryptocurrencies to Invest in 2025

    Key Takeaways

    • SNX dropped 15% after a sharp rally and broader crypto market liquidation
    • Profit-taking, weak technicals, and sUSD instability added pressure to SNX’s price
    • Recovery depends on DEX launch success, trading competition, and holding key support levels

    The post SNX Price Plummets 15% After Rebound: Why is SNX Price Down and Will SNX Recover? appeared first on 99Bitcoins.





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