+11.71% for Synthetix as price consolidates above key support zone

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Synthetix jumps 11.71% to $0.229 today

Highlights

SNX/USD shows strong bullish momentum in the short and medium term, despite trading in a longer-term bearish structure.
Momentum indicators confirm strong buyer interest with significant intraday gains of 11.71%, though late-session selling occurred.
Key support is at $0.2265, with an expected 2–3 session range of $0.2149 to $0.2431 and high upside probability.

Bullish momentum confirmed as technical indicators diverge

On the h1 timeframe, SNX is trading above both the 20-period and 50-period moving averages, while remaining below the 200-period moving average on the daily chart. The Ichimoku Kijun at $0.2265 acts as immediate support. The Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) both indicate strong bullish momentum, whereas the Relative Strength Index (RSI) stands at 65.1 and the Commodity Channel Index (CCI) also confirm ongoing buying interest without signaling an overbought condition. The Stochastic RSI is neutral, and the Bull/Bear Power shows significant buyer dominance, while the Awesome Oscillator is neutral. Notably, there is some mild divergence as the Stochastic RSI remains neutral despite strong momentum signals elsewhere.

Bullish scenario favored as volatility band contains risks

Over the next two to three sessions, SNX is expected to trade within a volatility band between $0.2149 and $0.2431. The probability of an upward move is assessed as very high, making an immediate decline unlikely. The baseline scenario anticipates sideways movement within this corridor, with a more pronounced bullish scenario likely if resistance is broken, while a break below support would open the path for further downside.

Viktoras Karapetjanc, expert at Traders Union, sees strong short-term momentum for Synthetix (SNX) above key moving averages. He notes the bullish signals from MACD, ADX, and persistent buying interest, even as SNX trades within a broader consolidation. The baseline expectation is sideways movement within the $0.2149 to $0.2431 range, but the analyst believes the probability of an upward breakout is very high. "With strong momentum and buyers dominating, I expect SNX to continue pushing higher if resistance is cleared in the next sessions."

Earlier, analysts noted that Synthetix faced persistent downside momentum despite a short-lived rebound following its sUSD wind-down and compensation plan. The current improvement in short-term trend signals a potential shift in sentiment, making a break above the established resistance zone a pivotal trigger for renewed upside interest.

Source of Data: SNX Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.