Synthetix (SNX) has experienced a significant price surge of 20-25% in the past 24 hours, positioning it as one of the top gainers in the cryptocurrency market.
This rally is driven by a substantial $57 million inflow across on-chain and perpetual markets, alongside the launch of a $1 million trading competition that commenced on October 20, 2025, attracting 100 traders with a grand prize to be awarded in November.
Trading volume for SNX skyrocketed to approximately $370-398 million, representing a 269% increase and accounting for a large portion of its circulating market cap.
On-chain liquidity rose by $20 million, with Total Value Locked (TVL) now at $194 million, reflecting heightened investor confidence and long-term expectations.
In the perpetual markets, $37 million was added in contract positions, primarily bullish, though the Open Interest Weighted Funding Rate was negative at -0.0148, indicating some bearish sentiment among traders.
Despite the overall optimism, spot market investors and some perpetual traders sold off $8.53 million worth of SNX in the past 48 hours, the highest sell-off recorded in that period, while liquidations against short positions totaled $847,000, supporting the bullish momentum.
Technical analysis suggests that if SNX breaks above the $1.9 resistance level, it could target $2.19 and potentially $2.57, with the Parabolic SAR indicator signaling further upside potential. Over the past 30 days, SNX has surged 143%, fueled by excitement around Synthetix's decentralized perpetual futures trading platform launch.
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