The Synthetix (SNX) token is showing signs of a potential short-term reversal after forming a local bottom near $0.30. The asset’s price has risen nearly 6% in 24 hours and is now approaching a key descending trendline. A breakout above this level with strong momentum could trigger a rally of 35-40% toward the $0.44 resistance zone.
The Synthetix token SNX is displaying early bullish reversal signals following a local bottom formation. Its price increased 5.75% over the last 24 hours to approximately $0.3177. Trading volume surged 38.37% to around $16.86 million, while market capitalization rose to about $109.47 million.
According to crypto analyst Clifton Fx, SNX is being propelled toward a significant descending trendline by sustained buying pressure. The analyst stated, “The token may experience an important shift in market sentiment if it manages to break past this level with the help of a strong momentum candle and rising trading volume.”
Technical indicators suggest growing buying momentum behind the recent move. A bullish MACD crossover has been observed on the charts following the stair-step pattern of higher lows. The Bull Bear Power indicator also confirms this near-term upward momentum.
These indicators remain close to the zero line, however, reflecting a lack of strong conviction in the current trend. Large upper wicks on recent price candles indicate selling pressure persists near the $0.3200 level. Traders are therefore advised to monitor these developments closely.
