The price of Synthetix’s SNX token surged 27% in 24 hours, with trading volume nearly doubling to $140 million. Data indicates a rise in Open Interest to $21 million, suggesting fresh institutional demand. Technical analysis shows a bullish structural shift, with a key liquidity cluster identified as the next target near $0.4254.
The native token of the Synthetix network has recorded a strong 27% surge in the last 24 hours. The token’s trading volume almost doubled to $140 million over the same period.
Data from CoinGlass shows the network’s Open Interest increased by $5 million to a total of $21 million. Rising OI alongside price growth often signals a fresh influx of positions into the market.
On the daily chart, SNX has gained 58% since retesting a key descending triangle support. The latest surge confirms continuation strength, with buyers firmly in control.
AMBCrypto analysis of the token’s liquidity data indicates a $68,000 cluster near the $0.4254 price level. From past observations, liquidity clusters often attract price during strong trends.
The rally is not driven by spot traders alone as derivatives activity is also expanding. For the rally to extend, volume must stay elevated and Open Interest must continue rising.
