Key Notes
- Synthetix reached $1.90 for the first time since January.
- The exchange’s $1 million trading competition will start on October 20.
- Analysts expect more substantial returns for SNX.
Synthetix SNX $2.27 24h volatility: 131.8% Market cap: $781.27 M Vol. 24h: $1.05 B recorded strong momentum and inflows over the past day as the broader crypto market recovered from a bloodbath .
SNX rallied 93% in the past 24 hours and is trading at a nine-month high of $1.87 at the time of writing. The asset even touched a local high of $1.90 early on Monday, Oct. 13.
The native token of the perpetual decentralized exchange experienced a tenfold increase in its daily trading volume, surpassing $600 million with a market capitalization of $640 million.
With the recent price rally, SNX became the 99th-largest digital asset in the market.
Synthetix, which is originally known as a derivatives liquidity protocol, also recorded roughly $334,000 in US dollar inflows, its largest positive net flow since June 21, according to data from DefiLlama.
This brings the protocol’s total value locked close to $224 million.
Time of Perps
The rise of Hyperliquid brought many traders to the perpetual trading ecosystem. The exchange currently has a $5 billion TVL and collected just over $4 million in fees over the past 24 hours.
A major reason could be that perpetual trades, unlike futures, don’t have an expiration date. This might be appealing to many traders who aim for short-term and high-leverage bets on cryptocurrency movements.
Synthetix is bringing perpetual trades to Ethereum , so the network’s native users would have to worry about moving back and forth to Hyperliquid or BSC’s Aster .
The exchange also announced a $1 million trading competition that will start on Oct. 20.
$SNX Could have a very interesting next couple of months👇
– $1 Million Trading competition starts 10/20
– Perp-dex mainnet coming back to ETH
– Prizes for sUSD deposits till 11/7
– All top traders will be posting about the event
– Mindshare/attention will begin to flow to $SNX … pic.twitter.com/DgDKslDpLD— Tactical Investing (@tacticalinvest_) October 13, 2025
The analyst expects bullish momentum to start for SNX before the trading competition begins next week, while hinting at its all-time high of $28.
If Synthetix sees similar interest from traders to what Hyperliquid experienced, the SNX token will likely break the $1 billion market cap. However, the market-wide sentiment and macro conditions could push the price either way due to the current uncertainty.
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