Synthetix (SNX) has seen the price of its native asset explode by more than 80% in the past 24 hours alone as the hype surrounding the upcoming launch of a decentralized exchange (DEX) for perpetual futures and a trading competition seems to be gaining steam.
Earlier this month, this legacy project, whose initial focus was on the launch of synthetic tokens, announced the launch of a high-profile contest that will offer a $1 million top prize to the best of 100 traders.
Synthetix Trading Competition on Ethereum Mainnet launches October 20.
? $1,000,000 top prize
? 100 traders
? The first perp DEX on Ethereum MainnetLet's go!
?⬇️ pic.twitter.com/7r71e1j4uu
— Synthetix ⚔️ (@synthetix_io) October 2, 2025
This is a strategy to draw attention to its upcoming perpetual futures trading platform, which is expected to be launched on the Ethereum mainnet later this month.
In the past 30 days, SNX has gained 233%, underscoring how interest in this project has been progressively increasing.
Data from DeFi Llama shows that the project’s total value locked (TVL) has more than tripled in the past month. However, most of this uptick can be explained by the price increase that SNX has experienced during this period, meaning that it is not necessarily indicative of ecosystem growth.
Decentralized perps trading platforms have been gaining popularity amid the success of Hyperliquid – the top solution by market cap, currently valued at $13.5 billion.
Aster, a BNB-Chain-based perps DEX, recently gained traction as well, as competition in the DeFi space is heating up. The beginning of altcoin season tends to draw significant attention to relatively forgotten projects, and this seems to be the case with Synthetix today.
Synthetix (SNX) Eyes $3.5 as Positive Momentum Gains Traction
Trading volumes for SNX have jumped by 821% in the past 24 hours alone, reaching nearly $1.2 billion – a figure that accounts for 140% of the token’s circulating supply.
The daily chart shows key areas of support and resistance to watch for SNX as the rally continues. The price has climbed above the $2.3 area – a relevant resistance level in the past.
This favors a bullish outlook as long as bulls manage to keep SNX above that mark in the next few days. The price could continue to rally for a few more days until it reaches $3 at least, and then it may retest this key area from above as early buyers will be inclined to cash out from their positions.
The Relative Strength Index (RSI) has reached overbought territory already, and is already nearing 80 at the time of writing. This increases the risk of a pullback in the short term, although it also confirms that positive momentum is growing fast.
If selling pressure increases at some point and SNX drops below $2.3, we could expect a much deeper correction to $1.5 or even $1.3 in the near term. For now, the baseline scenario is bullish and could push the token to reach its December 2024 highs of $3.5, meaning an upside potential of 48% in the near term.
Synthetix is known in the crypto community as a “dino coin” – this is how investors tend to refer to legacy projects that have lost traction as the crypto market has grown. This limits their upside potential beyond these temporary price spikes.
In contrast, the most innovative crypto presales like Bitcoin Hyper ($HYPER) could be poised to experience significant upside by tackling the issues that have prevented the Bitcoin blockchain from further growing through a Solana-powered layer-2 chain.
Bitcoin Hyper ($HYPER) Raises $23M to Bring the First True Bitcoin L2 to Life
Bitcoin Hyper ($HYPER) is redefining what Bitcoin can do. Built as the first-ever layer 2 for Bitcoin, it tackles the network’s biggest pain points — slow transactions, high fees, and lack of programmability.
By leveraging the power of the Solana blockchain, Bitcoin Hyper brings speed, scalability, and smart contract functionalities to the Bitcoin ecosystem without compromising the network’s security.
Instead of waiting minutes for a transaction to be confirmed, Bitcoin Hyper processes transfers almost instantly and at a fraction of the cost.
Developers can finally build dApps, DeFi protocols, and AI-integrated tools directly on the Bitcoin network, unlocking new use cases for the world’s most valuable blockchain. It will also allow BTC holders to safely stake, lend, and earn yield on their investment.
As the protocol is embraced by top exchanges and wallets, the $HYPER token will likely experience explosive price growth down the road. At its discounted presale price of $0.013115, early buyers will reap the highest returns once the token is listed on exchanges.
To buy $HYPER, visit the Bitcoin Hyper official website, connect your wallet, and swap crypto (e.g., USDT or ETH) for $HYPER. Or, you could also use a bank card to invest.
