Synthetix (SNX) has dropped by 17.5% in the past 24 hours to $1.63 as the latest rally hit a ceiling at $2.3 on Monday.

Trading volumes remain quite high at $211 million, accounting for more than a third of the token’s circulating supply and underscoring the strength of the selling spree.

SNX’s positive momentum has been fueled by a couple of project-specific news. First, the protocol is getting ready to launch its perpetual futures trading platform on the Ethereum mainnet.

Synthetix will compete directly with Hyperliquid and Aster on the perps market, although its platform will run on Ethereum, not its own L1 as Hyperliquid does.

In addition, it recently launched a trading contest with a grand prize of $1 million to attract top traders.

The competition will last a month and will commence on October 20. A total of 100 contestants, 50 top community traders and 50 renowned professionals, will compete for the ultimate glory. The second and third place will earn 25,000 SNX, valued at around $40,000 at the time of writing.

Finally, Synthetix offers attractive staking rewards. This may have contributed to its positive performance alongside the news mentioned earlier. Currently, sUSD holders earn a 55.8% annual percentage yield (APY) on their tokens while SNX staking is yielding 23.6% per year.

Selling Pressure Accelerates for Synthetix at $2.3

The daily chart shows that SNX has been dropping for three days in a row upon hitting the $2.3 resistance. A long upper wick on October 13, followed by strong selling pressure the day after, confirm a bearish outlook.

Trading volumes confirm that this was a key level for sellers. Early buyers may have opted to take some profits off the table amid the events that caused Friday’s crash.

The key support to watch for SNX at this point would be the $1.20 area, meaning a 27% downside potential. However, if demand turns out to be weak at this level, the token’s correction could continue to the 200-day exponential moving average (EMA).

The Relative Strength Index (RSI) dropped below the 14-day moving average. This is commonly interpreted as a sell signal, as it means that the direction of the trend has changed, and negative momentum is accelerating.

Meanwhile, if the token bounces off this level, we could expect a retest of $2.3 again in a short period. That potential bounce would depend on how the trading contest and the launch of the perps platform go.

If user adoption surpasses the community’s expectations, that could lead to a significant jump in the price of SNX in the near term. Meanwhile, some macroeconomic events, like the Federal Reserve’s upcoming decision on interest rates, could endanger the rally if the U.S. central bank postpones the cut amid Trump’s latest rift with China.

Apart from Synthetix, the crypto presale of the Best Wallet Token ($BEST) has been experiencing some positive momentum as well as this project prepares to launch its very own decentralized exchange (DEX).

Best Wallet Token ($BEST) Powers a Growing Crypto Ecosystem

Best Wallet Token ($BEST) is the key to a fast-growing crypto ecosystem built around one of the most user-friendly wallets in the market.

Known for its sleek mobile design, low fees, and support for over 60 chains, Best Wallet now gives users even more utility through its native token.

Holding $BEST unlocks access to early presales, staking rewards, and reduced transaction fees inside the app.

Users can also explore The Best DEX — a built-in exchange that connects to 200+ decentralized platforms — or look forward to The Best Card, a crypto debit card in development that will make spending digital assets easier than ever.

The Best Wallet app has received great ratings from early adopters. Moreover, $BEST has raised $16.5 million, reflecting investors’ growing interest in this project.

Over 7,000 users have already joined the airdrop campaign, completing 75,000+ quests to earn rewards.

You can join them by visiting the official Best Wallet Token website. Simply connect any compatible wallet, or download the Best Wallet app, to buy $BEST. You can either swap USDT or ETH or use a bank card to invest.