SNX Surges Over 80% to 10-Month High — Can Synthetix’s Perp DEX Launch Fuel More?

SNX, the token native to the Synthetix protocol, has surged to a 10-month high as anticipation builds for the upcoming launch of its perpetual decentralized exchange on the Ethereum (ETH) mainnet.

The token’s sharp rally coincides with a broader recovery in the crypto market, making SNX a standout performer among crypto assets.

Synthetix (SNX) Rises Over 80% After Crypto Market Crash

Synthetix enables the creation of synthetic assets, or “synths,” which mirror the value of real-world assets such as stocks, commodities, and cryptocurrencies—without requiring physical holdings. According to CoinGecko, SNX is the second-largest token in the synthetic assets segment, following Chainlink (LINK).

Despite being an early player in the market, the protocol hadn’t captured significant mindshare recently. However, it has returned to the spotlight following its latest market moves.

Like the broader crypto market, SNX suffered a sharp drop on Friday. The altcoin fell to a nearly three-month low amid heightened volatility caused by President Trump’s tariff announcement.

But it wasn’t the crash that got SNX renewed attention, but the rebound that followed. As the market recovered on Sunday, SNX experienced an even stronger rally, soaring by 98%, outpacing leading cryptocurrencies.

“SNX with a god candle back to higher highs from before the market crash,” an analyst posted.

The bullish momentum has continued today, with SNX reaching its highest price since January. BeInCrypto Markets data showed that over the past 24 hours, the coin climbed over 80%, securing the top spot among daily gainers on CoinGecko. At press time, it was trading at $1.76.

Synthetix (SNX) Price Performance. Source: BeInCrypto Markets

Trading activity for SNX surged with its price. At the time of writing, daily trading volume stood at $626 million, marking an 834% increase.

Analysts Split on Synthetix Ahead of Perp DEX Launch

Meanwhile, SNX’s momentum is fueled not only by viral market sentiment but also by several notable upcoming developments. The network is set to launch the first perpetual DEX on the Ethereum mainnet in Q4 2025.

This is a particularly timely move given the recent surge in interest around perpetual DEXs. In line with this, Synthetix will also kick off a new trading competition.

Synthetix Trading Competition on Ethereum Mainnet launches October 20.