SNX surged over 120% to its highest level in 10 months.

SNX, the native token of the Synthetix protocol, has recorded a rise to the sky, reaching its highest peak in the past 10 months, as expectations grow for the launch of a permanently decentralized exchange on the Ethereum (ETH).

The impressive recovery of SNX occurs against the backdrop of the cryptocurrency market showing a general recovery trend, making it stand out among other cryptocurrency assets.

Synthetix (SNX) rises to the sky over 120% after the cryptocurrency market collapsed

Synthetix allows users to create synthetic assets, also known as "synths", that reflect the value of real assets such as stocks, commodities, and cryptocurrencies, without the need to hold them physically. According to data from Coinphoton, SNX is currently the second largest token in the synthetic asset sector, only behind Chainlink (LINK).

Although Synthetix is one of the pioneers in this field, the protocol has not attracted much attention recently. However, with the recent changes in the market, Synthetix has returned to the spotlight.

Like most of the cryptocurrency market, SNX experienced a significant drop on Friday, as this altcoin fell to its lowest level in nearly three months due to increased volatility from President Trump's tariff announcement.

However, what draws attention back to SNX is not the collapse but the strong recovery afterwards. As the market rebounded on Sunday, SNX skyrocketed 98%, surpassing many other top cryptocurrencies.

"A miraculous candle has brought SNX back to a higher level than before the market crash," a analyst commented.

This price increase continues today, as SNX reaches its highest price since January. Data from Coinphoton shows that in the past 24 hours, this coin has risen by over 120%, taking the top position among the daily gainers. At the time of writing, SNX is trading at 2,184 USD.

Price movement of Synthetix (SNX). Source: CoinphotonThe trading activity of SNX has also increased corresponding to the price increase. At the time of writing, the daily trading volume reached 626 million USD, corresponding to a rise to the sky of 834%.

Analysts Divided on Synthetix Ahead of Perp DEX Launch

The rise of SNX is not only driven by positive market sentiment but also by several notable developments that are about to take place. The Synthetix network is set to launch the first perpetual futures DEX on the Ethereum network in Q4 2025.

This is a timely move, especially in the context of the growing interest in perpetual DEXs. Synthetix will also launch a new trading competition, which is expected to attract much attention from the community.

Some analysts believe that the launch of this DEX could continue to drive the current rise.

"Synthetix's new Perp DEX will launch soon. After both Hyperliquid and Lighter faced some issues, I believe there will be new optimism about what Synthetix can deliver," a market observer said.

Another analyst stated that the upcoming months will be very interesting for Synthetix. He explained that the trading competition will increase attention as top traders share about it.

"Attention will begin to focus on SNX," he emphasized.

The analyst also mentioned that Synthetix is developing a liquidity proof of reserves vault (SLP) to improve capital efficiency, similar to the systems that Hyperliquid and Lighter are using. Although its performance still needs to be monitored, he noted that the growth potential for SNX could be very large, similar to the setups seen in altcoins like ZCash (ZEC) and Dash (DASH).

Mr. Teacher