- •Synthetix exhibits a distinct breakout of a multi-year wedge and self-closing above $1.38, an indication of increased investor confidence.
- •The SNX volume is more than $236 million, which indicates a high level of participation and validates the breakout.
- •Technical charts such as MACD and RSI are also bullishly aligned, supporting continuation of the upward trend.
As of writing, Synthetix (SNX) is currently trading at $1.28, and it has increased by 4.09% in the last 24 hours, and the trade volume has reached $236.6 million. Market analysts are already looking to the token as it has just broken out of the long-term resistance to a new upsurge of bullish power.
According to @JavonTM1, Synthetix has already made a breakout of a multi-year falling wedge pattern that had developed since the high of 2021, at about $30. The weekly candle was closed with a gain of 22.8% at the close of the week at $1.384, though the high was $1.443 and the low was $1.058. This action is an indication of a reversal of years of compression in the wedge pattern.
The outburst between the resistance to the downside of approximately $1.10 to $1.20 is considered a major technical level. Observers of the market observe that such formations are normally followed by a reversal of trends supported by an increase in trading volume. Provided that this structure is in place, the trend may prepare the way to prolonged profits in the next few weeks.
Momentum Indicators Support Upward Continuation
Readings on the daily momentum indicate that the Synthetix market is strengthening. The MACD line stands at positions higher than the signal line, which is a sign of a continued bullish trend, and the histogram bars are slightly contracting, meaning a consolidation in the short run. In the meantime, RSI is at 67.29, which is lower than the overbought area of 70, meaning that a further upward trend could be experienced before the resource is depleted.
The volume of trading has grown at a very high rate, with $237 million SNX being traded during the previous session. A lot of participation after a breakout is usually an indication of confidence in the move. With the volume kept high, the price may attempt to check the price of the next resistance area of $1.40 to $2.
Market Outlook and Key Price Levels
The falling wedge breakout has the next key resistance of $2.00, then the intermediate levels of around $3‑$4, and the medium‑term estimation of $11.67, which is a potential +743% increment of the current positions. However, analysts warn that these targets require a positive trend of the wider crypto market.
Anything below holding above $1.05 would damage the strength of the bullish argument and would pose a threat of re‑entering the wedge. SNX currently demonstrates new technical strength and an interest among investors as it struggles to establish itself on one of its best weekly gains since the year 2002.