Synthetix [SNX] price action is back on its bullish trajectory. At press time, the altcoin has recorded a strong 27% surge in the last 24 hours.
The token trading volume has also recorded significant gains, almost doubling to $140 millions over the same period.
With SNX’s price action reacting strongly to recent developments, the question is whether momentum can extend far enough to clear the liquidity clusters positioned above the current trading level.
OI confirms fresh institutional demand
Consequently, Synthetix network’s Open Interest (OI) increased by $5 million. At press time, the total OI stood at at $21 million.
Usually, rising OI alongside price growth often signals a fresh influx of positions into the market. This suggests growing speculative and institutional demand.
The rally is not driven by spot traders alone. Derivatives activity is also expanding.
Synthetix’s technical structure turns bullish
On the daily chart, SNX has gained 58% since retesting a key descending triangle support, a move that marked a structural shift from compression to expansion.
The latest 27% daily surge confirms continuation strength, with buyers firmly in control. Still, sharp rallies often lead to brief pauses, making short‐term consolidation possible before the next move.
$0.4254 resist stands out as the next target
AMBCrypto analysis of the token’s liquidity data indicates a $68K cluster near the $0.4254 price level.
From past observations, liquidity clusters often attract price during strong trends. This makes $0.4254 the next key short-term target.
For the rally to extend, volume must stay elevated, and Synthetix’s OI must continue rising. If participation cools, price may consolidate before another push higher.
Final Summary
- SNX prices have surged by 27% as trading volume doubles to $140M and open interest climbs to $21 million.
- A liquidity cluster at $0.4254 presented the price level as the next key target if bullish momentum is sustained.
