The Synthetix (SNX) token rose by 24% in a day, becoming one of the leading altcoin gainers, but market participants are in no hurry to share the enthusiasm. Despite the sharp price jump, most traders continue to take short positions, expecting a correction.
According to CoinGlass, the long/short ratio for SNX has remained below 1 for more than three weeks, indicating prevailing bearish sentiment. Even amid the token’s growth and active discussion of the upcoming decentralized exchange launch on Ethereum, traders are not showing confidence in a continued rally.
Interest in Synthetix intensifies ahead of trading launch and contest
SNX, the native token of the decentralized futures protocol, has shown rapid growth amid expectations for the launch of its own DEX for futures contracts on Ethereum. The project team announced a trading contest with a $1 million prize pool, starting October 20.
.11, adding about 22% since the start of the week. However, analysts warn that the momentum may be short-lived.” title=”photo_1_2025-10-15_00-30-10″>
This news sparked a surge of interest and increased activity in the market. The SNX price reached $2.11, adding about 22% since the start of the week. However, analysts warn that the momentum may be short-lived.
The RSI indicator shows that SNX has entered the overbought zone: a value of 72.6 indicates a possible market cooldown. Usually, such levels precede a local correction when investors take profits.
What awaits SNX next — correction or new surge
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-144953" title="photo_3_2025-10-15_00-30-10" src="https://coinspot.io/wp-content/uploads/2025/10/photo_3_2025-10-15_00-30-10.jpg" alt="If SNX loses the current trend, the technical picture allows for a pullback to the support level of $1.77." width="1280" height="633" srcset="https://coinspot.io/wp-content/uploads/2025/10/photo_3_2025-10-15_00-30-10.jpg 1280w, https://coinspot.io/wp-content/uploads/2025/10/photo_3_2025-10-15_00-30-10-360×178.jpg 360w, https://coinspot.io/wp-content/uploads/2025/10/photo_3_2025-10-15_00-30-10-400×198.jpg 400w, https://coinspot.io/wp-content/uploads/2025/10/photo_3_2025-10-15_00-30-10-768×380.jpg 768w" sizes="(max-width: 1280px) 100vw, 1280px" / alt="If SNX loses the current trend, the technical picture allows for a pullback to the support level of 
If the asset loses the current trend, the technical picture allows for a pullback to the support level of $1.77. This would be a natural correction after rapid growth, especially considering the accumulated long positions and signs of overbought conditions.
Nevertheless, if interest in the project persists amid the DEX launch and contest, the token may consolidate above $2.13 and test the next resistance zone at $2.58.
Some analysts believe that SNX’s growth reflects not only expectations from the new exchange launch but also the overall activation of the DeFi market. Against this background, any short-term pullbacks may be seen as an opportunity to enter the asset at a more favorable price.
While SNX became one of the few tokens to show growth amid the overall market correction, the continued dominance of short positions indicates that investors remain cautious. There is potential for upward movement, but further dynamics will depend on whether Synthetix can meet the heightened expectations of traders.
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