Synthetix (SNX) surged more than 17% in the past 24 hours, trading near $0.3695 at the time of writing. Trading volume jumped 18% to $126 million, while market capitalization climbed to $123 million.
The main trigger for the move was SNX’s listing on Robinhood. The listing expanded access to retail traders and increased spot demand, pushing price and volume higher in a short time.
Despite the rally, SNX remains 98% from its all-time high of $28.77, showing that the token is still in a long-term recovery phase.
Synthetix also to its stablecoin system earlier this month. The protocol introduced a new path for sUSD after the 2025 redesign removed minting sUSD directly against SNX.
The project is now focusing on restoring sUSD adoption across the Ethereum ecosystem. Exchange revenues will be used for sUSD buybacks, while the stablecoin will power perpetual trading through the Synthetix Liquidity Provider vault. The system also allows sUSD to be minted against delta-neutral basis trade vaults.
SNX stakers are responsible for maintaining the stablecoin’s peg. With sUSD trading near $0.80, up more than 3% in the past day, the protocol raised the staking requirement to 50% of a staker’s outstanding debt. The requirement will increase by 10% every two weeks until the peg returns within 1% to 2% of $1.
The update also allows stakers to exit the debt jubilee early by burning 35% of their debt in exchange for debt-free SNX. The measures aim to stabilize the system and improve long-term demand for SNX.
Data from the weekly chart shows SNX remains in a bearish trend overall as price continues to trade below a descending trendline that has capped rallies since early 2024.
The token is also trading below key Fibonacci retracement levels. Immediate resistance sits near $0.95, followed by a major supply zone between $1.30 and $1.70. A stronger breakout could target the $2.34 level and the $3.03 region, where heavy resistance previously emerged.
On the other hand, support remains near the $0.30 zone. A breakdown below this level could extend losses toward the long-term trendline support near $0.20.
Relative strength index readings remain below the neutral 50 level, showing weak momentum despite the recent bounce.
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