Synthetix price is on the move again. The token jumped almost 20% today to around $1.71, with the trading volume rising more than 250% in 24 hours. It’s is the strongest performer of the new week, showing clear signs of renewed market interest.
This sudden lift isn’t random; two key developments are driving attention back to SNX. The first is a big trading competition that just launched on the Ethereum mainnet, and the second is a strategic direction that can redefine Synthetix’s position in DeFi.
Synthetix just launched its Ethereum Mainnet Trading Competition with $1 million in prizes. To take part, users need to stake SNX to mint sUSD, which instantly drives token demand. That’s part of why we’re seeing today’s strong price action: traders are locking their SNX, tightening supply, and reducing sell pressure.
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The timing couldn’t be better. Pre-competition staking activity started picking up last week, and that momentum carried into this morning’s breakout. The more participants join, the more SNX gets staked, and the higher the floor for demand.
$SNX $𝟭.𝟲𝟴 🟢🟢🟢 +21.8%
— Augura_ (@Augura_) October 19, 2025
Synthetix advances perpetual DEX launch and $1M trading competition, fueling institutional interest and adoption.
Experts view recent pullback as healthy correction, supporting long-term ecosystem growth. pic.twitter.com/wsrIuzGC34
This kind of on-chain event often acts as a short-term catalyst, but it also tends to attract new liquidity and users into the ecosystem. The key metric to watch now is how much sUSD gets minted during the competition; it’ll show whether this rally has staying power or if it’s just a temporary burst of excitement.
Furthermore, Synthetix made a bold call: shut down its Layer 2 deployments and go all-in on Ethereum mainnet. Along with that shift came the launch of a new high-speed perpetual DEX, designed to give traders gasless transactions and CEX-like speed.
It’s a move that many didn’t see coming, but it makes strategic sense. Ethereum remains DeFi’s most trusted foundation with over $1.9 billion in TVL, and by consolidating back to it, Synthetix is betting on deeper liquidity and stronger institutional interest.
For SNX holders, this change matters because it concentrates liquidity instead of spreading it thin across multiple networks. That’s good for efficiency, staking yields, and price stability. It also sharpens Synthetix’s competitive edge against other perpetual exchanges like dYdX and GMX, both of which have carved out big chunks of the market.
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What the Synthetix Chart Is Showing
The 4H chart shows exactly how wild this week has been for SNX price. It fell all the way down to $0.51 prior to rocketing up to $2.58 and correcting back down towards $1.32. Today’s bounce around $1.70 suggests a flip back into accumulation and buying pressure.
Analyst Castillo Trading summed it up perfectly on X: “Ignore the crime wick. I like $SNX here.” That “crime wick”, the flash crash to $0.51, looks more like a liquidity grab than a genuine sell-off.
The structure now shows higher lows forming, backed by a clear increase in volume. If SNX price can reclaim the $1.75 to $1.80 area, the next target sits near $2.50, which acted as the last major resistance. A clean breakout there would set up a path toward $3 in the coming sessions.
The Bottom Line
Synthetix price surge isn’t just a fluke. The $1M mainnet competition is creating real staking demand, and Synthetix’s full return to Ethereum is restoring confidence in its long-term direction. The fundamentals are improving just as the technicals are turning bullish again.
If this momentum keeps up, SNX could easily stay near the top of the week’s gainers, and with stronger network activity backing it this time, it’s not just another random pump.
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