Why is Synapse (SYN) Price Up By 30%?

Synapse, one of the leading decentralized interoperability protocols focused on seamless asset transfers between blockchains, extended its momentum with an additional 30% price spike. The move comes amid building optimism from analysts, citing bullish chart patterns forming, on top of strengthening protocol fundamentals.

SYN now ranks among the top daily gainers on Binance as buyers accumulate the protocol’s activity-discounted trading fee token. But what’s behind this latest altcoin rally, and can it continue?

Breaking Out of the Multi-Month Trading Range

Veteran trader Paradise first flags Synapse’s decisively bullish weekly chart, with SYN emphatically breaking out from months of horizontal resistance to signal its uptrend resuming.

“SYN is cooking something big. Breaking out from multi-month resistance on the weekly,” Paradise tweets. “Strong trend support. This is the gentleman’s swing trade.”

First Price Target at New Highs, Then Potential ‘Double Digits’

Fellow trader DeFi Panda looks further ahead, setting the first upside target as eclipsing SYN’s former peak value above $1.10 to set a new historical record.

But beyond that, DeFi Panda suggests far greater ambitions. “This is the gentleman’s swing trade.” SYN appears to be positioned in the early stages of a new bull wave after clearly bottoming and reversing off historically reliable levels around $0.50. This technical base now clears the way to retest former all-time highs.

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Daily RSI Reaches Overbought Levels

In light of such a sharp 30% intraday rally, the daily Relative Strength Index (RSI) momentum indicator on SYN predictably surged into overbought territory above 60.

Readings this high generally signal an asset has climbed too far too fast in the short term – raising the odds of a cooldown period to digest gains before the next leg higher. Any pullbacks could expect to find support near the breakout point around $0.65.

SYN has surged from a 24 hour low of $0.685 to a high of $0.9033 according to the latest data from CoinMarketCap.

So while both chart technicians and fundamental analysts tout Synapse’s long term growth narrative as an interchain messaging backbone, prudent trades should brace for volatility in the days/weeks ahead. Still, dips are likely to be bought aggressively to position for the next growth wave in decentralized cross-chain interoperability.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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