Why Is Synapse (SYN) Pumping? Price to Reach 2021 All-Time High For These Reasons

Synapse, an interoperable messaging protocol and liquidity hub, has seen its SYN token surge 25% in the last 24 hours. Crypto analyst CryptoFrogs (@CryptoFrogsGems) examined the recent price action and made the case for why SYN may be poised to revisit its 2021 all-time high around $920 million market cap.

The Goal of Seamless Cross-Chain Communication

As background, Synapse operates as a generalized messaging protocol and bridge that enables seamless communication between different blockchains. Its goal is to provide secure, fast, cheap, and scalable data transmission between layer 1 networks like Ethereum and layer 2 platforms.

This interoperability helps advance decentralized finance (DeFi) use cases around trading, lending, payments and more that rely on the ability to move assets between chains. To support this vision, the Synapse bridge has already integrated with most major blockchains in the ecosystem.

Recent Funding and Volume Spike
CryptoFrogs pointed to two recent developments helping drive interest in Synapse:

“Just recently, it was announced that the Synapse DAO will be receiving a 2M ARB ($3.8M) grant from STIP, the arbitrum short term incentives program, with goals of increasing bridge usage while making it cheaper and quicker for users. With 2.1M trading volume and a 25% increase in the last 24h, potential here for this token to make its way back to the 2021 ATH of 920M is very possible.”

The $3.8 million in funding from Arbitrum’s incentives program provides essential resources for Synapse to boost adoption. And the concurrent 25% daily volume spike to $2.1 million signals surging usage and demand among traders.

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Bull Case for Revisiting the ATH

Given these positive drivers, CryptoFrogs believes SYN revisiting its all-time high market cap near $920 million is an achievable goal. He cited Synapse’s “deep liquidity” and “developer-friendly objective” as key advantages, noting that it has already integrated across most layer 1 and 2 networks despite launching less than two years ago.

Backing a “very active dev and community,” the analyst sees substantial room for growth ahead. With cross-chain interoperability becoming more crucial than ever as capital and activity shifts across chains, Synapse remains well-positioned to capture this demand.

If adoption and usage continues accelerating, SYN reaching its former ~$920 million valuation seems not just possible, but probable on its way to new highs, according to CryptoFrogs. For investors, taking advantage of still-early entry levels could provide significant upside. As momentum in the space shifts toward multi-chain connectivity, Synapse and SYN stand ready to seize this opportunity.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.