Synthetix (SNX) Retests Support: Path to $7.40 Possible?

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On Saturday, January 24th, Synthetix (SNX) is trading at $0.419 after declining by 1.59%. The trading volume is lower by 31.21% and is currently standing at $14.56 million. Over the last week, it declined by 15.52%. This is part of a trend of weakness in mid-cap altcoins.

Source: CoinMarketCap

SNX Tightens Inside Triangle Pattern

Crypto analyst Danily highlighted on X that SNX is currently trading within a symmetrical triangle on its 4-hour chart. This is characterized by lower highs and higher lows following a strong price dip. The cryptocurrency is currently trading near its apex.

As Danily noted, the pattern illustrates a weakening trend. Each swing has become tighter. Buyers and sellers are still uncertain. A breakout will determine the direction.

Source: X

If the price goes above the upper trendline, that might indicate the beginning of the relief recovery. If the price goes below the rising support trendline, that might indicate the beginning of the bearish continuation pattern. For now, the price is trading within the restricted consolidation range.

Additionally, another analyst, Jonathan Carter, mentioned that SNX is retesting the lower boundary of its descending channel on its weekly chart. He added that the boundary continues to hold as more investors buy at the current retest.

Carter identified the upside levels as $0.55, $0.80, $1.30, $1.80, $2.55, $3.70, $5.30, and $7.40 based on the reaction of the channels. 

Source: X

Also Read: Solana Holds Near $127, but Analysts Warn of Breakdown Risk

Open Interest and Volume Continue to Drop

According to CoinGlass data, the volume has declined by 31.47% to $17.93 million, while open interest has declined by 0.52% to $14.30 million. The OI-weighted funding rate at 0.0081% indicates a weak long-side bias.

Source: CoinGlass

EMAs Signal Pressure While Bands Tighten

The Exponential Moving Averages (EMAs) still look quite fragile. SNX trades below EMA-20 at $0.450 and EMA-50 at $0.495, now serving as immediate resistance.

Meanwhile, the longer-term EMAs are higher, with the EMA-100 trading at $0.593 and the EMA-200 trading at $0.710.

Source: TradingView

The Bollinger Bands (BB) chart shows that the price ranges are getting tighter. The bands are at $0.530 for the upper band, the basis at $0.465, and the lower band at $0.400. SNX is trading at the lower band.

SNX is at a critical technical level for multiple time scales. Analysts predict a large move once volatility increases. Traders are waiting for the breakout confirmation.

Also Read: Injective Price Analysis: INJ Targets $5.05 While $4.40 Support Holds

Yahya Raza Sherazi

Yahya Raza Sherazi

Yahya Raza is a Technology Analyst at Tronweekly, covering cryptocurrency markets, blockchain-related developments, and digital asset regulations. He has over one year of experience reporting on Bitcoin, altcoins, and broader crypto market trends.

His reporting focuses on market movements, crypto scams and hacks, security-related incidents, and regulatory developments, examining how technological risks and policy actions impact the crypto ecosystem. Yahya tracks ongoing market activity and industry updates using verified data and official sources.

Yahya’s work is written for both beginners and experienced readers, with an emphasis on clear, accurate reporting on crypto markets, technology-related risks, and regulatory changes, without speculation or investment guidance.

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