Synthetix’s SNX Bounces Back Strong Ahead of Ethereum Perpetual DEX Launch

SNX respected its ascending trendline at $0.62–$0.63, bouncing sharply and reclaiming key moving averages.

SNX is trading near critical resistance at the 50-day SMA, bulls are eyeing a breakout as trading activity increases.

Synthetix will launch its first perpetual DEX on Ethereum in Q4, starting with a $1M trading competition in October.

SNX is showing signs of strength after bouncing off a key ascending trendline. With rising volume and momentum building, traders are watching closely as Synthetix prepares for a major DEX launch on Ethereum.

Technical Breakout Attempt at SMA Cluster

Synthetix’s native token, SNX, has seen a notable rebound after dipping into the $0.62–$0.63 support range. This area aligns with a long-standing ascending trendline that has held since mid-June 2025. After briefly piercing the support level, SNX quickly reversed, closing the day above it — a classic false breakdown pattern that often traps sellers.

The recovery reached as high as $0.729, aligning with predefined technical targets. As of press, SNX trades at $0.673, just beneath the 50-day Simple Moving Average (SMA) at $0.681 and closely hugging the 9-day Exponential Moving Average (EMA) at $0.672.

This is a potential turning point and a breakout above these moving averages,could trigger the next leg higher.

Market Cap Recovery Fuels Bullish Sentiment

Trading volume has been steadily climbing throughout September, showing that buyers are actively driving SNX’s price upward, not just random fluctuations. Looking at SNX’s market cap tells a similar story: after hitting around $250 million on September 20, it dipped sharply to $205 million by the 22nd.

Source: Coin Gecko

But then came a strong V-shaped bounce, pushing it back above $240 million within two days—signaling renewed investor confidence fueled by rising volume and overall market optimism.

Synthetix Gears Up for Perpetual DEX on Ethereum

On September 22, 2025, Synthetix announced its plan to launch the first perpetual decentralized exchange (DEX) on Ethereum mainnet in Q4 2025. The launch kicks off with a $1 million trading competition in October, open to 100 selected participants including Kwenta point holders and early depositors.

The new DEX will offer gasless trading, zero settlement costs, and support for multi-collateral margin — allowing traders to post assets like sUSDe, wstETH, and cbBTC without liquidating holdings. This design enables yield generation while trading and reduces taxable events, opening up complex strategies like basis arbitrage.

By launching directly on Ethereum, Synthetix leverages over $90 billion in existing liquidity. The protocol also aims to improve composability with DeFi platforms like Aave, while minimizing the need for bridging to other chains.

The post Synthetix’s SNX Bounces Back Strong Ahead of Ethereum Perpetual DEX Launch appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.