Synthetix (SNX) saw its token price jump by more than 21% today, October 19, 2025, driven by a significant surge in trading volume and renewed investor interest in decentralized finance (DeFi) platforms and layer-2 solutions.
The digital asset, which underpins a leading DeFi protocol for synthetic derivatives, traded at $1.67, pushing its market capitalization to $575.36 million. Its daily trading volume soared to $283.64 million, marking a 60.89% increase above its 30-day average.
This surge caps a remarkable period for SNX, with a 145.54% return over the past 30 days. The token had opened at $1.38 and reached an intraday high of $1.67.
Analysts attribute the rally to an increase in trading activity and growing enthusiasm across social media platforms regarding updates within the broader DeFi ecosystem. Renewed interest in layer-2 solutions and staking opportunities is also cited as a key catalyst.
Data from perpetual contracts indicated strong bullish demand, with funding rates for SNX/USDT showing positive 0.01%. Open interest in futures contracts rose 15% in 24 hours, reaching $150 million, reflecting increased institutional confidence.
On-chain metrics supported the observed growth, with daily transactions climbing 25% to 5,000. The number of active holders remained steady at 45,000.
The Synthetix protocol has also seen its total value locked (TVL) grow to $500 million, a 20% increase over the past week. Partnerships with Optimism and Curve have further strengthened its position in the layer-2 landscape.
Technically, SNX broke through a resistance level at $1.42. Its Relative Strength Index (RSI) stood at 68, indicating strong momentum but also a mild overbought condition.
The Moving Average Convergence Divergence (MACD) showed a bullish cross, confirming an uptrend. The price traded above its 7-day and 15-day simple moving averages, which were $1.70 and $1.40, respectively.
Despite this recent uptick, SNX remains significantly below its all-time high of $28.64, recorded in February 2021, representing a 94.15% decline from that peak.
While sentiment in the market appears largely positive, some observers caution against potential sell-offs following such rapid rallies. The token’s high correlation with Bitcoin, at 0.85, also presents a risk should the broader cryptocurrency market experience a downturn.