SNX Surges 25% on Spot Bitcoin ETF Approval
The Synthetix (SNX) token experienced a 14% rally, reaching $3.90 this week. The surge is particularly notable over the last two days, where the token saw an impressive 25% increase on January 10-11. The catalyst for this rally was the SEC's approval of the first batch of spot Bitcoin-ETFs on January 10. Bitcoin celebrated this event with a 9.0% rise to $48,064 throughout the week, although altcoins were trailing behind.
Synthetix has additional positive factors contributing to its rally, notably the release of the Andromeda update. This update introduced the Perps V3 protocol, aiming to reduce inflation within the network and consequently strengthen SNX. Despite these positive developments, prices have encountered resistance at the ascending channel, potentially limiting further upward momentum.
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