Synthetix Is Struggling to Keep Up
Synthetix (SNX) is down 6.5% this week to $0.934, closely tracking the broader market, where Bitcoin (BTC) has declined by 3.5% to $90,650. The token remains highly correlated with overall market trends, making it vulnerable to external shocks.
SNX has erased all gains from the Trump-driven rally, falling to its lowest levels since June 2020. Prices have been moving sideways for over a month following a sharp 44% decline in just three days, signaling the potential for another drop toward the $0.500 support level.
Should market conditions improve, this support could provide a strong foundation for recovery.
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