Synthetix Is Struggling to Continue Up
Synthetix (SNX) is rising by 3.6% to $0.7700 this week, outperforming the broader crypto market where Bitcoin (BTC) is up by 1.2% to $108,600. Despite the weekly gain, SNX remains near its lows and continues to struggle for upward momentum. The token failed to reach the $1.000 resistance level during the recent broad crypto rally, signaling underlying weakness. It remains confined within a descending channel, with $1.000 also marking the midpoint of that range — a key level that must be broken for any sustainable bullish reversal. With limited project-specific news to drive demand, SNX appears heavily reliant on broader market strength to regain traction. A strong continuation of the crypto rally would be essential for SNX to attempt a breakout.
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