Synthetix increased with a rise of 120%.

In recent days, attention in the cryptocurrency markets has been focused on Synthetix (SNX). With a remarkable value increase of %120 in the last 24 hours, SNX has regained the interest of investors, returning to the levels seen before the 2022 crash. The price of SNX surged from $1 to $2.30, marking a significant rise.

With this increase, the daily trading volume of the token reached $758 million. This figure represents an increase of %1,120 compared to the previous day. Crypto analysts state that the upcoming launch of a new perpetual DEX platform on the Ethereum mainnet this month is the primary reason for this rise.

Famous crypto analyst CryptoKaleo described SNX's rise as “a divine candle returning to pre-crash levels,” while another analyst, Route2FI, noted that “optimism towards Synthetix has increased after the issues faced by platforms like Hyperliquid and Lighter.” Recently, Aster, which has been rising in the DeFi space, has drawn attention, but investor eyes are now back on Synthetix.

Synthetix aims to attract user interest with a major trading competition scheduled for October 20. The trading competition is reported to be held with the participation of well-known crypto influencers. Analyst PrismNav stated that SNX has “broken its 4-year downtrend” and could lead the “perp DEX wars.”

Launched in 2018, Synthetix was once considered one of the strongest derivative protocols in DeFi. However, over time, it fell behind due to the rise of new platforms such as Hyperliquid and Aster. Now, innovations on Ethereum and the planned expansion of liquidity with Optimism and Base networks are rekindling interest in the project.

Technical analysts believe that the breaking of SNX's multi-year resistance zone could signal a long-term trend reversal. If SNX can maintain this upward momentum, the “dino coin” legend of DeFi may have made a comeback.