SNX Price Jumps 80% After Crash, Will New Perp DEX Launch Sustain the Rally?

Key Points

• SNX Price jumps 80%, hitting a 10-month high after a sharp rebound
•  Perpetual DEX launch on Ethereum drives fresh market momentum
• Daily volume spikes 834% as traders return to SNX
•  Experts split on whether this rally has long-term legs

The SNX price made a stunning comeback this week, jumping over 80% in just 24 hours following a steep drop triggered by geopolitical news. The token, which powers the Synthetix protocol, soared to $1.76, hitting a 10-month high and outperforming most altcoins in the market.

The rally came after a Friday selloff sparked by Trump’s unexpected tariff announcement, which rattled global markets, including crypto. However, unlike many assets that struggled to recover, SNX price rebounded sharply, up nearly 98% from its weekend low.

$SNX with a god candle back to higher highs from before the market crash.

Should be interesting to see how this plays out over the next month with the high profile trading competition about to gear up. pic.twitter.com/ElL4EASXvb

— K A L E O (@CryptoKaleo) October 12, 2025

According to CoinGecko, SNX now leads the synthetic asset category, second only to Chainlink in market cap. More importantly, SNX price has now regained strong momentum, bringing back investor attention that had faded in recent months.

As of today, the SNX price is holding firm, and analysts are watching closely to see whether this breakout has real staying power or if it’s another short-lived spike.

Synthetix (SNX) Price Performance. Source: Techtokens

Synthetix is known for its ability to mint synthetic assets, or “synths”, which track real-world prices like stocks, commodities, and other crypto tokens. But until now, it had been quiet in terms of major headlines or product updates.

Synthetix Trading Competition on Ethereum Mainnet launches October 20.

🔹 $1,000,000 top prize
🔹 100 traders
🔹 The first perp DEX on Ethereum Mainnet

Let’s go!

🧵⬇️ pic.twitter.com/7r71e1j4uu

— Synthetix ⚔️ (@synthetix_io) October 2, 2025

That’s changed quickly in just a few days.

DEX Launch on Ethereum Could Push SNX Price Even Higher

What’s fueling this sudden optimism? It’s not just the rebound from the crash, SNX price is riding a wave of hype ahead of the launch of Synthetix’s new perpetual DEX on Ethereum, set for Q4 2025.

The upcoming DEX is designed to compete with other perpetual trading platforms like Hyperliquid and Lighter, which have recently faced operational setbacks.

This has created an opening for Synthetix, and investors are betting that the platform can step up and fill the void.

$SNX with the wildest chart of the day.

The price is higher than before the crash, and spiked up 100% (now 70%) over the last few hours.

The new Synthetix perp dex will soon launch, and after both Hyperliquid and Lighter had some hiccups, I am sure there is new optimism on what… pic.twitter.com/U9hJrwt3WU

— Route 2 FI (@Route2FI) October 12, 2025

With the Ethereum mainnet launch expected soon, SNX price is seeing increased traction among traders and speculators.

A planned trading competition is also drawing attention from professional traders and crypto influencers, which could bring new liquidity and volume to the platform.

An analyst wrote on X (formerly Twitter):

“The new Synthetix perp DEX will soon launch, and after both Hyperliquid and Lighter had issues, I am sure there’s new optimism around what Synthetix can deliver.”

Another added:

“Top traders posting about the competition will bring visibility. Mindshare will begin to flow to SNX, and that’s bullish for SNX price.”

$SNX Could have a very interesting next couple of months👇

– $1 Million Trading competition starts 10/20
– Perp-dex mainnet coming back to ETH
– Prizes for sUSD deposits till 11/7
– All top traders will be posting about the event
– Mindshare/attention will begin to flow to $SNX… pic.twitter.com/DgDKslDpLD

— Tactical Investing (@tacticalinvest_) October 13, 2025

Beyond just the DEX, Synthetix is building its Liquidity Prover Vault (SLP), aiming to increase capital efficiency, much like other high-performance DEXs. If successful, this could support the long-term growth of the ecosystem and help maintain a stable SNX price.

Interestingly, the recent BNB meme coin crash that wiped out over 90% of value across tokens in 24 hours has made investors more cautious, shifting attention back to projects like Synthetix with proven infrastructure.

$snx will pump like $zec

Fasten your seat belts pic.twitter.com/U5iFJuLtfd

— KNIGHT (@cryptoknight890) October 13, 2025

Analysts Cautious Despite SNX Price Pump

Still, not everyone is convinced the rally is sustainable.

Several crypto analysts have raised concerns about Synthetix’s track record, noting the project has previously struggled with products like stablecoins and lending protocols. This history has led some to believe the current rally might be driven more by market hype than fundamentals.

One critic said:

“If you think SNX price is going to keep pumping just because they’re launching a DEX, you might be in for a surprise. Their past launches didn’t exactly go smoothly.”

lol i’m sorry if you’re bullish on anything synthetix because [enter narrative here] you’re beyond help

they couldn’t nail stables, nor borrowing and lending, nor trading, now people are buying into the fact they’re gonna launch a perp dex and its gonna be a hit? lmao

— Shual (@0xShual) October 12, 2025

Another known voice in the space, Altcoin Sherpa, questioned the rally:

“This is probably just a supply-controlled pump and dump. There are some good things, like no VC sell pressure, but I don’t think this pump is driven by real product demand.”

Despite the criticism, trading activity for SNX is undeniably strong. Daily volume surged over 834%, reaching $626 million, which reflects growing short-term interest, even if long-term conviction is still building.

Recent macro discussions, such as the G7’s move toward a global stablecoins framework, show how quickly regulatory changes can reshape market narratives, often giving older projects like Synthetix a new lease of life.

$SNX has been dead for years and they haven’t been relevant for a while. There are some interesting things going for them in terms of 0 sell pressure from VCs and high float but this is probably just going to be some supply controlled pump and dump, not based off real products… pic.twitter.com/1P0UabjY1c

— Altcoin Sherpa (@AltcoinSherpa) October 12, 2025

Meanwhile, the market is still absorbing aftershocks from recent retail-driven events like Crypto Black Friday, which flooded the space with short-term volatility. These kinds of events can boost interest in safer or more established DeFi platforms.

Adding to the regulatory climate, XRP’s mention in UK Parliament has highlighted that institutional recognition is growing, possibly giving a credibility boost to other OG projects like Synthetix.

Even Coinbase’s recent use of the “Kimchi Premium” signal has led traders to watch more regional price differences, potentially affecting how they perceive value in tokens like SNX.

For now, SNX price is clearly riding high, but all eyes are on the upcoming perpetual DEX launch. If Synthetix can deliver a smooth rollout and attract significant volume, SNX price could remain elevated, or even move higher.

But if the launch falls flat or faces technical hiccups, the current hype may fade fast.

The next few weeks will be crucial for both the SNX ecosystem and the token’s price performance.