Synthetix (SNX) Surges 24% but Here’s Why Traders Aren’t Buying the Hype

SNX, the native token of the Ethereum-based decentralized perpetual futures protocol Synthetix, has defied today’s broader market downturn to emerge as the top-performing altcoin. Its price has surged by 24% over the past 24 hours amid renewed demand. The surge follows growing anticipation for the launch of Synthetix’s new perpetuals exchange on Ethereum and a trading competition scheduled for October 20.  However, on-chain and technical indicators suggest that the momentum may not be sustainable in the short term source: https://beincrypto.com/snx-price-rockets-but-pullback-nears/