SYN is now down to 0.246u. We wrote about this coin earlier. Back in early July, Arthur Hayes’s buying spree pushed the price up to 0.65u, but it’s already down more than 60% now—the sentiment from that move has basically washed out.

The logic at the time was that we were bullish on a project called Hypercall, which is related to SYN. The idea was to do on-chain options trading, but after all this time, the project still hasn’t made much real progress. The story didn’t deliver, so the price naturally fell back.

The token’s issue price was a long time ago; its all-time high reached 5.01u—that was in 2021. Over all these years, it still hasn’t been able to return to that level.

At this current spot, the drop hasn’t been mild either. Most of the profit-taking that was previously pumped up has already exited.

For a market that gets driven up primarily by news of a big-name buying, after the tide goes out, whether it can hold will depend on whether there’s new real business to support it. As of now, it doesn’t look like there is.

For the short term, this level isn’t one I’d recommend chasing. Wait until the price truly stops falling and stabilizes before considering it #syn $SYN