Synthetix Q4 Launches Perp DEX Igniting Market Enthusiasm: SNX Price Rises to 10-Month High

The native Token SNX of the Synthetix protocol has recently performed exceptionally well against the backdrop of an overall rebound in the crypto market, soaring to its highest point in 10 months. The main driving force behind this strong Rebound is the huge anticipation for its upcoming perpetual DEX to be launched on the Ethereum Mainnet in the fourth quarter of 2025. Although SNX briefly fell to a nearly three-month low during last Friday's market flash crash, it surged by as much as 98% in the subsequent Rebound, surpassing mainstream crypto assets. Currently, SNX has risen over 80% in 24 hours, with trading volume skyrocketing by 834%, but analysts have mixed views on its sustainability.

From Flash Crash to "God Candle": SNX Strong Rebound

SNX was severely impacted by the market volatility triggered by Trump's tariff announcement last Friday, but its subsequent rebound was much stronger than the market expected.

· Market Performance: The price of SNX fell to a nearly three-month low on Friday. However, when the market recovered on Sunday, SNX experienced a stronger rebound, surging 98%. Some analysts described its rebound as a "god candle," returning to the highs before the market crash.

· Leading the rise: As of the time of writing, SNX has surged over 80% in the past 24 hours, trading at a price of $1.76, becoming the top of the daily increase list on mainstream market data platforms.

· Volume Surge: The active trading activity is accompanied by a price rise, with daily trading volume reaching 626 million USD, surging by 834%, indicating the market's tremendous attention to the Token.

Fundamental Catalysts: Perp DEX is Coming Soon

The strong momentum of SNX comes not only from viral market sentiment but is primarily driven by the significant developments approaching the Synthetix protocol.

· Perp DEX Launch: Synthetix plans to launch its first perpetual DEX on the Ethereum Mainnet in the fourth quarter of 2025. Given the recent surge in market interest in perpetual DEXs, this move is seen as timely.

· Trading competition and visibility: To coincide with the DEX launch, Synthetix will also initiate a new trading competition. Analysts believe that the trading competition will attract top traders' attention and posts, thereby enhancing the mind share and visibility of SNX.

· Capital efficiency improvement: Synthetix is also developing its liquidity proof vault (SLP), aimed at enhancing capital efficiency, similar to the systems adopted by platforms like Hyperliquid and Lighter. Analysts believe that if SLP performance is confirmed, the upside potential for SNX could be quite significant.

Market Divergence: Bullish Sentiment vs. "Pump and Dump" Warnings

Despite the market's high expectations for Synthetix's new product, analysts have significant differences regarding the prospects of SNX.

· Bullish optimism: Some market observers believe that due to recent minor issues faced by competitors like Hyperliquid and Lighter, Synthetix's new perpetual DEX is expected to bring new market optimism.

· Bearish Doubts: Skeptics express concerns about Synthetix's execution capabilities. Analyst Shual sharply comments that Synthetix has previously failed to succeed in stablecoins, lending, or trading, questioning why people would believe its perpetual DEX could become a hit.

· "Pump-and-dump" risk: Another anonymous analyst, Altcoin Sherpa, warned that SNX "has been silent for years" and this rise may just be a "supply-controlled pump-and-dump" rather than driven by real product momentum. He pointed out that despite SNX having the characteristics of no VC sell-off pressure and high volume, caution is still needed regarding the risks.

Conclusion

SNX, with its dramatic Rebound and the upcoming perpetual DEX narrative, has successfully regained market attention and reached a new high in 10 months. The intensity of this Rebound undoubtedly demonstrates the market's potential confidence in Synthetix regaining a leadership position in the DeFi space. However, the market's skepticism about the protocol's past product release history, as well as concerns over potential "pump and dump" regarding the current price trend, leaves the sustainability of its rise uncertain. In the coming weeks, whether Synthetix can successfully launch its perpetual DEX and demonstrate excellent performance will be key to determining SNX's price trajectory and reclaiming community mind share.

Do you think the launch of Synthetix's perpetual DEX can effectively overcome the shadow of previous product release failures and truly compete with emerging decentralized exchanges like Hyperliquid?

Note: This article is for news information only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make decisions carefully.