SNX is… not doing great, tbh 📉

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Right, so Synthetix (SNX). Let’s just say it’s having a moment. A downward moment. A “maybe I should have invested in something else” kind of moment. Apparently, things are looking a bit…precarious. Technicals are all like “bearish,” which is a fancy way of saying “going down,” and their little stablecoin, sUSD, has decided it doesn’t *really* want to be pegged to the dollar anymore. Bit of an identity crisis, really. 🤷‍♀️

  • SNX is down 10% in the last week. I mean, ouch.
  • sUSD is playing fast and loose with the whole ‘stable’ thing.
  • It’s trapped in a descending channel. Like a very sad, digital hamster wheel.

Crypto.news is reporting SNX is currently at $0.66 – a full 9.5% drop in the last 7 days, and a seriously depressing 70% below where it started this year. Basically, it’s underperforming. A lot.

The root of all this drama? This sUSD situation. They messed with how it was issued and backed back in April, and since then? Chaos. It briefly dipped to $0.73, did a *brief* recovery (bless its heart), then slumped again. Now it’s at $0.987. So close, yet so far from that magical $1. 😩

sUSD refusing to behave is apparently a “critical protocol weakness.” Which sounds…bad. It’s making everyone question everything, which, let’s be honest, is pretty standard in crypto.

Open interest is down 1%, and everyone’s betting against it. 19.6 mil in open interest. Fewer people are getting excited about SNX, a rather telling sign, don’t you think? 🤔

SNX price analysis

Apparently, on the 4-hour chart it’s been chilling in a descending parallel channel. Which basically means it’s going down, and will likely *continue* to go down. It’s practically shouting its bearish intentions at the top of its digital lungs.

And just to really hammer the point home, the Moving Average Convergence Divergence? Also going down. Momentum is, shall we say, *not* its friend.

The RSI is hovering around 45, which is basically “meh.” Not great, not terrible. Mostly leaning towards “oh dear.”

So, the likely scenario? A drop to $0.60. That’s a 10% tumble, just in case you were wondering. If that breaks? Well, let’s just say things could get…interesting. Possibly revisiting the lows of August at $0.54. It’s a fun existential rollercoaster, really.🎢

Unless, of course, it breaks out of this channel. Then everything changes. But let’s not hold our breath.

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2025-09-05 11:00