Synthetix (SNX) Price Prediction

Deep Dive

1. Mainnet Perps & Ethereum Focus (Bullish Impact)

Overview:
Synthetix relaunched its perpetual futures exchange on Ethereum Mainnet in August 2025, targeting Ethereum’s $1.9T DeFi TVL dominance. Features include gasless trading, multi-collateral support (wstETH, cbBTC), and CEX-like speed with on-chain security. Early deposits for whitelist access began in August, incentivizing sUSD/sUSDe liquidity.

What this means:
Ethereum’s deep liquidity and Synthetix’s revamped infrastructure could attract institutional traders, directly increasing protocol fees and SNX staker rewards. Success here might reverse SNX’s 49.6% annual underperformance (Synthetix).

2. sUSD Stability & Collateral Pressures (Bearish Impact)

Overview:
sUSD (Synthetix’s stablecoin) depegged to $0.68 in April 2025, triggering Korean exchange warnings. While recovery to $0.93 occurred by May, the protocol relies on SNX stakers maintaining a 420% collateral ratio. AI-driven tools and a $1M daily buyback aim to stabilize sUSD, but failure risks cascading liquidations.

What this means:
Persistent depegs could erode trust in SNX’s $286M collateralized debt pool. Historical precedent shows sUSD instability correlates with SNX selloffs (e.g., -29.5% SNX drop Q2 2025) (Coincu).

3. Technical Indicators & Market Sentiment (Mixed Impact)

Overview:
SNX’s 7-day RSI hit 79.25 (overbought) on September 25, while the MACD histogram shows bullish momentum. However, Fibonacci extensions suggest resistance at $0.96 (swing high) and potential pullbacks to $0.78 (50% retracement).

What this means:
Short-term traders may take profits near $0.96, but sustained closes above the $0.84 pivot point could validate a breakout. The 225% 24h volume spike signals speculative interest but raises liquidation risks if sentiment flips.

Conclusion

SNX’s trajectory hinges on Ethereum mainnet adoption versus sUSD’s fragility. A successful Perps V2 rollout and AI-enhanced development could propel SNX toward $1, while another depeg might retest June’s $0.67 low. Watch the sUSD peg stability and Mainnet trading volumes post-launch – will Synthetix’s gamble on Ethereum’s liquidity pay off, or will collateral concerns resurface?