SNX rises 17% as traders focus on key levels after Robinhood listing

Synthetics ($SNX) has surged more than 17% in the past 24 hours and is trading around $0.3695 at the time of writing. Trading volume increased 18% to $126 million, and market capitalization rose to $123 million.

The main reason for the move was $SNXlisting on Robinhood. This listing expanded access to retail traders, increasing spot demand and driving prices and trading volumes higher in the short term.

Despite the gathering; $SNX It is still down nearly 98% from its all-time high of $28.77, indicating that the token is still in a long-term recovery phase.

Boost due to protocol changes surrounding sUSD $SNX

Synthetix also made major changes to its stablecoin system earlier this month. After the 2025 redesign removed direct minting of sUSD, the protocol introduced a new path for sUSD. $SNX.

The project is currently focused on restoring the adoption of sUSD across the Ethereum ecosystem. Exchange proceeds will be used to buy back sUSD, and the stablecoin will power perpetual trading through the Synthetix liquidity provider’s vault. The system also allows you to mint sUSD against a delta-neutral based trading vault.

$SNX Stakers are responsible for maintaining the stablecoin peg. With sUSD up more than 3% in the past day and trading around $0.80, the protocol increased the staking requirement to 50% of stakers’ outstanding debt. The requirement increases by 10% every two weeks until the peg returns to within 1% to 2% of $1.

The update also allows interested parties to exit the debt jubilee early by burning off 35% of their debt in exchange for being debt-free. $SNX. The measures are aimed at stabilizing the system and improving long-term demand. $SNX.

Related: Synthetix shuts down Layer 2 deployments on Base and refocuses on Ethereum

$SNX Price analysis: what the chart shows

The weekly chart data shows that $SNX Prices remain below the downtrend line that has capped gains since early 2024, and the overall trend remains bearish.

The token is also trading below the major Fibonacci retracement level. Immediate resistance lies near $0.95, followed by a major supply zone between $1.30 and $1.70. A stronger breakout could target the $2.34 level and $3.03 area where strong resistance appeared earlier.

Meanwhile, support remains near the $0.30 zone. A break below this level could widen losses towards the long-term trendline support near $0.20.

The Relative Strength Index reading remains below the neutral 50 level, indicating weak momentum despite the recent recovery.

Related: Synthetics ($SNX) Ready to rally after escaping Upbit’s watchlist?