After months of compression, Synthetix (SNX) just delivered a breakout candle of unusual size. Price ripped from $0.60 lows to a $1.15 tag in a matter of sessions, shifting sentiment from dormancy to acceleration.
The backdrop:
• HTF resistance sits overhead at $1.20–1.35 — the last breakdown area.
• A reclaim here on volume projects $1.80–2.00 as the expansion target.
• Failure to sustain $0.95–1.00 retests risks dragging price back into $0.70–0.75.
Momentum reads:
• Open interest ballooned +30% in two days, but funding remains neutral. This isn’t yet the frothy late-stage push.
• Spot CVD prints positive — confirming that the bid isn’t just leveraged fuel, but real inflow.
• Short liquidations have been cleared into $1.15; fresh long liquidity now builds below $0.95.
Market path:
• Bullish: Pullback into $1.00–1.05 POC cluster holds → $1.20–1.35 retest, with room toward $1.80.
• Bearish: Rejection at $1.20–1.22 sends price back to $1.05 or even the inefficiency gap at $0.90.
Scalp Playbook:
🟢 Long setup: $1.00–1.05 entry, stop $0.88, targets $1.20 → $1.35 → $1.80. (~3.5:1 RR)
🔴 Short hedge: $1.18–1.22 entry, stop $1.30, targets $1.05 → $0.90. (~2.5:1 RR)
Bottom line:
SNX is no longer dormant — the expansion is real. Whether it becomes a sustainable cycle or burns out at $1.20 will depend on how the next retest resolves.
⚔️ Candle Craft | Signal. Structure. Execution.
The backdrop:
• HTF resistance sits overhead at $1.20–1.35 — the last breakdown area.
• A reclaim here on volume projects $1.80–2.00 as the expansion target.
• Failure to sustain $0.95–1.00 retests risks dragging price back into $0.70–0.75.
Momentum reads:
• Open interest ballooned +30% in two days, but funding remains neutral. This isn’t yet the frothy late-stage push.
• Spot CVD prints positive — confirming that the bid isn’t just leveraged fuel, but real inflow.
• Short liquidations have been cleared into $1.15; fresh long liquidity now builds below $0.95.
Market path:
• Bullish: Pullback into $1.00–1.05 POC cluster holds → $1.20–1.35 retest, with room toward $1.80.
• Bearish: Rejection at $1.20–1.22 sends price back to $1.05 or even the inefficiency gap at $0.90.
Scalp Playbook:
🟢 Long setup: $1.00–1.05 entry, stop $0.88, targets $1.20 → $1.35 → $1.80. (~3.5:1 RR)
🔴 Short hedge: $1.18–1.22 entry, stop $1.30, targets $1.05 → $0.90. (~2.5:1 RR)
Bottom line:
SNX is no longer dormant — the expansion is real. Whether it becomes a sustainable cycle or burns out at $1.20 will depend on how the next retest resolves.
⚔️ Candle Craft | Signal. Structure. Execution.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.