Newton Gitonga
Virtual currencies recorded minor gains on Monday, with the global crypto market capitalization gaining 1.45% the past day to $3.68 trillion.
Meanwhile, Synthetix’s native token, SNX, outperformed as it soared around 26% on the 24-hour timeframe.
The altcoin jumped from $1.37 to today’s intraday high of $1.73, translating to an approximately 26% surge.
The bullish momentum comes as the decentralized trading platform kicks off its trading competition on the Ethereum mainnet today, October 20.
The competition starts October 20 at 23:59 UTC. Join the community for updates and discussion:
💬 Discord — discord.gg/synthetix
📱 Telegram — t.me/synthetix_dao
Good luck, traders ⚔️
Participants will compete for a substantial $1 million prize pool and a crown as the top trader on Ethereum’s primary blockchain.
The highly-awaited event has already sparked enthusiasm within the cryptocurrency community, with optimism prevailing as the tournament starts.
SNX’s notable surge indicated revived enthusiasm among players who likely see it as a defining point for DeFi.
The first perp DEX trading on Ethereum
The Syntehtix Trading Competition is more than a promotional context.
It is happening directly on the Ethereum Mainnet and launches the first perpetual DEX trading on the second-largest blockchain.
Meanwhile, 100 traders will enter one of the most-watched on-chain competitions of 2025.
Synthetix Trading Competition on Ethereum Mainnet launches October 20.
🔹 $1,000,000 top prize
🔹 100 traders
🔹 The first perp DEX on Ethereum Mainnet
Let’s go!
🧵⬇️
The $1 million prize generated the buzz, attracting all traders looking to prove their capabilities in DeFi trading.
The event unfolds in real-time on Ethereum with real monetary rewards, unlike simulated events or testnet contests.
How to secure your spot?
Synthetix has introduced an exclusive pre-deposit system for those ready to enter the trading tournament.
Only 35 pre-depositors have a guaranteed entry into the event, incorporating the top twenty sUSD depositors, top ten sUSDe depositors, and five lottery winners.
Meanwhile, participants should follow the straightforward but strict rules.
For instance, pre-depositors should maintain their deposited funds in Synthetix vaults throughout the tournament to qualify for the rewards.
The approach ensures commitment and fairness as it discourages manipulation or sudden dumps.
SNX price outlook
Synthetix’s native token traded in the green today.
The digital coin is hovering at $1.54 after retracing from the intraday peak.
SNX eyes further gains as the 235% surge in 24-hour trading volume confirms renewed momentum.
Notably, the current market price places SNX within the $1.30 – $1.70 breakout zone.
This area remains crucial as it served as a strong accumulation zone since 2023.
Breaching the upper resistance could herald a substantial trend reversal and open the path toward the psychological resistance at $3.
That would mean a roughly 95% uptick from the current price.
Nevertheless, broader sentiments are vital for SNX’s performance despite today’s somewhat decoupling.
Overwhelming selling pressure might trigger declines to the reliable support and potential springboard at $1.
However, Synthetix has sent a message with its competition, which welcomes a new era of cryptocurrency trading.
Massive rewards, Ethereum as the battleground, and 100 traders make a perfect recipe for testing skill and innovation.
The event might skyrocket SNX’s demand and support stable growth in the coming times.
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