SNX May Rebound After 190% Rally as Pullback Seen Healthy Ahead of Synthetix Perpetual DEX on Ethereum Mainnet

• SNX rallied ~190% in 30 days, driven by anticipation for Synthetix’s perpetual DEX on Ethereum mainnet.

• On-chain metrics show a spike in wallets and 229 whale transfers over $100,000, per Santiment data.

• SNX traded at $1.98 (down 0.9% day), was 19% below its $2.47 peak — analysts call the dip a healthy correction.

SNX rallies 190% ahead of Synthetix perpetual DEX launch; read expert reactions and on-chain stats. Stay informed with COINOTAG coverage.

Published: 2025-09-23 • Updated: 2025-09-23 • Author: COINOTAG

What is SNX and why did it surge?

SNX is the native token of the Synthetix derivatives protocol, and it surged as market participants priced in the protocol’s planned launch of a perpetual decentralized exchange on the Ethereum mainnet. The announcement and subsequent on-chain activity drove rapid buying, while measurable profit-taking produced a short-term correction.

How will the Synthetix perpetual DEX launch affect SNX?

Synthetix’s announcement — slated for Q4 2025 per the project’s September 22 statement — is the primary catalyst for SNX’s advance. The planned DEX will operate directly on Ethereum and, according to industry technologists, combines an off-chain order book with on-chain settlement to enable gasless trading and zero settlement fees, which may broaden derivatives access on-chain.

Market data supports heightened interest: CoinGecko shows SNX up about 190.5% over 30 days and 76% in the last week, while Santiment reports a one-day addition of 975 new wallets, 2,725 active wallets, and 229 transfers above $100,000. These metrics suggest both retail and larger-value participants moved into SNX ahead of the launch window.

Frequently Asked Questions

Is the SNX pullback a sign of long-term weakness?

Short answer: no. The 19% decline from the $2.47 peak is characterized by analysts as a normal correction after a sharp rally. Experts interviewed noted that profit-taking and broader market volatility explain the pullback; sustained staking and fee-earning participation would better indicate long-term conviction.

Will the Synthetix DEX launch improve on-chain derivatives liquidity?

Yes. By settling trades on-chain with an off-chain order book model, the Synthetix DEX aims to combine liquidity efficiency with transparent on-chain solvency proofs. Observers expect this architecture to attract traders seeking decentralized perpetuals with lower gas friction and clearer margin mechanics.

Market context and expert views

Industry experts and project leaders point to multiple forces behind SNX’s price action. Eric He, Community Angel Officer and Risk Control Adviser at LBank, described the launch expectation as the “main driver,” noting that the market perceives Synthetix as a strong contender in on‑chain derivatives. Karlen Shatverov, CEO of Flipper AI DEX, highlighted the technical edge of operating on Ethereum with an off‑chain order book paired with on‑chain settlement, emphasizing gasless trading and zero settlement fees as differentiators.

Analysts tracking decentralized exchange activity call the current narrative part of an intensifying “perp DEX” competition, where platforms such as Hyperliquid and Aster are also vying for market share. The success of these platforms has shifted perceptions: DEXs are no longer niche venues but serious participants in derivatives trading, supported by transparent, on‑chain solvency proofs and new governance models for stablecoin issuance.

On-chain metrics and what they mean

Santiment data shows a notable uptick in user and transfer activity: 975 new wallets in a single day, 2,725 active wallets, and 229 large transfers above $100,000. Such figures indicate both fresh retail interest and sizable institutional or whale participation. Santiment analysts suggest that a second wave of spikes across these metrics would likely signal a clearer price rebound.

CoinGecko pricing snapshots used in reporting recorded SNX at $1.98, down 0.9% on the day and up approximately 190.5% over 30 days, with a weekly gain of about 76%. These vetted pricing services and analytics platforms are cited as primary data sources for the market metrics stated here.

Key Takeaways

• Catalyst: Synthetix’s announced perpetual DEX on Ethereum is the principal driver of SNX’s rally.
• On‑chain confirmation: Wallet growth and large transfers point to both retail adoption and significant whale activity (Santiment).
• Short-term volatility: A 19% pullback is viewed by experts as a healthy correction; increased staking and fee-sharing would be a stronger signal of long-term conviction.

Conclusion

SNX’s ~190% surge reflects concentrated market optimism around Synthetix’s plan to deploy a perpetual DEX on the Ethereum mainnet, coupled with measurable increases in on‑chain activity. While short‑term volatility remains, expert commentary and analytics from CoinGecko and Santiment indicate the rally is backed by user growth and large transfers. Monitor staking rates and on‑chain engagement for stronger evidence of sustainable adoption. COINOTAG will continue updating this report as official milestones and new data emerge.