Synthetix (SNX) price risks 10% drop as technicals flag bearish signs
05 Sept 2025 · 07:43 UTC · Crypto.News RSS Feed · Original source
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Summary
SNX price looks set for a deeper correction as technicals remain bearish for the asset, while its algorithmic stablecoin sUSD fails to maintain its peg to the U.S. dollar. According to data from crypto.news, Synthetix (SNX) was trading at $0.66.
Why it matters
Technical indicators suggest a bearish outlook for SNX, especially with its stablecoin sUSD failing to maintain its peg. This failure raises concerns regarding the project's stability, leading investors to reassess their positions. The interconnectedness of cryptocurrencies means that bearish sentiment toward SNX could spill over into the wider altcoin market, resulting in increased selling activity.
Expected impact
The article signals a potential downward trend for Synthetix (SNX) and possibly affects overall market sentiment, particularly for altcoins. The bearish indicators could trigger selling pressure, contributing to a potential 10% drop in price.