Why Is Synapse (SYN) Price Pumping?

Synapse price has gained more than 120% in just two weeks. While the broader crypto market has been showing signs of strength, SYN has outperformed some major tokens. The most dramatic move came yesterday, when the token surged by over 40% in a single day. So what exactly is driving this sharp rise in the SYN price?

The chart tells the story more clearly. For months, SYN was trapped below a strong descending resistance line that had held since early January. Every time the token tried to rally, it got rejected around that line. But that changed recently. The SYN price managed to break above the trendline after building steady momentum from late June into July.

This breakout was the first real bullish signal for Synapse in months. After the breakout, the price consolidated sideways for a few days. Then came yesterday’s strong move, which appears to have been driven by traders piling in to confirm the breakout. This buying pressure pushed the SYN price sharply higher, further validating the breakout.

SYN Price Chart Traders Are Now Eyeing Higher Synapse Price Targets

With resistance broken, attention has now shifted to what lies ahead and the current move could just be the beginning. The chart projection included in the analysis points to a midterm target of $0.8 for Synapse. That’s over 300% higher than where the SYN price was before the breakout.

From a technical perspective, $0.8 is a logical level to watch. It lines up with previous highs from late 2023 and could act as the next major resistance. The vertical measurement shown on the chart suggests a potential 321% move from the breakout area to that $0.8 target. If the momentum continues and volume stays strong, that scenario becomes more likely in the coming weeks.

Read Also: Analyst Says XDC Holders Could Soon Get Rich, Reveals What’s Coming

Can SYN Keep Climbing from Here?

There’s no guarantee that Synapse will reach that level, of course, but the trend has clearly shifted. When a coin breaks long-term resistance and holds above it, it often signals a change in market sentiment. Traders no longer see SYN as a “dead coin” but rather one with renewed potential.

For now, the SYN price is hovering just under $0.2. That’s still well below its 2024 highs, but the breakout has set the stage for further upside. If bulls remain in control and the broader crypto market holds steady, Synapse could be one of the more interesting altcoins to watch over the next few weeks.

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