Token

Synapse

DeFi

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<p>Synapse, one of the leading decentralized interoperability protocols focused on seamless asset transfers between blockchains, extended its momentum with an additional 30% price spike. The move comes amid building optimism from analysts, citing bullish chart patterns forming, on top of strengthening protocol fundamentals.</p>
<p>SYN now ranks among the top daily gainers on Binance as buyers accumulate the protocol’s activity-discounted trading fee token. But what’s behind this latest altcoin rally, and can it continue?</p>
<h2 class="wp-block-heading" id="breaking-out-of-the-multi-month-trading-range">Breaking Out of the Multi-Month Trading Range</h2>
<p>Veteran trader <strong>Paradise</strong> first <a href="https://twitter.com/paradisexbt_/status/1762410709202407703" target="_blank" rel="noopener noreferrer nofollow">flags</a> Synapse’s decisively bullish weekly chart, with SYN emphatically breaking out from months of horizontal resistance to signal its uptrend resuming.</p>
<p><strong>“SYN is cooking something big. Breaking out from multi-month resistance on the weekly,” </strong>Paradise tweets. <strong>“Strong trend support. This is the gentleman’s swing trade.”</strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="487" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-1024x487.png" alt="" class="wp-image-444564" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-1024x487.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-300x143.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-767x365.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-1536x731.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-2048x974.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-315x150.png 315w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-100x48.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-736x350.png 736w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012-788x374.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-1012.png 1835w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="first-price-target-at-new-highs-then-potential-double-digits">First Price Target at New Highs, Then Potential ‘Double Digits’</h2>
<p>Fellow trader <strong>DeFi Panda</strong> looks further <a href="https://twitter.com/DeFi_Paanda/status/1760035757874610335" target="_blank" rel="noopener noreferrer nofollow">ahead</a>, setting the first upside target as eclipsing SYN’s former peak value above $1.10 to set a new historical record.</p>
<p>But beyond that, DeFi Panda suggests far greater ambitions.<strong> “This is the gentleman’s swing trade.”</strong> SYN appears to be positioned in the early stages of a new bull wave after clearly bottoming and reversing off historically reliable levels around $0.50. This technical base now clears the way to retest former all-time highs.</p>
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<h2 class="wp-block-heading" id="daily-rsi-reaches-overbought-levels">Daily RSI Reaches Overbought Levels</h2>
<p>In light of such a sharp 30% intraday rally, the daily Relative Strength Index (RSI) momentum indicator on SYN predictably surged into overbought territory above 60.</p>
<p>Readings this high generally signal an asset has climbed too far too fast in the short term – raising the odds of a cooldown period to digest gains before the next leg higher. Any pullbacks could expect to find support near the breakout point around $0.65.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="382" src="https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-1024x382.png" alt="" class="wp-image-444556" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-1024x382.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-300x112.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-767x286.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-1536x572.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-2048x763.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-402x150.png 402w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-100x37.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-939x350.png 939w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07-788x293.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/SYNUSDT_2024-02-27_19-08-07.png 1720w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>SYN has surged from a 24 hour low of $0.685 to a high of $0.9033 according to the latest data from CoinMarketCap.</p>
<p>So while both chart technicians and fundamental analysts tout Synapse’s long term growth narrative as an interchain messaging backbone, prudent trades should brace for volatility in the days/weeks ahead. Still, dips are likely to be bought aggressively to position for the next growth wave in decentralized cross-chain interoperability.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-synapse-syn-price-up-by-30/" rel="noopener noreferrer nofollow">Why is Synapse (SYN) Price Up By 30%?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is Synapse (SYN) Price Up By 30%?

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