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The primary network asset of Synthetix, SNX coin, experienced a remarkable surge on October 13, 2025, climbing over 120% within 24 hours, escalating from $1.00 to over $2.20. The trading volume for this altcoin soared to $758 million, breaking free from a prolonged downward trend. The rally gained momentum with anticipation surrounding the launch of a new perpetual futures exchange on the Ethereum 
$3,417 mainnet and an upcoming trading competition set for October 20. The narrative of the perpetual futures DEX battle in the market gained renewed strength, with experts noting the revived interest in older protocols.
What Drives the Rise in SNX Coin?
The Synthetix team is in focus with their plan to reposition a perpetual futures exchange on the Ethereum mainnet. Prior to the planned launch, a trading competition involving prominent investors is scheduled for October 20. This event is expected to expedite capital rotation and intensify competition among Blockchain-based derivative platforms. Commentators on platforms like X emphasize SNX’s technical breakout from a four-year declining channel, signaling a potential trend reversal.
Over recent weeks, platforms like Aster, which has been gaining market share on the BNB Chain despite encountering disruptions, have shifted attention away from other perpetual futures DEXs. Synthetix’s return to a focus on Ethereum and its plan to expand multi-network liquidity via Optimism and Base are drawing renewed interest from institutional and individual participants. The 1120% surge in trading volume stands out as evidence supporting the price movement.
The Possible Comeback of Dino Coins
The narrative around “dino coins,” well-established altcoins from previous cycles, is back in the spotlight. The significant rise in SNX, which was launched in 2018, highlights renewed interest in derivative-based protocols and suggests that established names might play a role in the new cycle. The altcoin’s price leap to $2.30 followed by consolidation indicates potential short-term volatility due to profit-taking and news dependency.
In technical terms, breaching multi-year resistance levels creates a strengthening domain for medium-term growth, while the sustainability lies in the launch schedule and competition metrics. Elements such as the new platform’s order transmission quality, funding rates, and market depth could determine the sustainability of the momentum gained. The continuation of the narrative will depend on the concordance of Blockchain-based volumes with spot/derivative correlations.
