Core Insights - SNX, the token for Synthetix, is experiencing a downward price movement after a significant rally [1][3] - The recent price drop is attributed to profit-taking after a 130% surge and external market pressures [2][5] Price Movement - SNX surged over 130% to a 10-month high of $2.27, driven by excitement around a $1 million Ethereum Mainnet Trading Competition and a new perpetual DEX launch [2] - Following a black swan event on October 11, 2025, SNX dropped over 20% within 24 hours, with a 15.9% decline in the last 24 hours, but still up 47.2% weekly [3][4] Market Context - The broader altcoin market faced significant pressure, with SNX's market cap currently at $565 million, ranking 161 [4] - The market experienced a loss of $19 billion due to the black swan event, leading traders to shift from altcoins to safer assets like Bitcoin [6] Technical and Internal Factors - The parabolic surge made SNX appear overbought, prompting traders to cash out [5] - Technical signals turned negative, with a 23% drop in trading volume and concerns about the stability of uSDE, which fell to $0.93 [6] - Internal pressures included a recent doubling of staking requirements and concerns over a potential acquisition that could dilute token supply by 8.6%, although this acquisition was ultimately canceled [7] Future Outlook - Analysts suggest that the recent price drop may be a healthy pause after a significant rally, with strong fundamentals indicating a potential recovery if key price levels hold [8]