Core Insights - SNX, the native token of Synthetix, has surged by 24% in the last 24 hours, making it the top-performing altcoin despite a broader market downturn [1] - The price increase is attributed to anticipation surrounding the launch of Synthetix's new perpetuals exchange on Ethereum and a $1 million trading competition set for October 20 [2][3] - On-chain and technical indicators suggest that the current momentum may not be sustainable in the short term [1][3] Trading Activity - The trading activity for SNX has significantly increased, with the token currently trading at $2.11, reflecting a 22% rise since Sunday [3] - Despite the price surge, the long/short ratio has remained flat below one since September 22, indicating persistent bearish positioning among traders [4][5] Market Sentiment - The flat long/short ratio suggests that most traders are still betting against SNX, with no bullish sentiment shift despite the price increase [5] - The Relative Strength Index (RSI) for SNX is at 72.62, indicating that the token is in overbought territory and may be due for a cooldown [6][7] Price Projections - If momentum stalls and profit-taking occurs, SNX could retrace some gains, potentially falling towards $1.778 [8]