The native token for the decentralized finance (DeFi) protocol Synthetix, SNX, experienced a significant price increase of over 25% on Monday. The rally pushed the token’s price from $1.37 to an intraday high of $1.73, driven by the launch of the platform’s highly anticipated trading competition on the Ethereum mainnet.

A New Frontier for Ethereum Trading

The event, which kicked off on October 20, is more than just a promotional contest. It marks the debut of the first perpetuals Decentralized Exchange (DEX) operating directly on the Ethereum network. One hundred traders are set to compete for a substantial $1 million prize pool, aiming to secure the title of top trader on Ethereum.

Unlike simulated or testnet events, this competition unfolds in real-time with real funds, generating considerable excitement within the crypto community. The surge in SNX’s price suggests renewed enthusiasm from traders who view the event as a pivotal moment for on-chain derivatives trading.

Securing a Spot in the Tournament

To manage entry, Synthetix implemented an exclusive pre-deposit system. This method guaranteed spots for 35 participants, including the top 20 sUSD depositors, the top 10 sUSDe depositors, and five lottery winners. The rules require all pre-depositors to maintain their funds in Synthetix vaults throughout the tournament to qualify for rewards, a measure intended to ensure participant commitment and prevent market manipulation.

SNX Price Outlook

Following its peak, SNX retraced slightly to trade at approximately $1.54. The token’s 24-hour trading volume saw a remarkable 235% increase, confirming a strong renewal of momentum and investor interest. Currently, SNX is consolidating within a critical breakout zone between $1.30 and $1.70, an area that has acted as a key accumulation range since 2023.

A decisive break above the $1.70 resistance level could signal a broader trend reversal, potentially opening a path toward the psychological resistance at $3. However, should the wider market face selling pressure, SNX could pull back to test reliable support around the $1 level.