SYN (Synapse) pump 20.15% in 24 hours

Gate News Bot news, July 9, according to CoinMarketCap data, as of the time of writing, SYN (Synapse) is currently priced at 0.11 USD, having risen 20.15% in the last 24 hours, with a peak of 0.12 USD and a low of 0.08 USD. The current market capitalization is approximately 198,000 USD, an increase of about 33,200 USD compared to yesterday.

Synapse is a widely used, highly scalable, and secure cross-chain communication network. The protocol offers features such as bridging, swapping, liquidity pools, and staking.

SYN recent important news:

1️⃣ Large liquidity providers reducing their holdings have caused a short-term impact on the market Recently, a major SYN liquidity provider has massively sold off its held tokens, leading to a significant drop in the SYN price in a short period of time. This move has raised concerns in the market regarding the stability of the SYN ecosystem, and it also explains why SYN experienced a low point of $0.08.

2️⃣ The opening of the futures market drives a price rebound Gate exchange announced the inclusion of SYN in futures trading pairs, a news that drove the price of SYN to rise by approximately 15%. The opening of the futures market brings more trading opportunities and liquidity to SYN, helping to attract more investors to participate.

3️⃣ Cross-chain ecosystem continues to develop As a leading cross-chain communication network, Synapse continues to focus on enhancing its core functions such as bridging, exchanging, and liquidity pools. This ongoing technological development and ecosystem expansion support the long-term value of SYN and is one of the important reasons why the price can rebound from its lows.

From a technical perspective, the SYN price has recently rebounded to above $0.11 after experiencing significant volatility, indicating a certain level of resilience. However, considering the recent drastic fluctuations, investors still need to closely monitor market trends and assess potential risks.

This message is not intended as investment advice; investors should be aware of market volatility risks.