Synthetix Network Token (SNX) gains 4% as crypto market rebounds

The cryptocurrency market has registered a slight spike in volatility during the past 24 hours. The volatility has been reflected across the market, with some tokens making slight gains and losses during the past 24 hours.

The Synthetix Network Token (SNX/USD) has rallied slightly during the past 24 hours. SNX was trading at $4.94 at the time of writing after a 4% gain in 24 hours, according to CoinGecko.

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SNX makes slight gains

SNX has rallied slightly during the past 24 hours. The token has registered a slight gain during the past 24 hours, and this gain could continue holding. If the token continues to gain, it could test the higher resistance level at $5. The token tested this level during the past 24 hours, but it failed to hold.

If SNX pushes past $5, the next target price will be $5.15. The market and buying pressure are slightly high, giving SNX the necessary support to rally to such levels.

SNX was among the worst-hit tokens during the recent bearish trend, given that the price has fallen to around 82% below its all-time high of $28.53 created early last year. IT has been in a consolidation phase in recent months; hence, the current gains could reignite buyer activity for the token.

The current market support building across the crypto space could hold due to external factors such as inflation in the US, which now stands at around 8.5%. This could create demand for cryptocurrencies as a store of value and trigger gains across the entire market.

SNX could also dip

SNX could also register a notable dip if the buyer and market support fail. The token could drop towards the price level of $4.80. If the support weakens, the lower support levels of $4.50 could also be tested, triggering further selling pressure for the token. 

Dipping below $4 and testing support levels at around $3.50 is also possible. The volatility across the cryptocurrency market has increased significantly during the past 24 hours, and there is a chance that SNX could also drop if the market takes a bearish turn.