SYN (Synapse) rose 22.36% in the last 24 hours

Gate News Bot message, August 5th, according to CoinMarketCap data, at the time of publication, SYN (Synapse) is currently at $0.15, with a rise of 22.36% in the last 24 hours, reaching a high of $0.16 and a low of $0.11. The current market capitalization is approximately $275,000, an increase of about $50,400 from yesterday.

Important recent news about SYN:

1️⃣ Large liquidity providers selling SYN triggered price fluctuations Recently, a major SYN liquidity provider has sold off a large amount of its held tokens, leading to a significant drop in the SYN price. This event has raised concerns in the market regarding the liquidity stability of SYN, while also providing a buying opportunity for short-term investors.

2️⃣ Futures market expansion drives SYN price rise Gate exchange announced the upcoming launch of SYN perpetual contracts, a piece of news that has greatly increased market attention on SYN. The opening of the futures market is expected to bring more trading volume and liquidity to SYN, pushing its price to rise approximately 15% in the short term.

3️⃣ Cross-chain interoperability enhances the value of the SYN ecosystem The Synapse protocol continues to improve its cross-chain bridging technology, enhancing the efficiency of asset transfers between different blockchains. This technological upgrade further solidifies SYN’s leading position in the field of cross-chain interoperability and is expected to attract more users and developers to participate in its ecosystem.

From a technical perspective, SYN has broken through previous resistance levels and is currently exhibiting a strong rise momentum. However, considering the recent significant volatility, investors should remain vigilant of potential pullback risks.

This message does not constitute investment advice, and investors should be aware of market volatility risks.