Price Position and Structural State
Synthetix Network Token (SNX) closed at 0.2294 USDT on July 15, 2026, down 3.33%. The asset now sits in a sideways structure near the bottom of its 55-day range. Current 55-day support is near 0.191 USDT, with resistance near 0.3264 USDT. A daily close below 0.191 USDT would confirm a downside regime shift. A hold near support would keep price inside the range.
Moving Averages and Trend Context
SNX is trading above short-term moving averages but remains below longer-term resistance. MA9 at 0.227556 USDT can act as near-term support for the recovery attempt, while MA14 at 0.229443 USDT is the key level to reclaim for a broader trend shift. Short-term structure has improved, but longer-term moving averages still show overhead resistance.
Trading Friction and Price Efficiency
SNX shows moderate trading friction, with a 3-day friction score of 61.5. The score combines price progress, wick rejection, and volume confirmation. Recent candles show mixed acceptance, so price is moving but still showing some noise. Moves near support or resistance need a cleaner daily close before they carry stronger weight.
Open Interest, Funding, and Positioning
Open interest increased +1.90% in one day but remains near the lower side of its 180-day range. This shows participation is improving from a low leverage base.
Funding is near neutral across the 24-hour and 7-day averages, at +0.000833% and +0.000367%. This shows limited cost pressure on either side, so funding is not giving a strong directional signal right now.
The long/short ratio is 1.40, sitting near the lower side of its 90-day range at 17.45%. This means long accounts still dominate, but the long tilt is weaker than usual compared with recent history.
Correlation, Beta, and Index Relationship
SNX shows a moderate relationship with the broader crypto market (Sigloid Index). Correlation indicates partial co-movement with the index, while R² suggests that index behavior explains only part of its movement. This means broader market direction has some influence, but asset-specific factors remain important. Over the 30-day window, the relationship is stable. Over the 60-day window, the relationship is stable. Over the 180-day window, the relationship is stable.
| Window | Correlation | Beta | R² | Read |
|---|---|---|---|---|
| 30D | 0.297 | 0.813 | 0.088 | Weak linkage |
| 60D | 0.464 | 0.859 | 0.215 | Moderate linkage |
| 180D | 0.643 | 0.939 | 0.414 | Strong linkage |
Momentum, Volatility, and Indicator Pressure
SNX's volatility profile is controlled rather than stretched. ATR% reads 8.02, near the lower side of its full historical range. Bollinger Band width% reads 21.26, near the lower side of its full historical range. 20-day Volume Z-score is -0.42. Range expansion is not leading the setup right now.
Impulse and acceleration are improving, but broader momentum is still weaker. MACD histogram is positive and ROC14 is +7.65%, while RSI is 48.73.
The read is still incomplete: momentum is improving, but volatility or participation has not confirmed the move strongly enough.
Broader Market Regime
The Sigloid Index remains in a sideways regime, showing no clear broad market direction. SNX has a moderate link to that market condition, so broader market moves can influence price behavior, but the effect is not consistent.
Key Levels for the Next State Change
For SNX, the next structural shift depends on range boundaries. A daily close above 55-day resistance at 0.3264 USDT establishes a bullish regime, while a daily close below 55-day support at 0.191 USDT confirms a bearish regime.