NOIDA (CoinChapter.com) — Synapse (SYN) token price rallied nearly 92% week-to-date, rising from a low near $0.164 to a high of $0.315 before paring gains.
The surge marks one of SYN’s most aggressive weekly moves in Aug. 2024, coinciding with a broader recovery in the crypto market. Bitcoin price continued trading near $94,000, while Ethereum hovered near $1,770, prompting renewed interest in altcoins.
Despite the pullback from local highs, SYN remains well above its early April range, signaling strong short-term momentum. The token’s performance might be mirroring a growing rotation into mid-cap DeFi assets, with market participants positioning for potential structural shifts in the altcoin landscape.
Traditional financial markets have had a more tempered response. The S&P 500 continues to struggle under tariff-driven macroeconomic uncertainty, even as the U.S. dollar attempts to stabilize after a steep multi-week decline. Yet crypto markets have diverged, with speculative appetite recovering more decisively than equities.
The next few sessions will be critical for SYN. The token is approaching a key technical threshold that could confirm a broader bullish technical pattern.
Falling Wedge Breakout Attracts More Bears Than Bulls
Synapse (SYN) token broke out of a textbook falling wedge pattern this week, signaling a potential trend reversal after months of downside pressure. A falling wedge is a bullish reversal setup formed when the price trends lower inside a contracting range, marked by two downward-sloping trendlines.
As seen in the latest move, the pattern typically resolves with an upside breakout, especially when paired with rising relative strength. Traders calculate the price target for the pattern by measuring the length of the widest section of the wedge.
The Synapse coin price has a theoretical price target near $0.944, a spike of 241% from current levels.
The breakout occurred after SYN rallied over 52% intraday on Apr. 24 to hit a daily high near $0.315. The move came after price held firm above the wedge’s lower boundary, then pierced the upper trendline with conviction. Importantly, the 50-day EMA (purple) near $0.249 was a springboard for SYN price action. Moreover, the token broke past its 100-day EMA (blue) trendline, which the bulls would now try to flip into support.
However, the 200-day EMA remains a strong resistance, currently near $0.388. Moreover, before reaching the 200-day EMA resistance, bulls would need to flip the immediate resistance near $0.33, which seems difficult since profit bookers entered the market. The SYN price dropped nearly 10% on April 25 to reach a daily low near $0.272 before recovering marginally.
On the downside, the immediate support lies near $0.25. Below that, the 20-day EMA (red) near $0.198 has flipped into short-term support. The breakout remains valid as long as the price holds above the wedge’s upper trendline. The RSI hovers near 69, signaling overheated conditions.
SYN CX Migration Could Be The Main Cue Driving Price Momentum
The recent surge in Synapse (SYN) prices was likely fueled by a major protocol development: migrating SYN to Cortex Protocol’s native CX token. Announced on April 20, the transition is being executed at a conversion rate of 1 SYN to 5.5 CX. The move has triggered speculative accumulation across centralized exchanges and DeFi platforms. The migration window remains open until February 2026, giving holders ample time to upgrade without time pressure.
This move is more than a token swap—it represents a strategic realignment of Synapse’s vision under Cortex’s AI-focused architecture. Cortex Protocol integrates artificial intelligence with blockchain infrastructure, offering features like task-specific agents, LLM-powered blockchain interactions, and autonomous smart contract execution.
These capabilities position CX as a token with stronger forward-facing utility, especially as AI becomes a dominant narrative in the crypto sector.
For SYN users, the shift provides access to these advanced AI modules while retaining the value of their current holdings through the incentivized 1:5.5 swap. Centralized exchange support and a streamlined upgrade portal ensure high accessibility, further reducing friction in the process.
Meanwhile, Cortex benefits from absorbing Synapse’s liquidity and user base, extending its footprint across the DeFi and cross-chain interoperability segments. The unified CX token also simplifies governance under the Cortex DAO and consolidates the branding effort for both ecosystems.
In effect, the SYN to CX migration has not only triggered renewed price action for SYN, but also positioned Cortex Protocol as a potential leader in the intersection of AI and blockchain infrastructure.