- Synthetix (SNX) “cautionary asset” status extended by Upbit & Bithumb in Korea until June 24.
- SNX price at $0.774, shows indecision with Bollinger Bands squeezing & neutral RSI at 48.95.
- OKX to delist 11 trading pairs (incl. PRQ, SAMO) on June 4, adding to market unease.
Synthetix (SNX) is facing ongoing challenges in South Korea, as major exchanges Upbit and Bithumb have extended its “cautionary asset” designation through June 24, 2025.
This classification, mandated by the Digital Asset Exchange Alliance (DAXA), keeps SNX under intense scrutiny due to concerns about potential regulatory or operational issues. Consequently, SNX deposits on these platforms remain halted, and traders are advised to be extremely cautious.
SNX Price at Critical Point: $0.774, Indecisive RSI, Bollinger Bands Squeeze
The prolonged warning period comes at a crucial technical junction for SNX. Currently trading at $0.774, the token is down 2% over the past 24 hours and shows signs of indecision.
A descending wedge pattern that began forming earlier this year appears to have resolved to the upside in early May, but the breakout lacks momentum.
Related: VC Firm Nets $10.9M Profit on SNX Token, Moves to Cash Out on Coinbase
On the daily chart below, the Bollinger Bands (BB) are starting to squeeze, suggesting reduced volatility and a possible breakout ahead. Meanwhile, the Relative Strength Index (RSI) hovers just below neutral at 48.95, with no clear trend confirmation—indicating market hesitation. The price remains trapped between the BB midline resistance at ~$0.82 and support at ~$0.72.
If SNX breaks above the $0.82–$0.85 zone convincingly, bulls could aim for $1.00 short term, followed by $1.20 if broader sentiment improves. However, failure to hold the $0.72 support may drag SNX back toward $0.65, a level that aligns with lower Bollinger Band support and prior consolidation zones.
Market Unease Grows: OKX to Delist 11 Trading Pairs June 4, Including PRQ, SAMO
Compounding SNX’s woes is a broader market unease following OKX’s announcement to delist 11 trading pairs, including high-volatility tokens like PRQ (-53%), SAMO (-36%), and ARTY (-18%).
Related: OKX Expands into Payments with OKX Pay Wallet Launch Following US Market Re-Entry
The delisted pairs include: ZERO/USDT, ZERO/USD, PRQ/USDT, PRQ/USD, IQ/USDT, IQ/USD, ARTY/USDT, ARTY/USD, SAMO/USDT, SAMO/USD and USDT/USDC. The event will take place between 08:00 and 10:00 UTC on June 4.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
