SYN Token Surges 530% in June on Hypercall Pivot

Why SYN Token Is Rallying

The SYN token has surged 470% YTD. The rally kicked off in Q2 – more precisely, in June – with the price action soaring 530% MTD.

Beyond the price gains, crypto experts point to increasingly higher trading volumes, which totaled $180 mn over the last 24 hours, compared to a market cap of just $70 mn.

Synapse’s Pivot to Hypercall

The key fundamental driver behind the rally was Synapse Protocol’s rebranding and the strategic pivot that followed.

Resources were redirected towards building out Hypercall, an on-chain options exchange for crypto assets and real-world assets running on the Hyperliquid platform.

The entry barrier is also quite low – just $1 – making the product about as affordable as it gets.

Key Risks Behind RWA Options

Market experts report that options on SpaceX, the S&P 500, and oil have already been launched.

The main risks tied to these include volatility, limited investor protection – partly due to the team’s anonymity – and the highly speculative nature of these instruments.

SYN Price Levels to Watch

Technically, the token’s price has found support at $0.03-0.04, while resistance currently lies at $0.48 – the 23.6% Fibonacci retracement level.

An interim resistance level is $0.2590, which the bulls are attempting to breach.

The weekly chart also shows a breakout above the upper bound of the regression channel, which is a bullish technical signal.

That said, the recent rally might still give way to a pullback. Should a corrective scenario play out, the price action will likely move towards the support level that we see at $0.14.