The Synapse token is showing significant growth following news of its listing on Binance Futures. The price surged by over 40% in 24 hours, reaching $0.57.
Binance Futures Adds SYN
The rise in Synapse token is linked to a major listing announcement by leading cryptocurrency exchange Binance. Futures trading allows traders to buy or sell an asset at a set price in the future, providing an opportunity to speculate on its price. The launch of the SYNUSDT Perpetual Contract on Binance, which offers up to 50x leverage, went live on August 16 at 12:30 pm UTC.
Other Reasons for SYN Price Rise
Sigil Fund partner Joe HedgeHog noted that SYN’s price is also rising amid community anticipation of the upcoming Synapse chain and Interchain network launch expected this August. Additionally, an address recently accumulated over $1 million worth of SYN, likely contributing to the upward pressure on the token. While there is no major news directly related to the Synapse network, traders remain optimistic about the project's increased visibility and upcoming milestones.
Conclusion
Despite the current surge, the main target for SYN remains its all-time high of $4.92, reached in October 2021. The ongoing price growth and activity around the project highlight its high potential.
The Synapse token continues to gain traction underpinned by support from major exchanges and community expectations, making it an attractive focus for traders.
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