SNX, the native token of Synthetix, has surged 24% in the last 24 hours as excitement builds for a $1 million trading competition set for October 20 and the launch of a new perpetuals exchange on Ethereum. This significant price movement reflects growing investor interest in Synthetix's upcoming developments. However, market analysts caution that the rally may face a short-term correction. On-chain and technical indicators reveal that the Relative Strength Index (RSI) has entered overbought territory, and the long/short ratio remains bearish, suggesting potential volatility ahead.