Synthetix [SNX] has experienced a 25% price surge in the last 24 hours, fueled by a $57 million liquidity inflow across its on-chain and perpetual markets. This influx was complemented by a $1 million trading competition, which significantly increased investor confidence and trading volume, reaching $370 million. The total value locked (TVL) on-chain rose to $194 million, while perpetual markets saw an addition of $37 million in long positions. Despite short liquidations amounting to $847,000, the Open Interest Weighted Funding Rate remains negative at -0.0148, reflecting ongoing bearish sentiment. A potential breakout above the $1.9 resistance level could propel SNX towards $2.19, with technical indicators suggesting further upside potential.