When it comes to cryptocurrency valuations, Synthetix does not even crack the top 100. But it's still an important RWA token. The current upsurge in interest in artificial intelligence (AI) has also helped SNX, which has a market cap of $876 million.

The bullish sentiment, however, did not materialize, and Synthetix's price fell. Hence, the alternative currency is settling in a range below $3.15 while maintaining a price above $2.33.

Breaking any of these levels will signal the end of the consolidation and the beginning of either a rally or a decline.

$SNX