The cryptocurrency market is showing signs of stabilization following a sharp two-day correction that triggered significant declines across major altcoins. Amid this recovery, Synthetix ($SNX ) and Terra Classic ($LUNC ) are emerging as standout performers, demonstrating resilience and holding key support levels after completing retests of their breakout zones.

Both tokens had been confined within long-term descending patterns but recently broke out, with SNX surging 68% and LUNC rising 25% over the past 30 days. The recent correction served as a successful retest of their breakout levels, suggesting the potential for further upside in the near term.

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Synthetix (SNX): A Structural Shift

Synthetix (SNX) has been in a strong bullish phase over the past month, highlighted by a significant breakout from a Descending Triangle pattern that had restricted its price for three years. This breakout occurred on November 29, propelling SNX beyond its long-standing resistance trendline.

Following the breakout, SNX climbed to a peak of $3.67, marking a sharp upward trajectory. During the recent market-wide correction, SNX retraced to its former resistance level near $2.43, which has now transformed into a robust support zone.

Currently trading at $2.80, SNX has successfully maintained its position above this critical support. This price action underscores a structural shift in its trend, signaling the potential for continued bullish momentum. If the positive sentiment persists, SNX could target a retest of its recent high of $3.67, representing a potential 32% upside from the current price.

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Terra Classic (LUNC): Rebuilding Momentum

Terra Classic (LUNC) has also delivered promising performance, breaking out of a Descending Triangle pattern that had constrained its price for over two years. This breakout, achieved on November 29, propelled LUNC to a high of $0.00018 during the subsequent rally.

The recent market correction saw LUNC retrace to its former resistance trendline at $0.0001150, which has since acted as a strong support level. This successful retest has reinforced the foundation for potential upward movement.

Currently trading at $0.0001277, LUNC is showing early signs of recovery. If bullish momentum builds further, the token could aim to retest its recent peak of $0.00018, offering a potential 41% upside from its current price.

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Outlook and Market Context

The resilience of Synthetix (SNX) and Terra Classic (LUNC) in holding critical support levels after retests is a positive signal for traders and investors. This price behavior highlights the potential for continued upward movement in the short term.

Additionally, the broader cryptocurrency market recovery—led by Bitcoin ($BTC ), which is trading above $98,000 with a modest gain of 0.42%—provides a supportive backdrop for altcoins like SNX and LUNC to sustain their bullish trajectories.

Key Takeaways

Synthetix (SNX): Targeting a potential retest of $3.67 with 32% upside.

Terra Classic (LUNC): Eyeing $0.00018 as the next resistance, with 41% potential gains.

Broader market stability could further bolster upward momentum for these altcoins.

Both SNX and LUNC remain well-positioned for continued growth, supported by strong technical structures and improving market conditions.

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