DeFi Protocol Synapse Responds to Selling Pressure With 17% Bounce

The native token of Synapse, a decentralized finance (DeFi) protocol designed to transfer data to cross-chain bridges, rebounded more than 17% from a low of $0.30 after a liquidity provider sold its SYN tokens on Monday. The recovery came after the price slumped 25% Monday when a wallet the protocol said was tied to venture capital firm Nima Capital sold 9 million of the tokens. Synapse was one of the best performing crypto assets earlier this year, rallying by 44% in a single day in February as optimism around cross-chain bridges continued to rise. Volume of SYN trading ballooned in the days following the sell-off, with over $25 million being recorded in the past 24-hours.

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