AI Crypto SYN Sinks 55% After Arthur Hayes’ Bullish Endorsement

SYN, the native token of the AI-linked project Synapse, has plunged more than 55% from its late-June peak, erasing much of the rally that followed BitMex Co-Founder Arthur Hayes’ bullish endorsement of the project.

Hayes’ SYN Investment Down $610,000 Already

SYN fell from approximately $0.57 to around $0.257 as of July 15. Hayes promoted SYN on June 28 before reportedly purchasing 6.16 million tokens for roughly $2.2 million through Flowdesk.

That transaction implies an estimated entry price near $0.357. At current prices, the position would be worth about $1.56 million, leaving Hayes with an unrealized loss of roughly $610,000, or 28%, according to data tracked by Arkham Intelligence.

As of Wednesday, July 15, SYN was trading near $0.26, putting the estimated value of its holdings at roughly $1.6 million. That leaves the position about 27% underwater, assuming Hayes still controls all the tokens.

Hayes backed SYN to gain exposure to Hypercall, an options exchange developed by the Synapse team for the Hyperliquid ecosystem. His precise return may differ because the transaction occurred over the counter, and his subsequent wallet activity remains unclear.

SYN’s collapse has renewed scrutiny of Hayes’ history of promoting tokens before exiting them.

Earlier this year, Hayes faced scrutiny for exiting tokens soon after promoting them. In June, he sold his entire position in Hyperliquid (HYPE) and NEAR Protocol (NEAR) shortly after issuing bullish forecasts, including a $150 target for HYPE.

He also exited Worldcoin (WLD) days after his family office, Maelstrom, presented it as an AI-related trade, prompting criticism over the timing.

Will SYN Crash Further?

SYN has plunged by over 65% since topping out near $0.725 in late June.

From a technical perspective, the Synapse token appears to be trading inside a descending channel pattern. As of today, it was undergoing a correction after testing the channel’s upper trendline, at around $0.30, as resistance.

That resistance line is close to three other price ceilings: the 0.618 Fibonacci retracement line, the 20-day (green), and the 50-day (red) exponential moving averages (EMAs).

Past performance increases the likelihood of the SYN price falling toward the lower trendline, currently aligning with the $0.200–$0.175 area. The lower end of this range coincides with the 0.786 Fib line.

Conversely, a break above the resistance confluence near $0.30 may invalidate the bearish setup, prompting SYN to rally toward $0.37, aligning with the 0.5 Fib line.