diff --git a/packages/svelte2tsx/src/htmlxtojsx_v2/index.ts b/packages/svelte2tsx/src/htmlxtojsx_v2/index.ts
index 2e5ac14d3..65a06be0a 100644
--- a/packages/svelte2tsx/src/htmlxtojsx_v2/index.ts
+++ b/packages/svelte2tsx/src/htmlxtojsx_v2/index.ts
@@ -54,7 +54,7 @@ export interface TemplateProcessResult {
     scriptTag: BaseNode;
     moduleScriptTag: BaseNode;
     /** Start/end positions of snippets that should be moved to the instance script or possibly even module script */
-    rootSnippets: Array<[start: number, end: number, globals: Map<string, any>]>;
+    rootSnippets: Array<[start: number, end: number, globals: Map<string, any>, string]>;
     /** To be added later as a comment on the default class export */
     componentDocumentation: ComponentDocumentation;
     events: ComponentEvents;
@@ -93,7 +93,7 @@ export function convertHtmlxToJsx(
 
     stripDoctype(str);
 
-    const rootSnippets: Array<[number, number, Map<string, any>]> = [];
+    const rootSnippets: Array<[number, number, Map<string, any>, string]> = [];
     let element: Element | InlineComponent | undefined;
 
     const pendingSnippetHoistCheck = new Set<BaseNode>();
@@ -264,7 +264,12 @@ export function convertHtmlxToJsx(
                                 }
                             });
 
-                            rootSnippets.push([node.start, node.end, result.globals]);
+                            rootSnippets.push([
+                                node.start,
+                                node.end,
+                                result.globals,
+                                node.expression.name
+                            ]);
                         } else {
                             pendingSnippetHoistCheck.add(parent);
                         }
diff --git a/packages/svelte2tsx/src/svelte2tsx/index.ts b/packages/svelte2tsx/src/svelte2tsx/index.ts
index 207903fa0..a3b45221f 100644
--- a/packages/svelte2tsx/src/svelte2tsx/index.ts
+++ b/packages/svelte2tsx/src/svelte2tsx/index.ts
@@ -165,6 +165,10 @@ export function svelte2tsx(
         }
     }
 
+    if (moduleScriptTag && rootSnippets.length > 0) {
+        exportedNames.hoistableInterfaces.analyzeSnippets(rootSnippets);
+    }
+
     if (moduleScriptTag || scriptTag) {
         for (const [start, end, globals] of rootSnippets) {
             const hoist_to_module =
diff --git a/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts b/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts
index 8fd726ff6..7d95d1c73 100644
--- a/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts
+++ b/packages/svelte2tsx/src/svelte2tsx/nodes/HoistableInterfaces.ts
@@ -19,6 +19,28 @@ export class HoistableInterfaces {
         value_deps: new Set<string>()
     };
 
+    analyzeSnippets(
+        rootSnippets: [start: number, end: number, globals: Map<string, any>, string][]
+    ) {
+        let prev_disallowed_values_size;
+        // we need to recalculate the disallowed values until they are stable because
+        // one snippet might depend on another snippet which was previously hoistable
+        while (
+            prev_disallowed_values_size == null ||
+            this.disallowed_values.size !== prev_disallowed_values_size
+        ) {
+            prev_disallowed_values_size = this.disallowed_values.size;
+            for (const [, , globals, name] of rootSnippets) {
+                const hoist_to_module =
+                    globals.size === 0 ||
+                    [...globals.keys()].every((id) => this.isAllowedReference(id));
+                if (!hoist_to_module) {
+                    this.disallowed_values.add(name);
+                }
+            }
+        }
+    }
+
     /** should be called before analyzeInstanceScriptNode */
     analyzeModuleScriptNode(node: ts.Node) {
         // Handle Import Declarations
diff --git a/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-4.v5/expectedv2.ts b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-4.v5/expectedv2.ts
new file mode 100644
index 000000000..934387755
--- /dev/null
+++ b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-4.v5/expectedv2.ts
@@ -0,0 +1,30 @@
+///<reference types="svelte" />
+;
+
+;;  const hoistable/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
+	 { svelteHTML.createElement("h1", {});  }
+};return __sveltets_2_any(0)};function render() {
+  const chain/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
+     { svelteHTML.createElement("div", {});foo; }
+};return __sveltets_2_any(0)};  const chain2/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
+    ;__sveltets_2_ensureSnippet(chain());
+};return __sveltets_2_any(0)};  const chain3/*Ωignore_positionΩ*/ = ()/*Ωignore_startΩ*/: ReturnType<import('svelte').Snippet>/*Ωignore_endΩ*/ => { async ()/*Ωignore_positionΩ*/ => {
+    ;__sveltets_2_ensureSnippet(chain2());
+};return __sveltets_2_any(0)};
+    let foo = true;
+;
+async () => {
+
+
+
+
+
+
+
+
+
+};
+return { props: /** @type {Record<string, never>} */ ({}), exports: {}, bindings: "", slots: {}, events: {} }}
+const Input__SvelteComponent_ = __sveltets_2_isomorphic_component(__sveltets_2_partial(__sveltets_2_with_any_event(render())));
+/*Ωignore_startΩ*/type Input__SvelteComponent_ = InstanceType<typeof Input__SvelteComponent_>;
+/*Ωignore_endΩ*/export default Input__SvelteComponent_;
\ No newline at end of file
diff --git a/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-4.v5/input.svelte b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-4.v5/input.svelte
new file mode 100644
index 000000000..e1c049400
--- /dev/null
+++ b/packages/svelte2tsx/test/svelte2tsx/samples/snippet-module-hoist-4.v5/input.svelte
@@ -0,0 +1,23 @@
+<script module lang="ts">
+
+</script>
+
+<script>
+    let foo = true;
+</script>
+
+{#snippet chain()}
+    <div>{foo}</div>
+{/snippet}
+
+{#snippet chain2()}
+    {@render chain()}
+{/snippet}
+
+{#snippet chain3()}
+    {@render chain2()}
+{/snippet}
+
+{#snippet hoistable()}
+	<h1>hoist me</h1>
+{/snippet}
\ No newline at end of file