Private Synonym
To rename a private synonym, we should RENAME TO statement to rename it, but you have to login as the object's owner. For example:
SQL> show user
USER is "OE"
SQL> select object_type from user_objects where object_name = 'COUNTRIES';
OBJECT_TYPE
-----------------------
SYNONYM
SQL> rename countries to countries_bak;
Table renamed.
Although it returned "Table renamed.", the object is not necessarily a table.
Public Synonym
As for public synonym, we have to recreate it with different name. But before dropping it, it's safer to get the definition of synonym first.