- XCN reached a two-year high after shooting up 1414% on the monthly charts.
- Market indicators suggested that XCN could see a sustained recovery as investors continued accumulating.
Over the past month, Onyxcoin [XCN] has made a strong upswing, reaching a two-year high of $0.049.
Since reaching levels over the past day, it has experienced a correction. As of this writing, Onyxcoin was trading at $0.03713 after a 245.61% increase over the past week.
This bullish outlook has extended on monthly charts, hiking by 1414.6%.
Despite this massive price pump, XCN remained approximately 79.7% below its ATH of $0.18 recorded three years ago.
However, the prevailing market conditions raised questions over what’s behind the newfound market optimism.
Can Onyxcoin sustain the uptrend?
According to AMBCrypto’s analysis, Onyxcoin was experiencing a strong upward momentum as both retailers and whales accumulated.
For starters, Onyxcoin whales have been actively accumulating over the past week. As such, supply held by whales has surged from 57.36 billion XCN tokens to 63.35 billion.
This marked a 5.99 billion increase in whale holdings in five days.
Source: Santiment
This accumulation is also evident across market participants. Thus, the exchange flow balance has dipped to negative territory and settled at -2.15 million at press time.
This implies that more XCN tokens are flowing out of exchanges than inflow. Such market trend reflects positive market sentiment.
Source: Santiment
Looking further, active addresses have continued to surge, indicating growing network activity and utility. This is evidenced by a positive adjusted price DAA divergence. This has remained so over the past seven days.
Thus, more users were entering the market, and adoption rates were surging.
Source: Santiment
Finally, Onyxcoin investors currently feel that XCN was undervalued, and the prevailing prices were cheap enough to enter the market. This undervaluation was confirmed by a negative MVRV ratio (-6.62).
This has offered a buying opportunity for investors to accumulate the asset at lower prices.
Source: Santiment
Read Onyxcoin’s [XCN] Price Prediction 2025–2026
Simply put, Onyxcoin is currently in a strong bullish phase and investors are actively accumulating. With whales and retailers accumulating the altcoin, creating a high demand, it’s well-positioned for more gains.
Therefore, if the market holds, these sentiments, XCN could attempt a rally to $0.05. However, a market correction will see a decline to $0.0304.
