Onyxcoin (XCN) Soars: 2-Year High Amidst Accumulation
Onyxcoin (XCN) has experienced a remarkable surge, reaching a two-year high of $0.049 after a 1414.6% monthly increase. While currently trading at $0.03713 (following a 245.61% weekly gain), this rally has sparked questions about its sustainability.
Onyxcoin's Recent Surge: A Deeper Dive
Despite this significant price pump, XCN remains approximately 79.7% below its all-time high (ATH) of $0.18. Analysis reveals a confluence of factors driving this bullish momentum:
- Whale Accumulation: Whale holdings increased significantly from 57.36 billion XCN to 63.35 billion in just five days, indicating strong institutional interest. (See chart)
- Exchange Outflow: The exchange flow balance is negative (-2.15 million), suggesting more XCN is leaving exchanges than entering, a positive market sentiment indicator. (See chart)
- Increased Network Activity: Active addresses are rising, showing growing network activity and utility. This is supported by a positive adjusted price DAA divergence over the past week. (See chart)
- Undervaluation Perception: A negative MVRV ratio (-6.62) suggests many investors see XCN as undervalued, creating a buying opportunity. (See chart)
Whale Accumulation Chart

Source: Santiment
Exchange Outflow Chart

Source: Santiment
Network Activity Chart

Source: Santiment
Undervaluation Chart

Source: Santiment
Can the Uptrend Continue?
The strong buying pressure from both whales and retail investors positions XCN for potential further gains. A sustained market interest could push XCN towards $0.05. However, a correction could see a drop to $0.0304.
Codeum provides comprehensive blockchain security solutions including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultations, and partnerships with launchpads and crypto agencies. Contact us to ensure the security and success of your blockchain project.