On January 27, 2025, Onyxcoin [XCN] reached a two-year high of $0.049, marking a significant increase of 245.61% over the past week. However, the cryptocurrency has since corrected to $0.03713, remaining approximately 79.7% below its all-time high of $0.18 recorded three years ago.
- Onyxcoin reached a two-year high of $0.049.
- XCN experienced a 245.61% weekly increase.
- Whale accumulation surged by 5.99 billion tokens.
- Negative exchange flow indicates positive sentiment.
- Investors view XCN as currently undervalued.
- Potential rally target set at $0.05.
Onyxcoin’s recent upswing has been attributed to strong accumulation by both retail investors and large holders, commonly referred to as whales. Over the past week, whale holdings increased from 57.36 billion XCN tokens to 63.35 billion, reflecting a surge of 5.99 billion tokens. This accumulation trend is mirrored in the overall market, as the exchange flow balance has turned negative, indicating that more tokens are leaving exchanges than entering them.
Additionally, the number of active addresses has risen, suggesting increased network activity and utility for Onyxcoin. This positive trend is supported by a negative Market Value to Realized Value (MVRV) ratio of -6.62, which indicates that investors perceive the current price as undervalued, creating a potential buying opportunity.
Market analysts believe that if the current bullish sentiment continues, Onyxcoin could aim for a rally towards $0.05. Conversely, a market correction could see the price decline to $0.0304. The overall sentiment among investors remains optimistic as they actively accumulate the asset, positioning Onyxcoin for potential further gains.
In summary, Onyxcoin is currently experiencing a significant bullish phase, driven by strong accumulation from both whales and retail investors. The positive market sentiment and increased network activity suggest that XCN could see further price appreciation if the Trends hold.
