Is It Too Late To Buy XCN? Onyxcoin Price Skyrockets 44% And This Might Be The Next Crypto To Explode

The Onyxcoin price soared over 44% in the last 24 hours to trade at $0.01216 as of 7:47 a.m. EST as investors go long on the crypto.

With the recent rally, the XCN price has managed to push its weekly performance back into the green zone.

Onyxcoin Price Breaks Resistance – Will It Keep Rallying?

4-hour chart for XCN/USD (Source: GeckoTerminal)

The Onyxcoin price broke above the resistance level at $0.01132 in the last 24 hours, data from GeckoTerminal shows. After clearing this technical obstacle, the altcoin has opened up the room needed to attempt a challenge at the next resistance at $0.01295.

If bulls choose to capitalize on this opportunity, XCN could end up rising to as high as $0.01427 in the short term.

However, traders realizing their profits from the rally could lead to a drop below the recently-breached $0.01132 mark, invalidating the bullish thesis. In this alternative scenario, the Onyxcoin price might be at risk of plunging all the way down to $0.00996.

Bullish Technicals Suggest The Onyxcoin Price Is Still Being Controlled By Bulls

From a technical perspective, indicators on the 4-hour chart suggest the Onyxcoin price might keep climbing through the course of the next couple of hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.

RSI readings surged along with the Onyxcoin price in the last 24 hours. Now, the altcoin finds itself in short-term overbought territory, with the latest RSI value above 70. 

High RSI readings are generally seen as a sell signal because they indicate that an asset’s downside potential is greater than its upside potential. 

There are, however, instances where RSI readings remain high for sustained periods of time when a crypto is pumping. The positive slope of the RSI line on the 4-hour chart suggests this might be the case now.

Meanwhile, the MACD line also crossed above the MACD Signal line in the last 24 hours, indicating that the Onyxcoin price has entered a positive cycle – a signal that has since been validated. Following the rally, the gap between the two MACD lines is still growing, which could confirm a continuation of XCN’s bullish move over the next couple of hours.

As the Onyxcoin price tries surges, investors are also buying up a new Solana layer-2 presale token called Solaxy (SOLX). 

Nass Crypto, a top YouTube crypto channel with over 1.08M subscribers, says SOLX could soar 100X after its launch.

The First Scaling Solution For Solana

Solana has become more congested in recent months following the soaring hype around SOL-based meme coins. With new tokens still being deployed on the network, the possibility of another Solana blockchain outage grows. This is where Solaxy comes in.

Solaxy, which is the first scaling solution for Solana, will bring layer-2 technology, which has been proven in the Ethereum ecosystem, to Solana. 

Using rollups, Solaxy will bundle SOL transactions off of the Solana mainnet and on its native sidechain. Thereafter, it will submit the batches of transactions to the Solana blockchain for final validation.

This approach to transaction processing will increase the layer-1 blockchain’s overall efficiency while keeping transaction fees and processing times low.

Not only will Solaxy scale Solana, it will also bridge the network with the Ethereum ecosystem. This will combine Ethereum’s booming DeFi landscape and robust security framework with Solana’s lightning-quick speeds and ultra-low fees.

Solaxy Presale Goes Parabolic – Raises Over $29.6 Million

Investors are rushing to buy SOLX at presale prices, which is evident by the more than $29.6 million the project has raised so far.

But there’s still time left for investors to get in at this ground level. Currently selling for $0.00169, SOLX can be bought with both crypto and bank card. 

Once purchased, investors can put their tokens to work immediately through the project’s presale staking pool that offers a huge 137% annual return.

Buyers who want to secure the best deal will want to act fast because SOLX’s price will increase as its presale progresses. The next price hike will take place in about 29 hours.

Check out SOLX on its official website.

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