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The Onyxcoin price surged 268% in the last week but slumped 8% in the past 24 hours to trade at $0.0377 as of 11:17 p.m. EST on trading volume that rose 16% to $1.2 billion.
Onyxcoin Price Still Poised For A Bullish Rally
The 4-hour chart for the XCN price reveals a remarkable upward trajectory that began around mid-January 2025.
After an extended consolidation period with minimal price movement near the $0.007 range highlighted by the 200-period Simple Moving Average (SMA), the price of XCN broke out in a parabolic move, reaching a peak of approximately $0.05.
Currently, the Onyxcoin price has retraced slightly to $0.03777 following this sharp rally, according to GeckoTerminal data.
This retracement is a healthy correction that often occurs after strong upward moves.
The 50-period SMA at $0.02022 has acted as dynamic support, with the Onyxcoin price still trading comfortably above it. Additionally, the $0.02230 area, which served as a consolidation zone during the rally, may act as horizontal support going forward.
Meanwhile, the Relative Strength Index (RSI) is currently at 62.73, which places it just below the overbought zone. While this suggests XCN still has room for further upward movement, it also indicates caution as a continuation of the correction could bring the RSI closer to neutral levels (~50).
The Moving Average Convergence Divergence (MACD) is in bullish territory, with the MACD line (0.00617) above the signal line (0.00600). However, the narrowing gap between the two suggests bullish momentum is slowing.
XCN Price Remains Bullish
The Onyxcoin price’s overall trend remains bullish despite the ongoing retracement. Bulls could still capitalize on the main indicators on the chart to push the price of Onyxcoin towards the next possible resistance around $0.065.
However, if bearish pressure persists, a pullback to the 50-period SMA at $0.02022 or the horizontal support at $0.025 is likely before the next leg up.
Meanwhile, investors are buying into a new layer-2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 723K subscribers, Solaxy has the potential to soar 100X post-launch.
First Solana Layer 2 Project Solaxy Soars Past $15.3M In Presale
The Solaxy presale is closing in on the $16 million mark in a little over one month. Major crypto investors are calling SOLX one of the top crypto investments for 2025, highlighting its role as a leading Solana layer-2 token.
Solaxy takes a unique approach to solving Solana’s congestion issues with its layer-2 scaling solution that aims to boost efficiency, customization, and performance while leveraging Solana’s strengths.
The project is highly optimized for speed and scalability, thus delivering smooth and reliable transactions without congestion or failures.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
By combining Ethereum’s liquidity with Solana’s scalability, it offers multi-chain compatibility, blending the best of both ecosystems.
Its staking program also offers token holders a huge 257% APY.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at $0.001616 each using BNB, ETH, USDT, or a bank card.
Buy SOLX here before a price hike in 21 hours to secure the best deal.
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