Onyxcoin has been among the top performers in the low market cap token category since the beginning of the year. XCN's price rose over 116%, bringing the token back toward $0.0100 after weeks of weakness.
A sharp recovery reflects growing speculative interest and aggressive accumulation. However, increasing profits for short-term holders are now bringing new downward pressure.
Onyxcoin holders are getting more supply
The HODL Waves data from the decentralized network indicates a significant shift in XCN ownership over the past two weeks. Addresses that acquired Onyxcoin one to three months ago now control nearly 37% of the circulating supply.
At the beginning of the month, this group's share was only 19%. Such rapid growth highlights strong demand among new participants.
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This accumulation wave played a key role in reversing XCN's previous downtrend. Younger holders often join during trend shifts and accelerate price movements through concentrated buying.
Their growing share has helped keep XCN's price above recent bottom levels. However, strong reliance on short-term capital may increase volatility if sentiment shifts rapidly.
Profits shift into volatile hands
Broader trend indicators provide cause for caution despite the strong price rally. MVRV Long/Short Difference remains clearly negative, at nearly -64.9%. This metric indicates that short-term holders control supply and are realizing substantial unrealized gains.
Historically, such conditions increase sensitivity to profit-taking. The most profitable group consists of addresses that accumulated XCN toward the end of 2025 and the beginning of 2026. These holders are now significantly in profit following the recent price rally.
When short-term profitability increases sharply, selling pressure usually rises as investors seek to secure their gains before sentiment weakens. This dynamic poses a significant risk to XCN's price stability in the near future.
XCN price is moving sideways
XCN's price is currently near $0.0090 at the time of writing and is just above the $0.0088 support level. The altcoin has been trading in this range for several sessions, indicating hesitation between buyers and sellers. Maintaining this support is crucial for sustaining a short-term uptrend.
Continuation of the price rally could be challenging if short-term holders begin selling their positions. Profit growth increases the incentive to sell quickly. If the price drops below $0.0088, confidence will weaken, and XCN could fall toward $0.0077. If this level is also lost, the token could plunge into deeper decline, approaching $0.0065, wiping out most of the recent recovery.
The possibility of a reversal remains if selling pressure stays minimal. If short-term holders do not lock in profits, XCN could regain momentum. A clear breakout above $0.0095 would signal renewed strength.
Overcoming this obstacle could open a path toward $0.0108, pushing the token back above the psychologically important $0.0100 level and reversing the downward trend.