Although the price of Onyx Coin has stopped falling, it is still not free to rise. XCN is trading around $0.0069, down nearly 50% from its early January high of around $0.0129. Since forming a local bottom on January 20, prices have attempted to rebound, but major gains have stalled.
The reason is not new panic selling. It’s a surprise. Two major selling walls are currently blocking a 50% upside potential.
Hidden divergence hits first supply wall
The downtrend is losing momentum, but resistance appears quickly.
From November 21, 2025 to January 20, 2026, Onyx Coin price formed even higher lows, while the Relative Strength Index (RSI) recorded slightly lower lows. RSI measures momentum by comparing recent gains and losses. If the RSI falls further while prices are rising, it often means selling pressure is weakening rather than accelerating, indicating a hidden bullish divergence.
This signal developed on a rebound from the support at $0.0063, but stalled at $0.0079.
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The rebound quickly failed near the first major supply wall identified by cost-based data.
A dense cluster of holders accumulated XCN around $0.0079, and sellers intervened to breakeven when the price approached this zone. This explains why the rebound stagnated despite improved momentum. The downside was limited due to the divergence in the RSI, but the upside was suppressed by the cost-based barrier.
This prepares us for the second question. The question is who can absorb that supply.
Whales and retail accumulation offset selling as currency pressures remain moderate
On-chain data shows buyers are intervening due to resistance.
Since January 22nd, Whale Wallet holdings have increased from 42.58 billion XCN to 42.64 billion XCN, adding approximately 60 million XCN. At today’s prices, this equates to about $420,000 accumulated during consolidation rather than during the highs. The position remains net positive despite selling off a bit, probably due to the $0.0079 supply wall.
Retail wallets holding 1,000 to 100,000XCN follow the same direction and have been added gradually since January 19th, reinforcing demand at lower levels.
Selling pressure also exists. Until January 22, exchange flows showed a net outflow of 48.01 million XCN, suggesting accumulation. Since then, capital flows have turned to a small net inflow of 1.65 million XCN, indicating a moderate profit-taking movement rather than distribution. That happens to be acting as a supply wall, and XCN holders may be benefiting.
However, whales and retail cohorts are now offsetting the exchange selling. This balance is why the price continues to hold above $0.0063 even after being rejected near resistance.
But another barrier remains important.
Second supply wall meets resistance and defines a 50% price path for Onyx Coin
Clearing the first wall is not enough.
Beyond the $0.0079 zone, there is a second heavier supply wall around $0.0086, where around 2.7 billion XCN had previously accumulated. This level also coincides with visible chart resistance, making it a true breakout gate.
If buyers can absorb supply at both levels, the overhang will disappear quickly. Once above the $0.0086 zone, which also happens to be on the price chart, XCN will face limited historical resistance, paving the way to $0.0104, a potential 50% upside from the current price.
Disabling is equally obvious.
If foreign exchange inflows expand and whale accumulation slows, the support at $0.0063 will become vulnerable. If the day’s closing price falls below this, the focus will shift to $0.0045 and the recovery theory will be ruled out.
